Luxury Blockchain Startup Everledger Secures First Bottle of Wine

Everledger is a UK-based Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology to authenticate and trace the origin of high-value and luxury goods, such as diamonds and wine that are authenticated by trusted players like certificate houses. It has become the first organisation to secure a bottle of wine’s provenance on the blockchain.

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The bottle, a 2001 Margaux, was certified and secured on the Chai Wine Vault - a joint solution introduced by Everledger and fine wine expert Maureen Downey to transform provenance tracking in the fine wine industry.

“We hear daily from our industry partners on the threat fraudulent bottles pose to sales, trust and most importantly reputation,” says Leoni Runge, Everledger’s Head of Fine Wine. “Blockchain enables us to secure the identity of an asset in a way we haven’t been able to before. For the fine wine industry this means the opportunity to add a layer of transparency to every stage of a bottle’s journey across the supply chain.”

The Chai Wine Vault issues certification to bottles and Everledger takes this data and creates a permanent record on the blockchain. This digital proof travels with the wine as it moves between different stakeholders in the supply chain, with ownership and storage records updated as the bottle changes hands.

Everledger is part of the recently announced IBM blockchain ecosystem program and the Chai Wine Vault is built on Hyperledger Fabric. “Global trade fraud costs billions of dollars each year in lost revenue due to malicious activity or human record-keeping errors,” said Donna Dillenberger, IBM Fellow. “Our work with blockchain shows the potential to dramatically reduce these losses by ingraining transparency and security in the system from the ground up. Working with Everledger in tracing the provenance of diamonds, and now wine, shows how the application of this technology can fundamentally change the way consumer goods are exchanged.”