Blockchain News

WIV Technology and Big Forum Auditing Firm EY to design blockchain based wine trading platform

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WIV Technology is planning to design a fine blockchain-based wine investment platform, to offer this service, WIV technology will take help of another company, selects EY –Big Four auditing company to develop it.

A global platform of WiV Technology allows clients of the wine industry to buy and sell premium wine bottles and cases, with the origin, value, and quality of assets certified over a tamper-proof, regularly updated universal blockchain.

The WiV service is developed to solve barriers relating to wine investments, concerns of counterfeiting and replacement, by using best wines delivered directly to the bonded warehouse from manufacturers, along with complete monitoring. Once the fine wine is shifted to the warehouse, there we will have an individual linkage between wine cases across the bonded warehouse and blockchain-based tokens.

As fine wine is secured across a bonded warehouse and entirely tokenized, a wide range of financial solutions could be offered against these assets over the blockchain platform.

The fine wine is locked in a bonded warehouse, with this it is believed that clients can trade and market these assets ‘at a fraction of the cost and time required previously,’ Founder and CEO of WiV Technology, Tommy Nordam Jensen stated.

Fine wine is a fully tradeable asset, and it is vitally important that provenance is protected because provenance is the only way to prove a wine’s true value without actually opening the bottle. Currently, many wines trades often slow to a crawl because the extensive paper trails must be manually checked at every step of the process massively reducing the potential size of the market.

Further, Jensen said, we are improving the ecosystem in order to trade wine investments easily, quickly and securely as books are available on the internet. We intend to make ‘fine wine’ as an asset, where customers can invest with confidence.

EY teams have designed blockchain elements for WiV Technology which consists of ‘a non-fungible ERC-721 token-based model named as ‘WiV Wine Asset Tokens.’ These components will be integrated over the Ethereum based blockchain platform. The smart contract monitors token owner, transaction record, and origin; further, the smart contract will function as a standard to use for everyone. Individual cases will be offered a unique identifier token, and its attributes will be recorded as metadata.

Global Blockchain head of EY, Paul Brody mentioned

WiV’s use of blockchain technology to make wine an investible asset is a big step forward for blockchain users. Their use case perfectly illustrates one of the key EY strategic beliefs: that getting tokenization right is the key to creating easily trade-able and investible assets.

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