Blockchain for the Wine Industry
You’ve heard of cryptocurrency. You may even be aware of much of its functionality as a digital currency. But have you used it to buy wine yet? Now, you can.
A company called Wine Craft has announced that it has released the first blockchain for the wine industry, allowing consumers to save when purchasing bottles of wine at participating stores using a wine token. The wine token is a ERC20 token, an Ethereum blockchain-based asset similar to bitcoin, ether and bitcoin cash.
The cryptocurrency and blockchain system Ethereum is based on the use of tokens, which can be bought, sold, or traded. In the Ethereum system, tokens represent a diverse range of digital assets, such as vouchers, IOUs, or even real-world, tangible objects. Essentially, Ethereum tokens are smart contracts that make use of the Ethereum blockchain.
Blockchains are a specific type of database that stores data in blocks and then chains the data together. Many different types of information can be stored on a blockchain. The most common use has been as a ledger of transactions, such as Bitcoin, which uses the technology in a decentralized, immutable blockchain. The data is collectively controlled by the users, and entries are irreversible.
The founders of Wine Craft have said that it’s about appealing to younger wine buyers.
"We know everybody is online today, but you may not know how massive the crypto enthusiasts community is out there,” said Steven and Jonathan Locilento, two of the founders of Wine Craft, in a statement. “Getting online and getting into cryptocurrency has a huge appeal to the young generation, resulting in more sales and higher margin, and selling wines with a separate brand online will not affect traditional offline sales. Depending on the regulations each winery is subject to, being online and using crypto may also mean it can sell wines beyond its geographic boundary.”
For more information about consumer blockchain technology and its applications, including cryptocurrency, plan on attending The Blockchain Event June 22 to 25, 2021 as part of the #TECHSUPERSHOW at the Miami Beach Convention Center. The Blockchain Event helps decision-makers, technologists, and developers understand the value of blockchain to their businesses regardless of industry. For more information or to register, visit the show’s web site.
Edited by Luke Bellos
