The development of Symbol from NEM as an enterprise-friendly blockchain is aimed at making it work in critical load situations. That is, it is designed to work for networks requiring very high speeds and a large number of transactions per second, such as in applications that trace products and in production or supply chains.
The Symbol project is to bring an end to wine tampering and counterfeiting problems in the wine industry. These illegal activities in the wine industry have led to the loss of revenues.
According to NEM in a blog post, the enterprise-friendly blockchain project is now offering blockchain technology as the industry uncovers frauds in wine production. It will provide all key information publicly available for the reinforcement of the wine’s authenticity.
“…This process also seriously hinders the possibility for cheap “knock-offs” or counterfeit versions of wine to enter into wider distribution as each stakeholder has been armed with the ability to independently verify the authenticity of each product they interact with themselves.”
NEM noted that Symbol likewise includes PoS+ consensus mechanism, Harvesting, and Aggregate Transactions, thereby allowing it to process various transactions which involve multiple signers, facilitating trustless, multi-party asset exchanges and deals.
When it comes to operations requiring consistent verification of information and data, NEM claims that the project can now help to achieve the production, optimization and distribution of product worldwide without concerns regarding interference.
The project can assist wine growers and producers in tracking the status of their raw materials and products at every stage of production and distribution. The integration will help in addressing data privacy concerns with buyers, distributors and sellers, says NEM.
“This allows the producer or grower to engage in comprehensive blockchain backed financial agreements, and make use of staggered payments using multi-signature accounts, while being supported by a state of the art blockchain that can provide verification results in real time.”
Likewise, Symbol is planning the integration of the verification process to retailers and consumers towards the enhancement of transparency across the whole supply chain.