In the next three to six years, moving drinks around the world could become a paperless exercise, as both Brexit and the pandemic have accelerated the shift to digital. This was one of the key messages from the recent WSTA Industry Summit panel discussion on global trade.
However, the panellists also warned that there is a need for tech standardisation across the world. This measure would provide “massive opportunities for trade and keep the UK as a central global wine hub”.
WSTA chief exec Miles Beale chaired the panel, which featured blockchain company Chainvine CEO Oliver Oram, Ignacio Sánchez Recarte – secretary general of trade organisation Comité Européen des Entreprises Vins (CEEV), Hillebrand UK & Ireland MD Russell Davies and Katherine Bedard, senior director, international public policy, at The Wine Institute.
According to Oram, the admin burden to traders from import and export declarations on UK-EU trade is £15bn per year. Using blockchain and QR codes to allow secure access to data allows for a quicker process, said Oram. “If you can access data quicker, you can move goods quicker and the government can get paid quicker,” he added.
Read the full article on the WSTA Summit analysis, titled Blockchain, QR codes and a paperless future for the drinks industry