Georgian government adopts blockchain to promote wines globally
As Georgia seeks to bring its millennial wine industry into the 21st century, it is collaborating with the blockchain platform Wiv to bring the country's winemakersin front of a global audience of collectors, producers and wine merchants.
Move Brings accompanying wines and provenance to the blockchain
Although little known on the world wine scene, Georgia has a long and rich history of wine production stretching back over 8,000 years. Much of the winemaking techniques have remained unchanged for millennia, with producers still using traditional methods that involve clay storage containers during the maturation process, known as kveri, instead of wooden barrels.
Today the country has around 525 grape varieties and more than 1,800 producers, with wine exports reaching 94 million bottles in 2019. To modernize the industry and grow engage with the growing global community of wine producers and consumers, the Georgian government has selected Wiv to integrate its wine industry into the blockchain ecosystem.
The strategic relationship The ship will see selected Georgian wines transformed into NFTs backed by the bottles themselves. These NFTs will be available on the Wiv platform with their provenance, allowing users to buy, sell and even borrow against bottles with greater confidence in the product and its process. Wines added to the platform will be accompanied by digital certificates that demonstrate their provenance.
Part of this strategic initiative is also to develop a quality assurance standard for Georgian wines, similar to the standards of designation of origin in Western Europe A panel of experts is set up to test the vintages and relay their findings.tes, helping Georgian wines meet the more stringent demands of collectors and merchants.
By ensuring the provenance of wine through the deployment of blockchain technology and the upcoming quality assurance standard, the The idea is to give traders and collectors more confidence in the yield. In addition to enhancing the reputation and credibility of the region's winemaking with a wider global audience, the NFTs, created in the ERC-721 format, will be used to facilitate the smoother trade of Georgian wines through the platform.
What do you think of the partnership between the Georgian government and Wiv? Let us know in the comments section below.