Investing in the future
Blockchain meets grapevine
Grapes, growth or both? You've probably heard of blockchain, but would you think that it could change the way wine is made? Blockchain is a digital system that can safely record transactions with a permanent proof of purchase. It’s currently used across different industries because of how safe it is, and its ability to increase the transparency of goods production. Take the diamond industry for example, they’re cracking down on fake diamond sales and improving purchase authenticity through blockchain technology.
"People, of course, want to know that what they’re eating and drinking is what it claims to be, and that it comes from a reputable source, but adulterated wine, or fake labels on wine bottles, are major issues for the industry. In Italy alone wine sellers lose €2b of revenue because of it."
Giuseppe Perrone, Advisory Senior Manager
Our vision is simple
Starting with the global wine industry
We want to do for business operations with blockchain what bitcoin did for virtual currencies – disrupt financial services for the better. We’ve spent time developing and understanding the technology, now we’re putting it into practice. The wine industry has a worldwide fraud problem, which was uncovered in 2012 after a series of scandals about fake wines being sold for extortionate amounts were documented. For one of our clients in the industry the problem has continued for years, until now.
We’re implementing blockchain technology for our client so they can trace the wines they make and sell. Blockchain details where the wine was made and what grapes were used, creating a record that everyone has access to. Hello transparency, goodbye fraud. By providing consultancy, digital tools and training on blockchain to our client, we are paving the way for them to make crops safer, cut food wastage and give small farmers a big platform for change. A world first – and we’re not stopping there.
Above and beyond
By investing in global blockchain research centres, including in New York and London, we’re laying the foundation for future growth and we want the brightest young minds to be a part of it. Think you could join us? Check out our opportunities page.