By Alex Hamilton
Everledger has become the first financial organisation to secure a bottle of wine’s provenance on the blockchain. Yes, you have read that correctly. A bottle of 2001 Margaux has been certified and secured on the Chai Win Vault – a solution introduced by the vendor and wine expert Maureen Downey.
The Chai Wine Vault issues certification to bottles through a method that entails the creation of more than 90 data points, as well as high-resolution photography and records of ownership. The data helps to track the bottle throughout its journey on the supply chain, writes Everledger.
That digital proof travels with the wine between stakeholders with records updated as the bottle changes hands. At every stage of the journey organisations can link to the bottle’s “digital identity” to verify its legitimacy.
“We hear daily from our industry partners on the threat fraudulent bottles pose to sales, trust and most importantly reputation,” says Leoni Runge, Everledger Project Lead and “Head of Fine Wine”. “Blockchain enables us to secure the identity of an asset in a way we haven’t been able to before. For the fine wine industry this means the opportunity to add a layer of transparency to every stage of a bottle’s journey across the supply chain.”
Everledger has a history of securing physical material on the blockchain. The firm has encrypted more than 1,000,000 diamonds using distributed ledger technology.