Vinsent and Laava are working together to bring NFTs tied to physical bottles of wine to the market as a means to tackle the multi-billion dollar fine wine market. NFTs tied to physical bottles of wine will allow wine enthusiasts to consume wine in a more responsible manner, and there will also be a focus on using non-traditional supply chains and methods of production in order to bring these products to market.
Wine fraud is a growing problem in the wine industry, with many consumers unknowingly buying wine that is not what it claims to be. While counterfeit wine is illegal everywhere in the world, the U.S. has no anti-counterfeiting provisions in its current intellectual property laws.
Much like a fine wine, fine wine sales are a bit more complicated than whether there’s a bottle in the case. They’ve been around for a while, but have in the past year gained increasing attention from both within and without the industry.View
3. June – NFTs are unique assets in the digital world that can be bought and sold like any other asset, but they have no tangible form of their own.
Digital tokens can be considered certificates of ownership of virtual, but undoubtedly physical assets; they are a kind of digital twin of an existing and connected physical asset.
When Vinsent began to develop its idea to democratize the sale of wines of the future outside of Bordeaux merchants and major Bordeaux estates, the company decided to create what it calls the Vinsent Virtual Cellar™, a de facto personal and digital portfolio as a secure storage space for digital duplicates of purchased bottles of the future that can be kept by any wine lover.
Vincent decided to delve into blockchain and founded Ravencoin, a fork of Bitcoin set up as an asset registry. Ravencoin is an open source project created by a large community of developers. Ravencoin initially includes the ability to store images on the blockchain, specifications and built-in tools such as communicating with token holders without knowing their identity.
Vinsent has begun using the Ravencoin ledger to provide valuable wines with an authentic, secure and enhanced digital representation – in other words: NFT while still in barrels at partner wineries.
Then it was time to bottle and ship the wines. Vinsent needed a technology that could be a suitable successor in the physical world.
After a thorough analysis of the available solutions, Vinsent chose Laava’s Smart Fingerprints®, which give a unique trust mark to each bottle and are much better than a simple QR code. Once a bottle has passed the Vinsent certification with the Laava Smart Fingerprint®, consumers can easily scan the fingerprint with their iOS or Android phone and see the certificate of authenticity on the Ravencoin blockchain. Each bottle has its own token stored on the Ravencoin blockchain.
Laava Smart Fingerprints® is an Australian technology innovation developed in partnership with the country’s largest scientific organisation, CSIRO. Laava has redefined the concept of the QR code, and the smart fingerprint has become a trusted authenticator for blockchain access, data tracking, digital stories and unique experiences.
The problem with QR codes is that anyone can make them and consumers cannot distinguish between counterfeit codes. Counterfeiters simply copy the landing page or application of the real QR code and redirect users to the fake URL via their own QR codes – this process is known as spoofing or click hijacking.
By comparison, each Laava print is unique to each bottle of wine and, most importantly, can only be created by Laava and Vinsent. Laava also removed the data from the code and converted it into a serialized, scannable mark that was affixed to the product using proprietary optical technology to ensure safety. All data and business rules are stored securely in the cloud, not in code. Laava’s secure process also allows for the monitoring and updating of Ravencoin’s traceability data.
With over 5 million fingerprints on the market worldwide (to date) for the protection of products ranging from high-end cherries to personal protective equipment (PPE), Laava Smart Fingerprints is fast becoming a globally trusted brand.
Vinsent and Laava are proud to announce their first joint partnership. Vinsent-certified Bordeaux Futures will be used in the vineyards of the 2018 Grands Crus de Bordeaux from early June 2021. Each bottle of wine is given a unique Laava fingerprint and is uniquely registered on the Ravencoin blockchain. By scanning the label, Vinsent customers can view a blockchain record of the wine and learn about its history.
This important project of the Grands Crus de Bordeaux, which includes one of the world’s most prestigious wine appellations, positions the Certified by Vinsent label, with its digital verification and authentication, as the label of choice in the fine wine sector.
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