Company: Oranco, Inc.
Technology Snapshot: Oranco, Inc. (ORNC), a company engaged in marketing and wholesale of self-branded liquors and wines in China, announced today its blockchain-based spirits identification and collection technology (the “Huaxin Cellar Blockchain platform”) has finished its test phase and the Company plans to launch the Huaxin Cellar Blockchain platform soon.
On August 20, 2018, the Company, through its wholly-owned subsidiary Fengyang Huaxin Spirit Development Co., Ltd., entered into an agreement (the “Agreement”) with Guangzhou Silicon Technology Co., Ltd. (“GSTC”), a company specializing in blockchain technical solution development and technical support, to develop the “ Huaxin Cellar Blockchain platform for the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.
Under the Agreement, both parties agreed to develop the Huaxin Cellar Blockchain platform for the Company’s collectible liquors and other premium products by constructing a mechanism featuring blockchain technology’s characteristics such as uniqueness, data tampering protection, and transaction traceability. The Company believes that the Huaxin Cellar Blockchain platform will increase the value of its collectible product lines.
As part of the diligent effort to perform under the Agreement, GSTC shall verify the authenticity of the Company’s premium products, making sure that they are not altered or replaced through physical means. GSTC will then use the Huaxin Cellar Blockchain platform to create irreplaceable digital IDs on a blockchain for each of the Company’s premium alcoholic beverage product.
Mr. Peng Yang, president of Oranco, Inc., commented, “We are pleased to announce our blockchain solution for spirit identification and collection has finished its test phrase and we will launch the Huaxin Cellar Blockchain platform soon. It will enable our customers to ensure the authenticity of our premium alcoholic beverages and allow our new premium brands to build their value over time. We look forward to the steady advancements of our blockchain technologies and services as we drive continued growth in our business.”
