Blockchain technology brings to mind innovation and disruption. Speculation also brings to mind the dot-com bubble in the early 2000 era. Several companies are adopting blockchain-related nomenclature, for example, Long Island Iced Tea Co. (Nasdaq:LTEA) and Ping Shan Tea Group Co. Ltd. have been rebranded to Long Blockchain and Blockchain Group Co. Ltd. respectively.
There are several other companies who are rebranding to incorporate blockchain and FinTech related facets into their names, but one such company, The Crypto Company is being investigated for share manipulation. Their stock has been frozen from trades since it rose more than 17,000% within only a couple of months after going public.
Long Island Iced Tea Co. Ltd. becomes Long Blockchain Corp.
Following its rebranding, Long Blockchain public share value climbed by over 180% on the day. Though it has expressed a desire to pivot into the realm of Blockchain, LTEA hasn’t released any news of official partnerships or purchases.
They have stated that they intend to partner with or acquire some blockchain-related businesses, mainly in the area of software development. Bloomberg has compared LTEA compared to businesses around the world who are also attempting to pivot into the blockchain space such as Carrus Capital Corp. (now Global Blockchain Technologies Corp.) and Bioptix (now Riot Blockchain).
Ping Shan Tea Group Co. Ltd. becomes Blockchain Group Co. Ltd.
In similar fashion, Ping Shan Tea Group Co. Ltd. rebranded to Blockchain Group Co. Ltd. in 2014. Blockchain Group Co. Ltd. produces more than one million kg of green tea annually and was responsible for creating the first automated oolong tea processing production line in China in 2012.
High-end tea production has been highlighted as a valid use case for blockchain technology, because it enables tea producers to document the location and conditions of the tea as it is being produced. Unilever recently announced that it will be applying blockchain to its tea supply chain in coming days.
Unilever announces blockchain can improve its tea supply chain
Unilever and other companies are expecting that the market will be willing to pay a premium for tea that has its conditions monitored and visible to the public, as well as being sustainably sourced. Sustainability has become a significant consideration within many markets and has shown that the consumer is frequently willing to pay for products that can be made sustainably.
Blockchain technology is likely to bring significant improvements to several aspects of business. Something that is less often mentioned is the potential for impact within the consumer frame, and its potential for impact on overall quality of life.