Crypto currencies such as bitcoin have caused an explosion in the popularity of ‘Blockchain’. This page is designed to help understand what and why ZionTech is investing in this technology. Firstly, blockchain isn’t ‘BitCoin’, it’s a separate digitally distributed ledger. Whilst the boom of cryptocurrencies seems to be over, the technology that facilitates these digital currencies - blockchain is incredibly powerful. Blockchain acts similar to an accounting ledger, it records all entries in and out and what actions occurred. The difference between a traditional ledger or databases is that the blockchain is electronic and cryptographically secured and shared. This means that using blockchain provides a system that is totally transparent, immutable, instantly visible and incredibly secure. When this is coupled with programmable ‘smart contracts’ you are able to build rich electronic systems that are incredibly quick, available and trusted.
ZionTech uses blockchain to underpin our Titanium Thread product. The blockchain records all actions undertaken for a bottle of wine as it goes through the supply chain from grape to glass. No participant in the process can change the records without everyone participant being able to see an audit of changes. As our products flows through the supply chain each participant electronically updates the blockchain with a user friendly mobile application, this information is then instantly available to each participant and flows with the product - adding and building to the product’s story at each step. Because of the immutability and security of blockchain, Australian producers using our Titanium Thread are able to guarantee that the product hasn’t been altered or changed. They are able to instill confidence that their product is a truly great Australian product and showcase it’s provenance.