The Georgian government is embracing blockchain technology to promote its wine industry all over the world.
The country of Georgia is collaborating with Norwegian blockchain trading network WiV Technology in an attempt to bring its wine to a higher number of potential customers. Non-fungible tokens for the wine and its origin will be minted and will be shown on WiV’s online platform.
“Economics is changing. Physical assets can now be turned into digital representations of the physical assets so that they can be traded more quickly and efficiently. This process works exceptionally well for wine because the digital certificates of the wine, also called wine tokens, can confirm the wine’s provenance. We want to be the first wine-producing country that embraces this new approach, bringing Georgian wine to a new standard and new audiences.”Salome Zourabichvili, President of Georgia
WiV will also assist Georgia’s National Wine Agency in developing a quality-assurance standard comparable to the “Denominazione di Origine Controllata”, which has been used in Italy since the 60s. New draft legislation in the country that requires all wine to be certified has just been voted in the parliament.
“Wine is in the DNA of the Georgian people it’s a massive source of pride for the producers and the whole country. This agreement is a superb opportunity for us to help develop their position in the global market. By connecting fine wine with quality assurance and immutable provenance on the blockchain, we will be putting some of Georgia’s exceptional wines in front of wine merchants, collectors, and enthusiasts from right across the globe. It will make it simple to trade the wine quickly, simply, and cost-effectively.”Tommy Nordam Jensen, the co-founder of WiV
What is blockchain technology?
Blockchain is based on a peer-to-peer network and is a distributed ledger that allows the registering of transactions globally. Every block of the chain contains several transactions, and each time one happens it is recorded on the ledger of all the members. Participants can access and manage the information in real-time, making it difficult for someone to gain control over the network.