Startup Uses Blockchain to Crackdown on Wine Fraud
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....
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Wine ages like fine... wine. Some of the rarest bottles fetch well over $100,000 USD. Collectors of ancient libations have six-figures worth of reasons in proving the bottles integrity. Verifying a wine's provenance means tracing a bottle's history as far back as possible - hopefully to the original vineyard. A verified wine can greatly increase in value. This chain of custody isn't just a history lesson. It gives buyers an expectation of the quality given the past caretakers. However, most importantly, it helps buyers reduce fraud. Just like an Ebay seller, wines rely on a reputation....
Nearly every day now a new company is announcing the acceptance of cryptocurrencies in some form or another. Now one of the world’s largest fine wine auction houses and America’s oldest wine shop Acker has revealed digital currency acceptance to pay for auction payments and retail wine purchases. Wine Shop Acker Jumps Into the Crypto Space This week the wine shop and auction house Acker revealed that it is now accepting cryptocurrencies for goods and services. Effective immediately Acker will accept BTC, BCH, ETH, DOGE, and three stablecoins via the payment processor Bitpay.....
'It's like your NFT is the wine cellar, but it's in your wallet,' says the staff from World Wide Wines. Many exciting developments are coming to the space of nonfungible tokens, or NFTs, ranging from Metaverse NFTs to fantasy soccer digital collectible cards and up to monster-battle NFT games. In fact, Cointelegraph Research predicts NFT sales will hit a record high of $17.7 billion this year.But one French startup is taking more of an ambitious approach with wine NFTs. In an exclusive interview with Cointelegraph, Samuel Balthazard and Yacin Kharroubi, the chief executive officer and....
As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is collaborating with blockchain platform Wiv to put the nation’s winemakers in front of a global audience of wine collectors, producers, and merchants. Move Brings Wines and Accompanying Provenance to Blockchain Although not well-known on the global wine stage, Georgia has a long and storied history of wine production that dates back more than 8,000 years. Much of the winemaking techniques remain unchanged for millennia, with producers still employing traditional methods that involve clay storage....
A French wine trading firm has been favored by the recent crypto bull-run, specifically with the bitcoin prices surging across the board. Despite the pandemic, Lasserre & Papillon is making good numbers after founding BTC Wine. BTC Wine Was Launched During the 2017 Crypto Prices’ Rally Per an article published by Drinks International magazine, the luxury online wine retailer is witnessing a surge in demand nowadays. But the profitable journey first started with the bullish wave seen in 2017 that took bitcoin from $900 to $19,783.21. In that same year, Lasserre & Papillon launched the....