I’d like to take a moment to introduce you to WiV and explain how we intend to use technology to enhance the way that fine wine is traded.
Broadly speaking, there are two reasons to trade fine wine. The first reason is the obvious: a good bottle of wine is pleasure that brings people together.
The second reason is more complicated. A good bottle of wine can be a sound investment. The market for fine wine has been rising steadily of the last ten years and long-term returns have been better that in several other sectors.
This means that knowing the history of a bottle of fine wine becomes vital if you are going to protect its value as an investment. A wine’s value is contained in the expertise with which it was produced, it’s vintage, its history and being able to prove that it has been well looked after. In short, a wine’s value is contained in its provenance.
Protecting a wine’s provenance is fundamental to ensuring that the global fine wine trade works, but in the past it has also led to a reliance on extensive paper-trails and complex administrative processes. And it is managing these that has made the trading process slow and expensive.
We’d like to propose a slight change to the way that fine wine is traded. We’ve created a way to record the provenance of fine wine on a tamper-resistant global blockchain. What this means is that all of the information about a bottle or case of wine is stored securely online rather than on paper. This will remove many of the administrative tasks that can hold up and add costs to a trade, so using WiV means that fine wine trades can take place more quickly and more cheaply.
We have also developed an API that can integrate with existing systems, whether you are a chateaux, a negociant, a wine merchant or distributor, ensuring that you can offer a far broader selection of wines to a wider array of buyers than has been possible in the past.
We are in the process of beta testing the system at the moment, and we are working with several chateaux to tokenise entire vintages of their wine so when we go live in the second quarter of 2019, you’ll be able to access a fascinating array of wines with full provenance from day one.
We hope that the WiV platform is going to make fine wine trading quicker, easier, cheaper and more secure, enhancing rather than disrupting current ways of working.
All the best