Overstock Subsidiary Invests In Blockchain-Based mostly Wine Platform

Medici Ventures allies itself with VinX.

In keeping with a latest announcement, blockchain accelerator Medici Ventures, a subsidiary of Overstock.com Inc., has invested in Israel-based startup VinX, which is making a token-based blockchain platform to scale back fraud within the wine futures market.

A future is basically a reservation for a wine that can be bottled and launched one to 2 years down the road. By shopping for futures, wine fanatics can safe bottles that could be extremely costly or almost inconceivable to acquire once they hit the overall market.

Like many blockchain-based provide chain startups, VinX goals to trace provenance in order that prospects know precisely the place their wine comes from. Apparently, 20 p.c of all wine on the earth is counterfeited. Many people buy wine futures by way of a fraudulent middleman believing that the ultimate product will come from a well-regarded area comparable to Bordeaux, however the wine they obtain might not be genuine.

With VinX’s blockchain platform, nevertheless, prospects will reportedly have entry to an immutable report of the wine provide chain with out the necessity for a intermediary. Patrick M. Byrne, founder and CEO of Overstock, expressed his enthusiasm for the undertaking:

“VinX’s steps in tokenizing wine futures whereas permitting wine fanatics to know unquestionably that the bottles they buy are stuffed 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 way of know-how.”

Additional, Jacob Ner-David, co-founder and CEO of VinX, spoke to the advantages he sees with the platform and the partnership:

“[B]ecause we’re registering all wine futures as tokens on a blockchain, we’re bringing a robust validating power that can go a good distance towards decreasing fraud. VinX seems ahead to benefiting from the numerous years of e-commerce expertise of Overstock and the blockchain management of Medici Ventures and the remainder of the Medici Ventures portfolio.”

Final 12 months, Italian blockchain startup EZ Lab launched the same system to trace wine within the nation, the place counterfeiting is a major problem.

Daniel Putney is a full-time author for ETHNews. He acquired his bachelor’s diploma in English writing from the College of Nevada, Reno, the place he additionally studied journalism and queer idea. In his free time, he writes poetry, performs the piano, and fangirls over fictional characters. He lives along with his accomplice, three canine, and two cats in the midst of nowhere, Nevada.

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