2021-7-21 10:00 |
As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is collaborating with blockchain platform Wiv to put the nation’s winemakers in front of a global audience of wine collectors, producers, and merchants.
Move Brings Wines and Accompanying Provenance to BlockchainAlthough not well-known on the global wine stage, Georgia has a long and storied history of wine production that dates back more than 8,000 years. Much of the winemaking techniques remain unchanged for millennia, with producers still employing traditional methods that involve clay storage vessels during the maturation process, known as a kveri, instead of wooden barrels.
Today, the country boasts approximately 525 grape varietals and more than 1,800 producers, with wine exports reaching 94 million bottles in 2019. To modernize the industry and engage with the growing global community of wine producers and consumers, the Georgian government has selected Wiv to bring its wine industry into the blockchain ecosystem.
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The strategic relationship will see selected Georgian wines transformed into NFTs backed by the actual bottles themselves. These NFTs will be available on the Wiv platform along with their provenance, allowing users to buy, sell, and even borrow against bottles with greater confidence in the product and its process. The wines added to the platform will be accompanied by digital certificates that highlight their provenance.
Part of this strategic initiative also involves developing a quality assurance standard for Georgian wines, similar to Western European designation of origin standards. A panel of experts is set to test vintages and relay their findings, helping Georgian wines meet the more rigorous demands of collectors and merchants.
By assuring the wine’s provenance through the deployment of blockchain technology and the forthcoming quality assurance standard, the idea is to give merchants and collectors more confidence in the output. Besides building up the region’s winemaking reputation and credibility in front of a larger global audience, the NFTs, minted in the ERC-721 format, will be used to help facilitate more seamless trading of Georgian wines through the platform.
What do you think of the partnership between the Georgian government and Wiv? Let us know in the comments section below.
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