As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is partnering with blockchain platform Wiv to introduce the country’s winemakers to a global audience of wine collectors, producers, and traders.
Move brings wines and accompanying provenance to blockchain
Although not well known on the global wine scene, Georgia has a long and storied history of wine production that goes back more than 8,000 years. Many of the winemaking techniques have remained unchanged for millennia, with producers still using traditional methods that involve using clay storage vessels known as kveri instead of wooden barrels during the aging process.
Today the country has around 525 grape varieties and more than 1,800 producers, with wine exports reaching 94 million bottles in 2019. To modernize the industry and connect with the growing global community of wine producers and consumers, the Georgian government has selected Wiv to add its wine industry to the blockchain ecosystem.
The strategic relationship is for selected Georgian wines to be converted into NFTs supported by the actual bottles themselves. These NFTs will be available on the Wiv platform along with their origins, allowing users to buy, sell and even borrow bottles with greater confidence in the product and its process. The wines added on the platform are accompanied by digital certificates highlighting their origin.
Part of this strategic initiative is also the development of a quality assurance standard for Georgian wines, similar to the Western European standards for designations of origin. A panel of experts will test vintages and share their results to help Georgian wines meet the more stringent demands of collectors and traders.
By ensuring the origin of the wine through the use of blockchain technology and the upcoming quality assurance standard, dealers and collectors should be given more confidence in the production. In addition to building the region’s winemaking reputation and credibility in front of a larger global audience, the NFTs minted in the ERC-721 format will be used to facilitate smoother trade in Georgian wines through the platform.
What do you think of the partnership between the Georgian government and Wiv? Let us know in the comment section below.
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