(CryptoCoinsNews) - Everledger, a London-based startup, has entered into a strategic partnership with IBM to develop and deploy a blockchain-based system that will be utilized to crackdown wine fraudsters.

Currently, wine manufacturers verify and authenticate fine wines with paper records and physical certificates. A few particular elements on the records or certificates including stamps and signatures are supposed to prevent wine fraud and help authenticators verify the origin of the wine.

However, unlike cryptographic signatures, conventional signatures written by hand are easy to replicate. Paper formatting and record duplication are simple tasks as well for expert fraudsters.

Over the past two years, analysts have revealed that nearly 20% of all wines distributed across the globe are considered fake, as fraudsters manufacture cheap wine and replicate the structure and design of fine wine to scam the general population.