Most people automatically associate the term “blockchain” with Bitcoin and other cryptocurrencies. But, in the world of wine, the blockchain can also play a very important role: it can help to confirm the origin and provenance of great wine.
Consider the blockchain as an immutable ledger that can never be altered by a counterfeiter, hacker, or forger. This means after a bottle of wine has been verified as legitimate and provenance verified, these details can then be put on the blockchain.
When a buyer or seller wants to verify the authenticity of a bottle of wine, they have to look up the information on the blockchain. Theoretically, any wine industry participants – such as auction houses, private collectors, retailers, or hospitality venues – who must be sure of the quality and authenticity of the bottle of wine they are selling would be very interested in blockchain technology.
Following several recent counterfeiting incidents, the necessity for blockchain technology in the wine sector has been an essential topic of discussion among buyers and sellers of fine wine. It is estimated that up to 20% of all fine wine on the secondary market is not legitimate.
Blockchain-based Digital Thumbprint Wine Authentication System: 1:32
Blockchain-based Barcode Wine Authentication System: 3:05
How will it work?: 4:44
As new blockchain-based authentication methods gain traction, it’s possible to envision a future when counterfeits and fakes are no longer a concern for investors, collectors, and wine enthusiasts. The black market for fine wines will be replaced with a far more transparent system, where buyers and sellers can conduct business directly without the assistance of a wine broker.
Producers would be able to see where their bottles of wine are at any given time. In addition, potential buyers would no longer need to be in close vicinity to evaluate a bottle of wine. In short, blockchain technology can help restore trust in the wine sector, which is excellent news for all wine enthusiasts.
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Fintelics is an AWS Advanced Tier Consulting Partner that specializes in developing custom software and apps utilizing emerging technologies including (AI, Blockchain & Cloud Computing).
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