Overstock’s funding subsidiary Medici Ventures has funded a blockchain challenge geared toward preventing wine counterfeit.
Overstock.com’s enterprise capital subsidiary Medici Ventures has invested in Israeli-based know-how firm VinX to develop a blockchain-powered wine futures platform, in accordance with a press launch revealed October 4. The actual quantity of the funding was not disclosed.
Per the announcement, VinX plans to develop a token-based digital wine futures platform based mostly on the Bordeaux futures mannequin, that can allow the commerce of wine futures on a blockchain platform. The initiative purports this can create a safe provide chain that assures product provenance and thus reduces fraud within the wine trade.
According to the press launch, 20 p.c of wine globally has counterfeit labelling. VinX reportedly plans to deploy blockchain to hyperlink wine customers instantly with wineries, eliminating allegedly fraudulent intermediaries. Patrick M. Byrne, the CEO and founding father of Overstock.com, stated:
“Like any economic system, the wine trade has problem scaling its middlemen-heavy programs in parallel with the rising calls for of an rising international market. VinX’s steps in tokenizing wine futures whereas permitting wine fans to know indisputably that the bottles they buy are crammed with genuine wines will place all the trade as a mannequin of a brand new international economic system that replaces previous boys’ networks with frictionless belief by know-how.”
In May, Cointelegraph reported that Chinese blockchain startup VeChain started testing a blockchain software to confirm wine provide chain and struggle counterfeits. Statistics reportedly confirmed that “at the least half of the Chateau Lafite-Rothschild consumed in China is pretend.”
In September, Albert Heijn, Holland’s largest grocery store chain, revealed it’s utilizing blockchain to make the manufacturing chain of its orange juice clear. The system will reportedly retailer knowledge that reveals the standard and sustainability scores held by varied produce growers, in addition to details about the fruits themselves.
A latest examine by ReportLinker predicted that the blockchain in agriculture and meals provide market can be price over $400 million within the subsequent 5 years. The report states that “the blockchain market is predicted to develop, owing to the rise within the demand for provide chain transparency alongside the agriculture and meals verticals,” explaining that meals fraud is estimated to price the worldwide meals trade $49 billion yearly.
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