Scotch whisky with a digital provenance … a pioneering new blend of technology and old school craftsmanship. And it’s being done by Scottish firm The Whisky Barrel as they look to revolutionize the whisky authentication process through blockchain technology.
Brothers Alastair and Chris Brown have made this new process public, and as they explain it, The Whiskey Barrel’s digital provenance certificates (otherwise known as NFTs) securely transmit product information on a public ledger, which in turn fights against counterfeit whisky.
“Using blockchain technology offers our customers a continuously updated, secure record of ownership for each individual bottle, adding a layer of provenance that’s unrivaled in the Scotch whisky industry,” Alastair said in a prepared statement.
More than 250 business leaders, including Marston’s had urged the Government to keep VAT at 12.5 per cent to help the recovery of fragile hospitality and leisure firms. In a letter to Chancellor Rishi Sunak in February, 261 hospitality and leisure business leaders warned that April’s planned rise to 20 per cent will “exacerbate the squeeze on household finances”.
They said customers are feeling the pinch from increasing costs while firms face higher prices for labour, energy and food and drink supplies. However, the Chancellor stuck with the rise to 20 per cent in his spring statement on Wednesday.
Business leaders also fear that April could be a “cliff edge” for the hospitality industry, as the VAT increase was set to happen alongside a rise in the national minimum wage, plus changes to business rate relief and an end to the rent moratorium.