An Argentinian vineyard has announced that its 2018 wine vintage is to become a wine backed crypto asset following its May 6th OpenVino token sale, reports Decanter.com.
Costaflores Organic Vineyard in Lujan de Cuyo, Mendoza has announced that each token represents one bottle of wine and will be sold at cost price.
This year’s vintage was calculated at 16,448 bottles at £3.55 ($4.74) per bottle after tax. It is visible on the published accounting ledger, using blockchain technology so that consumers can track the vintage from grape to bottle
The Costaflores Vineyard was started by an IT engineer Mike Barrow back in 2003, who has integrated the new technology into the business. He explained: “We’ll expose all of our practices in the vineyard, winery and even our accounting to the world.” Barrow collects data from sensors placed both in the vineyard and winery, then uploads data, work logs, and complete financial books on to a blockchain.
Wineries adapting to using blockchain for increased transparency of the product is not new within the industry. There are several wineries and wine retail sites now using the new tech, some including Bitcoin for wine purchases
However, Costaflores is unique in that it has created its own cryptocurrency token, which is soon to be traded on the open exchange from July 2018. Barrow comments:
“Creating a wine-backed crypto asset is not about driving the price up to absurd levels …It’s about qualifying value and honesty in wine.”
Blockchain technology is increasingly being recognized for its transparency benefits by wine fraud detection companies and has gathered interest from academics as a result. OpenVino has caught the attention of digital transformation experts at the University of Surrey and other international academia. The British university is now using the project as a case study.
Almost half of the bottles – a Malbec, Petit Verdot and Cabernet Sauvignon blend, have already been snapped up, mostly by crypto purchasers.
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