The WiV Platform
Unlike many other markets, trading in fine wine has stayed firmly locked in the traditional ways of doing things. On the one hand, this works, it protects the wine that’s being traded ensures that there is a consistent paper trial that maintains value. On the other hand, there is significant potential for fraud and a growing cohort of potential investors and collectors tend to take their dollars to markets where the trading is easier, quicker and cheaper.
The WiV platform is a secure, blockchain-based system for valuing and protecting the provenance of fine wine. It brings producers, buyers and sellers together and enables fine wine to be traded securely, without friction and at a significantly reduced total-transaction cost.
What WiV Wants to Achieve
WiV is taking an innovative approach to investment-grade fine wines that complements existing systems, creates new opportunities and attracts fresh investors to a mature, stable market. We are focused on:
- linking seamlessly with existing, regulated trading environments for fine wines
- improving transparency across the market
- increasing market size and generating fresh liquidity
- optimising asset value
- acting as a fintech partner working with all parties in the network (especially chateaux and negociants) without displacing current actors
- encouraging innovation not disruption
Put simply, what we are offering is:
- a blockchain-based system for valuing fine wine
- simple, virtually instantaneous trade execution and settlement
- lower total-cost of trade
- permanent, transparent global ledger offering comprehensive provenance
- a fully-tradable, asset-backed security token (financial instrument)
- a transparent, regulated environment
- reduced broker involvement
- secure, fully insured, professionally managed storage
- blockchain as a service to bring together producers, merchants, investors and sommeliers
- seamless integration with existing systems
- significant development and maintenance savings
- enhanced buyer, seller and producer relationships
In recognition of our potential, WiV has been awarded a Seal of Excellence by the European Commission as part of the Horizon 2020 programme which provides support to move innovative projects from concept to execution.
As we discussed in this article, we are focused on augmenting existing systems and trading practices rather than fundamentally changing them. We want to create an environment that brings the stable, traditional advantages of fine wine trading to the new generation of investors so that everyone involved can benefit from the potential liquidity that they bring.
We are not a replacement trading platform, we have focused on seamless integration with existing systems, so chateaux, vineyards, merchants and individuals do not need to replace their existing systems. WiV simply plugs into what is currently in place, makes it quicker and brings down the total-cost of trade.
We are currently in the final stages of development and expect to go live in the second quarter of 2019.
The WiV platform is a secure, blockchain-based fine wine valuing system that brings together producers, buyers and sellers.
For further details, please follow us @WiVteam or subscribe to updates at https://www.wiv.io