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Overstock CEO’s Medici Ventures Invests in VinX

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wine blockchain

Blockchain is spilling into just about every business imaginable, most recently with wine.

In fact, Overstock.com founder, Patrick Byrne announced his blockchain firm, Medici Ventures would make a sizable investment in VinX.  The goal is to create a token-based platform that will allow for the trading of wine on a global scale.

This way, issues of fraud and theft could be a thing of the past.

Issues that have Long Plagued the Wine Industry

The technology will be of significant use for an industry plagued with fraud and counterfeiting issues.

That’s because some of the world’s top, most well-liked bottles may be counterfeit.  Reportedly, counterfeits are a $3 billion business, says Forbes.  In fact, some bottles have poorly spelled names, and blatant errors on bottles.

Forbes even points to “special bottling” issues.

A real bottle, for example, is refilled with cheaper alcohol. And, unfortunately, there are many of us that can’t tell the difference between fine wine and toilet water.

In addition, the industry has even seen lost and stolen shipments over the years.

For example, one early 2018, an assistant to a Goldman Sachs executive was accused of stealing some of the most coveted French wines worth $1.2 million.  He’d steal them and sell them to another party, allegedly.  “Rare wines have a very specific market, but even given the narrow chance of making money illegally, thieves will find a way to break the law,” William F. Sweeney Jr., the head of the FBI office in New York, as quoted by The New York Times.

There’s now hope that those problems could be a thing of the past with blockchain 

“It is often difficult for even the most seasoned collector to identify fake wine,” Medici President, Jonathan Johnson says, as quoted by Crypto Globe.

“Consider the experiences explained in the documentary Sour Grapes. To combat this growing concern, VinX plans to use blockchain to connect wine lovers directly with wineries, eliminating fraudulent middlemen within the industry and providing customers with a direct line to the source of the products. Medici Ventures has been looking for a good supply chain investment in the blockchain space. With the VinX team’s industry experience in the wine industry and in software development, we’ve found an opportunity we really like.

 

 

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