- Chainvine’s platform improves transparency and accountability in the fine wine industry by providinga secure uninterrupted provenance trail
- Platform can provide data for official submissions to governments in order to meet international regulatory and compliance requirements
- Chainvine and IG Wines have successfully used the platform to facilitate the first importation of fine wine using blockchain technology, tracking and managing the shipment all the way from the exporter in the USA to the end customer in the UK
- Platform has capabilities to be used across the wider luxury sector
London, 10July 2019: Chainvine (“the company”), a provider of cutting-edge enterprise andDistributed Ledger Technologies (DLT), is proud to announce a partnership with leading fine wine merchant, IG Wines, to create ‘Intelligent Wine’.Intelligent Wine refers to a bottle of wine that is tracked on Chainvine’s proprietaryinternet of things (IOT) and blockchain platform , creating an uninterrupted provenance trail.The partnership has resulted in the first ever importation of fine wine facilitated entirely by a blockchain based platform.
Oliver Oram, Founder and CEO of Chainvine said: “Transparency and authentication of supply chain has long been an issue in the wine industry, particularly within the fine wine market, so the community has naturally been very supportive of our initiative. The partnership with IG Wines has been an excellent proof of value for us and the wider Intelligent Commodities product offering.”
Each bottle of Intelligent Winecontains an IOT device anda QR code, this QR codeis initially scanned by the vineyard, adding it to the Chainvine platform.Throughout the bottle’s life,the IOT device tracks every move it makes andthe conditions it is kept in, including temperature, humidity, and how the bottle is stored.Thanks to the nature of blockchain technology the provenance trail createdis immutable, meaning that once a bottle has been scanned onto the platform, it is virtually impossible to imitate or falsify its records. Consequently, when a bottle of Intelligent Wine reaches the end of its journey, its owner will have the information required to verify its provenance and trust its authenticity as well as the ability to mark the bottle as having been drunk.
Paul Hammond, CEO of IG Wines said of the collaboration: “IG Wines has always taken pride in driving technology forward in the fine wine industry and we see the collaboration with Chainvine as a big step towards making themarket more transparent, accountable and efficient. The application of blockchain could be a hugely beneficial development for the market and we are very pleased to be at the forefront of it.”
The platform also streamlines the paperwork and documentation required during the importation and exportation of fine wines. The utilisation of the QR code system means there is no need for physical copies of paperwork as the bottles/cases can be scanned by customs workers to create an immutable digital record. Working closely with leading international law firm,Lewis Silkin, Chainvine has ensured that the platform meets international regulations and compliance requirements.
“The project with IG Wines is evolving to include not just provenance of ownership for wine, but also to create an open ecosystem that will allow for co-operation between the public and private sector to ensure compliance.” Said Chainvine CTO, Dr. Rajiv Mathur. “It is imperative that distributed systems can inter-operate with incumbent systems to drive adoption across both the public and private sectors.”
The first case of Intelligent Wine was successfully delivered from IG Mission in the United States to the office of international law firm Lewis Silkin in London, with the entire importation process having been tracked and authenticated using Chainvine’s platform. It was unveiled in early June at an event hosted by the luxury network ‘The Collective by Lewis Silkin’. The event saw leading figures and commentators in the fast-moving luxury and lifestyle space gather to showcase innovative new ideas and products.
Cliff Fluet, Partner at Lewis Silkin, said: “Chainvine’s platform is an incredible use case of blockchain and demonstrates the importance of its application to provenance, identification and surety in a distributed world. We see huge potential for businesses in general, but especially across the entire luxury goods sector.”
Chainvine is exploring further application of the platform across the luxury fashion and accessories market, such as with handbags, and within the art world.
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Notes to editors
Chainvine was founded in 2016 by Oliver Oram, Niclas Wigstrom and Dr Rajiv Mathur, on the shared belief that trust in a company’s operations shouldn’t be expensive; it should be built into the systems they use.
Chainvine creates bespoke platforms, using Distributed Ledger Technology (DLT), which decentralise a company’s ledger systems; creating a secure, intuitive and permanent recording of ledger data that is simply not possible on current data systems.
By integrating with Internet of Things(IOT) partners,the Chainvine Platform can be used to create ‘Intelligent Contracts’ and ‘Intelligent Commodities’ which immutably record automatically actionable dataon commodities and transactions enabling businesses to create efficiencies in their operations.
The company is headquartered in Stockholm and London and services clients across a wide range of sectors and geographies.
About IG Wines
IG Wines is a global fine wine merchant based out of London and New York that provides clients access to the finest, most sought after, wines in the world. Specialising in wines that form the foundation of investment, collecting and drinking with a focus on Bordeaux, Burgundy, Italy and Champagne.
Ed Jones-Davies, Hawthorn Advisors: firstname.lastname@example.org / +44 (0)20 37454960
Finn McLaughlan, Hawthorn Advisors: email@example.com / +44 (0)20 37453810