Overstock.com’s blockchain accelerator and subsidiary Medici Ventures is planning to streamline the wine industry by investing in the underlying blockchain technology. The founder and CEO of Overstock.com, Patric Byrne, has been a long-time supporter of Bitcoin (BTC) and his company was one of the first few to adopt Bitcoin payments for its official site. Overstock.com is also one of the strong investors in virtual currency and considers it as a money-making asset.
With its investment through Medici Ventures, Byrne wants to find out how blockchain can streamline the futures of wine trading and simultaneously bring down the fraud incidences by implementing secure supply-chain tracking of the products. As per reports, the subsidiary of Overstock.com is thinking of making strategic investments in VinX, a blockchain company planning to form a token-based digital platform for wine futures.
The platform will be based on the Bordeaux futures model. With the help of this model, it will be possible to sell and trade wine futures on a secure and transparent blockchain. Another advantage of this supply-chain tracking is that the blockchain technology will also help to cut down the incidences of fraud in the case of high-end wines.
Surprisingly, 20 percent of the products sold in the wine industry are sold with counterfeit labeling. It means that a bottle sold with a high-end wine can be of a more local origin, said Forbes. The strategic partner of Medici Ventures, VinX, is planning to deploy the technology so that the wine consumers will be directly linked with the wineries thereby eliminating the existence of fraudulent intermediaries.
Byrne stated that similar to any economy, the wine market is also facing difficulty in managing its middlemen-heavy systems along with maintaining the rise in demand for products in the global market, said CoinTelegraph. He further added, “VinX’s steps in tokenizing wine futures while allowing wine enthusiasts to know without a doubt that the bottles they purchase are filled with authentic wines will position the entire industry as a model of a new global economy that replaces old boys’ networks with frictionless trust through technology.”
While discussing its association with the bigwig in the wine industry, the co-founder and CEO of VinX, Jacob Ner-David, stated that they are excited to collaborate with Medici Ventures and that their vision meshes with the core values of the Overstock.com’s subsidiary, according to Globe News Wire.
The post Overstock Website’s Medici Ventures Investment In Blockchain To Streamline Wine Industry appeared first on OWLT Market.
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