Fake wine is a billion dollar problem, reports DecryptMedia.
VinX is an Israel-based blockchain start-up looking to solve the problem with its blockchain-based supply-chain platform to facilitate the tokenisation, registration, and trading of wine futures.
Overstock subsidiary Medici Ventures has taken a stake in** VinX**, says the report, and Overstock’s CEO sees blockchain leading to the removal of middlemen in the wine industry, and with that, the removal of constraints on the wine industry’s ability to scale.
VinX and Medici also expect the blockchainisation of the wine industry to reduce the incidence of wine-fraud, which the article implies ‘siphons off anywhere between 10 and 20 per cent’ of a $300bn (and growing) annual market.
The article does not discuss exactly how blockchain will solve the wine fraud problem, although it notes the indignation of VinX’s CEO, who is ‘insulted by the question’.
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