There are many industries that can benefit from the power of blockchain and one that many of us wouldn't think about, but which we'll discover in this rows is the one of wine making. One of the most important related to wines is knowing the provenance for every grape and barrel in order to have the perfect recipe. It makes sense that the ancient industry of wine making could use the blockchain in order to track ingredients from farm to glass. VinX is the Israeli company founded by Jacob Ner-david, which manifested its interest to apply it.
Based on the press release, the plan is to create a “token-based digital wine futures platform based on the Bordeaux futures model” that lets you check and track wine from end to end “at a cost bearable to the industry.”
Investment banker Gil Picovsky joined Ner-david in order to grow and develop such a required trusted service.
“I was relating to Gil my frustrations with the way most wine is sold, and I had some early thoughts around using blockchain and tokens to radically remake the wine industry,” said Ner-david. “Together Gil and I developed the core concepts of VinX, and started to actively devote ourselves full time to VinX in November 2017.”
“VinX is democratizing the capital structure of the wine industry by bringing consumers in direct contact with producers early in the wine-making cycle,” said Ner-david. “We are riding the wave of direct-to-consumer. In addition, because we are registering all wine futures as tokens on a blockchain, we are bringing a powerful validating force that will go a long way toward reducing fraud.”
We don't know how much the investors pored in this concept. but based on Medici Venturesthe capital “is a seven-figure investment.”
The gain is that the fake wine making will be reduced as the blockchain will prove its origin. Global statistics say that around 20% of the world wine is counterfeit, so having such a solution makes sense from utility point of view. VinX will track individual bottles from filling to drinking, ensuring a bottle is real and that what you pay for is what you get.
Ner-david is also the co-founder of Jezreel Valley Winery, a boutique winery in Israel.
“We want to use modern technologies, including blockchain and tokening assets, in bringing consumers in direct contact with wineries around the world, humanizing the connection, and leaving more value in the hands of wineries and wine lovers,” he said.