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When my son was little – he’s 21 now – he had lots of boxes of toy cars. He had all sorts, Hot Wheels, Matchboxes, things he picked up at auto boot fairs, things he stole from other people’s houses, things given out for free on the front of a magazine. He probably has close to 300 things. He placed these little cars one by one along the baseboards of our apartment, like a really, really huge traffic jam. Even though they seem completely random, there’s a great method to dealing with my son’s madness. When I tried to clean these things up (they were everywhere and, frankly, a bit annoying), he threw a tantrum. When I asked him why I couldn’t get rid of at least a few, he replied simply: “They’re in a series. And if you take one away, you break the chain. And then it won’t work anymore.” The thing is, that still makes perfect sense.
The Role Of Blockchain In Bordeaux’s Energy Market: Transparency And Profitability
Blockchain is a bit like a traffic jam on my son’s toy car. Take away one link and you will break the chain. And then it won’t work anymore.
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The clue is in the name. Blockchain is a way of recording information and data, in a block and on a chain. This information is stored in a way that is virtually immutable, making it very, very difficult to falsify any document.
Think of the old double-entry ledgers that existed before computers. A blockchain transaction is essentially a digitized version of this transaction. Transactions are recorded and then duplicated multiple times. This transaction (or block) is then distributed across the entire blockchain network, entered into the system by an immutable cryptographic signature. Each block contains data related to that transaction – each time new information is added to the block, it is updated and recorded on a digital version of the dual ledger. Each block must always be identical, otherwise the chain will break. For further security, decentralized databases are managed by multiple participants. Thus, the possibility of fraud will be completely eliminated.
But how does using blockchain translate into good wine deals? In addition to the clear financial history of your bottle of wine, the certificate of origin (see below) is a major asset. Then there’s the potential for geofencing – meaning winemakers can better understand where and when their wines are enjoyed and can adjust marketing and export schedules be suitable. And then there is the possibility of the bottle going “missing” during shipping. Blockchain technology can also record temperature and humidity, ensuring that high-value bottles retain their value by always being kept in optimal conditions. In general, if you are willing to invest in wine, it is best to choose a Blockchain-enabled wine investment app.
It’s easy to see why blockchain technology is increasingly attracting investors and consumers of fine wine. How it is used is as follows: when the wine is bottled in the facility, blockchain software (there are a few on the market) will time-stamp the product, thus “giving birth” to the blockchain that will contain all the data. The beginning of this wine chain is often related to the grapes, soil conditions and harvest date. The timestamp is recorded on the smartphone and then transferred to an NFC (Near Field Communication) chip or in some cases a QR code. This chip or QR code stores all the wine’s data, from when it was born in the winery to how it was shipped, distribution and transaction history, and more. This is of unimaginable importance to collectors and consumers.
Nfts And Their Future In Wine
Typically, fine wine has eight distinct touchpoints before it reaches the consumer’s table. The life cycle goes from grape grower to producer (not always the same person) to winemaker. Then, when the wine is bottled, it will be shipped to suppliers, transporters, import-export agents, and retailers before reaching the consumer. With blockchain technology, each link in the chain enters relevant information: growers enter data about weather conditions, harvest, how to transport grapes to the winery, etc. The producer will record how the equipment was used, the winemaker will record how the grapes were crushed, blended, fermented, temperature, etc. This sequence goes on and on, getting more and more complex (remember it is duplicated many times) and will detail everything from whether the wine was repackaged, to the temperature during transport and sales history. We won’t go into the importance of wine provenance here as we’ve already written a great article that covers this topic in depth.
This type of technology is revolutionizing the world of investable fine wine. About 20% of fine wines sold on the open market are considered counterfeit (some experts believe this figure is closer to 50%). However, the numbers don’t matter, because once a manufacturer has a reputation for cheating, even if it’s not their fault, their sales may sadly never recover. . Many of you will be familiar with the Rudy Kurniawan scam (we have a good article on wine fraud), but if blockchain technology had been around at the time, that scandal would not have happened. go out. That’s right, Kurniawan is said to have sold tens of thousands of bottles worth more than $500 million. Less known but no less damaging is the Gironde wine scandal, when the world-famous Bordeaux wine producer Grands Vins de Gironde was fined $500,000 for selling table wine under a more expensive label. . Thanks to blockchain, this type of behavior simply cannot exist.
However, blockchain is not cheap. It also depends on all the links in the chain being established with this type of modern technology. While the larger producer in Bordeaux can afford to invest in things like blockchain, producers with limited budgets, fewer employees and limited distribution markets cannot. Rick Rainey of Forge Cellars in NY confirms this, “At this point, for a small winery like us trying to get into the dry aromatic white wine category, all of our efforts are both time and money go into spreading our wine gospel,” he said. So it’s literally word of mouth.
The relatively recent advent of blockchain technology also means that while it’s okay for wines after 2020, what about those before? Those great early 2000’s vintages are now at their prime for drinking, so how can investors and consumers be sure of their traceability and trading history? they? Well, we can’t. You can add data at a later stage (many larger wineries are doing this with their pre-blockchain reserves) but if the wine is pre-2000 there may be more problems. Unless data is recorded manually, you will not be able to give real-time information about wine harvest conditions or winery temperatures during the bottling stage. What you can do, however, is trust a reputable wine platform to do the hard work for you. The provenance of all wines traded on the Vindome platform is guaranteed, each wine is vintage and has a label equipped with an NFC (Near Field Communication) microchip so that every transaction is registered signed on a blockchain. So all you have to do is click and buy.
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