Benefits Of A Blockchain-Based Verification System In The Alcohol Beverage Industry: [Essay Example], 1004 words GradesFixer
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Benefits of a Blockchain-based Verification System in the Alcohol Beverage Industry

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If you’re like me, every Friday you leave work excited to meet up with your friends, grab a few beers and maybe catch a game, and nobody really thinks about how that beer got there. One of my friends once mentioned that being a beer distributor must be the coolest job, you get to drink free beer anytime you want. Is this true? I thought about it, researched about it too. Turns out it’s not the easiest job, it’s not easy at all. Having to deal with the logistics, regulations, staff, reps etc. It’s draining. During my research i also found a company that’s doing its best to streamline and simplify beer distribution as much as it can. And it’s decentralized. Score! It’s called Aclyd and it’s based in Bermuda, basically what they are is an identity verification and payment processing platform that’s fully based on blockchain and focused on the wholesale alcoholic beverage industry.

They just partnered with Fuego Fino, Inc. an industrial company based in Arizona that imports exotic alcoholic beverages to four US states. But let’s not get into this just yet, let’s instead jump into Aclyd’s unique three-part equation which consists of some great features and elements that will shake up how alcohol will be distributed in the coming years. Aclyd Wallet + Aclyd Token + Smart contracts = The perfect alcohol distribution channel. ( As usual I’ll jump into each one of these parts and please feel free to let me know of your opinion in the comment section. . . Just in case i missed something – let me know in the comment section below. ) 1st part of the Equation – Aclyd’s Token.

Transacting with a single common currency has a lot of benefits, especially for the alcohol industry. For example, you’ll notice that many beer makers usually operate locally, in fact in almost every country you’ll notice they have their own beer. Sure, this works in favour for the economy, but price transparency and exchange rate uncertainty are some factors that prevent local beers from ever going beyond their borders. See if you want to trade with another country most times you have no idea how the exchange rate with go, if the exchange rate moves in the opposite to your favour all your costs will be significantly more expensive, and since considering all market factors is close to impossible to do, trying to predict how the exchange rate will move also isn’t feasible. This also means prices in different currencies is extremely hard to compare. The Acyld Token is ERC20 based meaning it doesn’t get affected by government regulations or rules from central banks or financial institutions, this is means transactions will happen at a faster pace and more efficiently, it’s also great when trying to establish uniformity and transparency within the distribution industry.

The fact that these tokens are exempt from Taxes also significantly reduces transaction costs. 2nd part of the Equation – Aclyd’s Wallet. Underage drinking is a huge global issue. It’s true that as a teenager or a youth, your mind hasn’t developed well yet so every time you indulge all your actions thereafter won’t just affect your health and mental well-being, they will also affect everyone else around you, we’ve all seen those stories of accidents, property damage, violence and even deaths caused by an underage drinker. See the issue is not just about alcohol as the drink, it’s about binge drinking. According to NIAAA, individuals aged between 12 and 20 drink up to 11% of all the alcohol drank in the U. S, drinking 90% of this alcohol in a binged manner (or at once) and although there are strict laws in place, youths still find a way to purchase alcohol from distributors or retailers. Aclyd’s tweaked out wallet wants to help curb this problem. By integrating KYC, Aclyd can stop underage users from getting to certain applications within the app, if deemed necessary the wallet can restrict complete access to the app. Also, every alcohol distributor will ask to verify that holder of the alcohol is legal before giving away the alcohol and even if any of these dealers decides to get greedy, he or she will be caught. This comes down to blockchain and the level of transparency it accords.

So, every suspicious activity can be traced back to the source and addressed. The records also can’t be tampered with. This transparency will help regulate the alcohol beverage market, all without the help of government and other agencies. 3rd part of the Equation – Aclyd’s Smart Contracts. Implementing smart contracts into the alcohol distribution industry will have many benefits, not just for the retailers but for the farmers and producers too. This is because smart contracts are super accurate, see if you’re getting rid of intermediaries you need to make sure every detail laid out in an agreement is crystal clear, any discrepancy can lead to disaster. For example, 100,000Kgs of agave is promised over a two-month period and only 990,980Kgs is delivered, it’s the smart contract’s duty to enforce on this breach. This contract will also boost transparency because all the T&Cs are made available and clear for both parties to check on and obey. Inside the alcoholic beverage industry, protocol has made general transactions very slow, because smart contracts are fully online they can execute transactions in a speedy manner all without needing any of the traditional processes.

Goodbye checks! Learn how you can participate. It’s Friday 28th September 2018, meaning Aclyd’s ICO is only 32 days away. When that time comes they will be at a soft cap target of $500,000 USD and a hard cap target of $10,202,500 with 160,000,000 tokens available for purchase. These funds will be used to in platform development (40%), marketing & outreach (25%), on company operations (20%) and legal matters (15%). You need at least $70 USD to participate, this payment will get you just about 1000 ACLYD Tokens which if you think about it – is very significant.

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Benefits Of A Blockchain-Based Verification System In The Alcohol Beverage Industry. (2020, January 15). GradesFixer. Retrieved October 28, 2020, from https://gradesfixer.com/free-essay-examples/benefits-of-a-blockchain-based-verification-system-in-the-alcohol-beverage-industry/
“Benefits Of A Blockchain-Based Verification System In The Alcohol Beverage Industry.” GradesFixer, 15 Jan. 2020, gradesfixer.com/free-essay-examples/benefits-of-a-blockchain-based-verification-system-in-the-alcohol-beverage-industry/
Benefits Of A Blockchain-Based Verification System In The Alcohol Beverage Industry. [online]. Available at: <https://gradesfixer.com/free-essay-examples/benefits-of-a-blockchain-based-verification-system-in-the-alcohol-beverage-industry/> [Accessed 28 Oct. 2020].
Benefits Of A Blockchain-Based Verification System In The Alcohol Beverage Industry [Internet]. GradesFixer. 2020 Jan 15 [cited 2020 Oct 28]. Available from: https://gradesfixer.com/free-essay-examples/benefits-of-a-blockchain-based-verification-system-in-the-alcohol-beverage-industry/
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