Georgia brings its wine industry to the blockchain through the WiV platform
Georgia’s wine-making tradition has spread to blockchain technology to promote the industry to the world.
According to reports, some of the wines from the country can now be bought and sold in the form of non-fungible tokens (NFTs).
The history of Georgia’s wine industry
(Photo: Scott Warman of Unsplash)
Georgia is launching onto the world stage by tracking its wines making their way to the blockchain through the WiV platform.
The Eastern European country may not be as well known as other countries, which have already established their dominance in winemaking.
Now Georgia is ready to present its wines to the global public.
In 2017, the oldest wine in the world was discovered in the country’s ancient jars. It was believed to be clear evidence of Georgia’s wine production for over 8,000 years.
Somehow, the nation has stuck to the original methods of wine making, such as using the kveri or the clay storage vessel. Usually, winemakers use wooden barrels when they allow wine to mature.
Too bad for that, modern Georgia is a melting pot of nearly 525 grape varieties.
In 2019, it would have exported 94 million bottles of wine around the world. For this reason, the country is stepping up this time after choosing the WiV platform to introduce wines to the blockchain industry.
Georgian government chooses Wiv as blockchain partner
To reach more people on the planet, Georgia came up with the idea of selecting WiV Technology, a blockchain trading platform based in Norway.
The Georgian government confirmed this on Tuesday July 20 by email.
With their provenance, the non-fungible tokens will be available on the WiV platform. As for the buyers, they could now buy the bottles of wine and other wine-related products.
In addition, acquisition via NFTs will be accompanied by digital certificates to prove that it is a legitimate item with their place of origin.
The partnership between the Georgian government and WiV will pave the way for the production of high quality wines. With this, future wines will borrow the usual Western European wine standards.
For further promotion, experts said they will conduct several reviews of Georgian wines, so that they can attract more merchants and collectors.
To strengthen its wine business, Georgia will ensure that its long tradition is credible to everyone around the world, especially wine lovers.
In the meantime, NFTs will be nested in the standard ERC-721 format, Bitcoin.com reported. This will ensure that people will have the wine business up and running on the WiV site.
Also Read: Answers to 7 Top Questions About the Future of Blockchain Technology
What did Georgia and WiV say after the strategic partnership?
After the certification of Georgian wines was completed, Tommy Jensen, CEO of the WiV platform, commented.
In an interview with Coindesk, Jensen said paying for wines will be the obligation of wine producers and blockchain makers.
He added that it would also give a “big advantage”.
The process of exchanging physical assets faster and more efficiently because digital representations “work exceptionally well for wine as tokens can confirm the provenance of wine,” said Salome Zourabishvili, President of Georgia in a separate statement.
Recently, Italian luxury fashion house Dolce & Gabbana unveiled its debut NFT collection, DeGenesi, to the public.
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Written by Joseph Henry
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