Laava and Vinsent secure wine futures with NFT certification
Each bottle of ‘Vinsent Certified’ Bordeaux Primeurs will feature a unique Laava Smart Fingerprint® linking it to its secure record on the Ravencoin blockchain. When scanning the label, Vinsent customers will be able to securely access the wine’s blockchain record, as well as experience the history and stories behind the wine.
Is your Bordeaux ‘Vinsent Certified’?
Vinsent is a trusted, digital wine trading marketplace powered by blockchain, that enables wine lovers from across the globe to connect directly with wineries. The global wine market generates over $350 billion annually, with approximately two-thirds of that revenue being absorbed by the supply chain. Vinsent’s marketplace is disrupting the industry by shortening the value chain and connecting consumers directly with the winery – no middlemen required.
In the video below, Vinsent’s Co-Founder and CEO Jacob Ner-David brilliantly explains how it works.
Not only is Vinsent focused on disrupting the global wine industry; it’s reinventing the way wine is being bought, owned and experienced. Through their marketplace, wine lovers can access boutique labels, limited production runs and special editions, all at exclusive prices, through trading in fine wine futures – that’s wine still in the barrel.
Wine futures are powered by the Ravencoin blockchain and enabled through an authentic, secure, and augmented digital representation – in other words, a non-fungible token (NFT) – while they are still in the barrel at partner wineries.
But what exactly is an NFT?
NFTs are unique tokens or assets in the digital world, stored on the blockchain, that can be traded like any other piece of property – but they have no tangible form of their own.
“Think of an NFT as a certificate of ownership for a virtual asset (the wine future) that represents the physical asset (the bottle of wine) – a digital twin to the related and existing physical asset.”
Currently leading the world in the field of global wine futures trading, Vinsent developed the Vinsent Virtual Cellar™, a de facto personal and digital wallet, as the trusted place of storage for the digital twins of purchased future bottles, that any wine lover could curate. The Virtual Cellar is powered by the blockchain Ravencoin, a fork of Bitcoin, designed to be a registry of assets. Ravencoin is an open-source project built by a large community of developers; it natively includes the ability to register on-chain pictures and datasheets, and with embedded facilities like communication with token holders without knowing their identity.
But what happens when these wine futures are ready to be bottled and shipped to all those eagerly awaiting customers across the globe? How could Vinsent:
- securely connect the digital token certifying the wine future with the physical bottle of wine?
- enable their customers to securely authenticate their bottle and access the full wine registry on the blockchain?
- enable their customers to experience the history and the stories behind the winery and that bottle of wine?
- assure customers that their bottle of wine is ‘Vinsent Certified’?
A next-generation, secure, on-product connection
Vinsent’s investigations led them to the conclusion that existing technology, such as QR codes, were not fit for the challenge of linking blockchain and NFTs with products of the quality and renown of Bordeaux Grand Crus.
The problem with QR codes is that they can be created by anyone – including counterfeiters. Fake QR codes cannot be distinguished by customers from the real thing. Counterfeiters simply copy the landing page or app from a real QR code and redirect users to a fake URL via their own QR codes – in a process called spoofing or clickjacking – which is an issue now attaining greater industry awareness.
After an exhaustive review of available solutions, Vinsent have chosen to partner with Laava to deploy our Laava Smart Fingerprints® as their unique on-bottle trust mark and, crucially, the secure linkage connecting the digital wine futures token and the physical bottle. The Laava Smart Fingerprint® enables Vinsent to confidently ‘Vinsent Certify’ every bottle of wine traded on their marketplace.
Laava Smart Fingerprints® are far superior to a simple QR code. Developed in collaboration with Australia’s leading scientific research institution, CSIRO, Laava has reinvented the concept behind the QR code, with the Fingerprint being the secure authenticator for accessing blockchain, traceability data, digital stories and unique customer experiences.
Once a bottle is ‘Vinsent Certified’, customers can simply:
- scan the Fingerprint with their iOS or Android phones
- receive a message of authentication
- view the certificate of authenticity recorded on the Ravencoin blockchain.
Each bottle has its ‘token’ residing on the Ravencoin blockchain, which is linked to the Fingerprint on each bottle’s label.
This partnership is incredibly exciting, and this first Bordeaux Grands Crus project – featuring one of the world’s most highly regarded wine denominations – positions the digitally verifiable and authenticated ‘Vinsent Certified’ label to become the label of choice for the global fine wine industry.
To learn more, contact the Laava team today.
In the news
Wine Industry Adviser: Vinsent uses blockchain, NFT and Laava to “Vinsent Certify” every bottle