o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Overstock’s Medici Ventures Invests in Blockchain Platform to Fight Wine Counterfeits

Posted on October 5, 2018 by nbelov

Overstock’s investment subsidiary Medici Ventures has funded a blockchain project aimed at fighting wine counterfeit.

Overstock.com’s venture capital subsidiary Medici Ventures has invested in Israeli-based technology company VinX to develop a blockchain-powered wine futures platform, according to a press release published October 4. The exact amount of the investment was not disclosed.

Per the announcement, VinX plans to develop a token-based digital wine futures platform based on the Bordeaux futures model, that will enable the trade of wine futures on a blockchain platform. The initiative purports this will create a secure supply chain that assures product provenance and thus reduces fraud in the wine industry.

According to the press release, 20 percent of wine globally has counterfeit labelling. VinX reportedly plans to deploy blockchain to link wine consumers directly with wineries, eliminating allegedly fraudulent intermediaries. Patrick M. Byrne, the CEO and founder of Overstock.com, said:

“Like any economy, the wine industry has difficulty scaling its middlemen-heavy systems in parallel with the growing demands of an increasing global market. 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.”

In May, Cointelegraph reported that Chinese blockchain startup VeChain began testing a blockchain application to verify wine supply chain and fight counterfeits. Statistics reportedly showed that “at least half of the Chateau Lafite-Rothschild consumed in China is fake.”

In September, Albert Heijn, Holland’s largest supermarket chain, revealed it is using blockchain to make the production chain of its orange juice transparent. The system will reportedly store data that reveals the quality and sustainability ratings held by various produce growers, as well as information about the fruits themselves.

A recent study by ReportLinker predicted that the blockchain in agriculture and food supply market will be worth over $400 million in the next five years. The report states that “the blockchain market is expected to grow, owing to the increase in the demand for supply chain transparency along the agriculture and food verticals,” explaining that food fraud is estimated to cost the global food industry $49 billion annually.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Supply Chain Blockchain for Automotive Market Size And Forecast | Mesosphere, DASH, Bitpay, Shapeshift, Bittrex, Factom Inc, Coinbase, Ripple, IBM, Chain Inc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Retail Market Size And Forecast | IBM, Microsoft, SAP, AWS, Oracle, Bitfury, Cegeka, Auxesis Group, Blockpoint, Coinbase – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain In Telecommunication And Post Services Market Increasing Demand and Dynamic Growth with Forecast 2029 | IBM, Microsoft, Juniper Networks, Coinbase, SAP SE – The Daily Vale – The Daily Vale May 25, 2022
  • Metaverse Blockchain Games Market 2022 Regional Trends, Top Leading players – Ubisoft, Sky Mavis, Decentraland, Mythical Games, DAPPER LABS, Forte, Enjin, Voxie Tactics – The Daily Vale – The Daily Vale May 25, 2022
  • Blockstream dreams up a whole new type of multisig called ROAST May 25, 2022
  • OpenEthereum support ends with the Merge fast approaching May 25, 2022
  • 'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts May 25, 2022
  • Cornucopias: A Revolutionary Cardano Blockchain Project That Is Redefining the Gaming Metaverse Industry – Press release Bitcoin News – Bitcoin News May 25, 2022
  • FinTech Blockchain Market to have a Stout Growth in the Near Future – Ripple, Guardtime, Cambridge Blockchain, AWS, Applied Blockchain, etc – The Daily Vale – The Daily Vale May 25, 2022
  • WeWork founder reinvents himself with $70M crypto carbon credit platform May 25, 2022
  • Blockchain in Pharma Supply Chain Market | Company Challenges And Essential Success Factors |IBM, AWS, Microsoft, SAP, Chronicled, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology Market to have a Stout Growth in the Near Future – Digital Asset Holdings, Capgemini, Accenture, Block chain Tech Ltd, Ethereum, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Digital Rights Management DRM Market Size And Forecast | Sony, Binded.Inc, Custos Media Technologies, Scenarex, Publica, Mediachain, Pixsy, Gilgamesh, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain for Land Registry And Asset Tracking Market Size And Forecast | Accenture, Factom, BlockVerify, Applied Blockchain, Digital Asset, Bitfury, Guardtime, Deloitte, ChromaWay, Gemalto – The Daily Vale – The Daily Vale May 25, 2022
  • What Are Web 3.0 Enabled Blockchain Esops And How Are They Different From Regular Esops? – Outlook India May 25, 2022
  • Blockchain in Education Market Size And Forecast | Blockcerts, DISCIPLINA, Gilgamesh, IBM, Learning Machine, LiveEdu, odem.io, Open Source University, Oracle, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology (DLT) Market Size And Forecast | Chain Inc., IBM, Accenture, Monax Industries, Intel, Deloitte, Earthport, Microsoft Azure, Digital Asset Holdings – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain-as-a-Service Market 2022 Competitive Expectations with Industry Players – Infosys, SAP, Cognizant, IBM corporation, Amazon, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Logistics Market 2022 Competitive Expectations with Industry Players – SAP, Oracle, Microsoft, Amazon, Maersk, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Uniswap breaks $1T in volume — but has only been used by 3.9M addresses May 25, 2022
  • Could GameFi and carbon currencies reverse blockchain's climate stigma? May 25, 2022
  • CryptoSat’s first nanosatellite blasts off Wednesday on SpaceX rocket May 25, 2022
  • New Luna 2.0 blockchain will not be a fork of Luna Classic – CryptoSlate May 25, 2022
  • Sam Bankman-Fried could spend up to $1B in 2024 to thwart Trump comeback May 25, 2022
  • Crypto, blockchain and NFT firms are bailing out Hong Kong office property segment – South China Morning Post May 25, 2022
  • BSV Global Blockchain Convention Opens With Impactful Speech – Benzinga – Benzinga May 25, 2022
  • ShareRing, A Digital Identity Blockchain Ecosystem, Announces SHR Token Swaps From BNB Smart Chain To – Crowdfund Insider May 24, 2022
  • Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates May 24, 2022
  • All Eyes on Digital Assets EO for Crypto, Blockchain Policy Turns – MeriTalk May 24, 2022
  • Blockchain and Metaverse Legal Issues for the Government and Government Contractors – JD Supra May 24, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com