iDealwine has launched a wine authentication tool. In partnership with Synvance, a technology consultancy firm, the application uses blockchain technology (through the Ethereum network) and RFID technology to tag individual bottles.
WineDex.io, an innovative tool to fight against counterfeit fine wines and improve their traceability
In a global context of increasing prices of fine wines and intensifying trading, there has never been more need to improve the security and traceability of these transactions and to guarantee the authenticity of these wines. WineDex responds to this demand. This ambitious project will allow users to access information certifying the bottle’s authenticity and ensuring its traceability. In the future, the technology could go much further in dematerializing wine trading.
While for now the project is dedicated to trading on the secondary market, particularly wines sold at auction and destined to wine enthusiasts, it can be developed for use by producers and other professionals in the wine value chain, such as négociants and warehouse keepers.
In concrete terms, “bottles verified by iDealwine are equipped with an inviolable RFID TAG which permanently guarantees the link between the bottle of wine and the information contained and transferred in the blockchain”, Cyrille Jomand, CEO of iDealwine, explains. When the bottles are verified for their authenticity, every detail of the analysis (more than 90 fields are filled during authentication), photos of the bottle and information regarding the provenance of the wine (excluding confidential information such as the seller’s name) are inputted and linked to the bottle’s RFID chip by way of a unique barcode. The chips are destroyed if they are removed and cannot be placed onto another bottle. All the information stored on the WineDex Blockchain is thus tamper-proof: no one can modify the information. The buyer can access all the information concerning the purchased lot as well as its certification of authenticity. When the bottle is sold, the application allows the user to keep track of the exchange, with the former and new owners connecting on the app, accepting the exchange – validated on iDealwine – supported by photographic proof of the bottle. Depending on changes in the condition of the bottle, a new authentication process can be necessary.
This innovation is based on Solidity smart contracts that allow to edit forgery-proof authenticity certificates. These contracts are supported by tokens (digital assets), guaranteeing unique identification and allowing to link the physical bottle to its digital information. The application will be available on the Apple Store and Google Play from Thursday 5th September. Further technical explanations are available on the website: https://www.winedex.io/uk/index.html.
A revolutionary project with several uses, a true disruption of the wine market
There are multiple possible uses of this blockchain. The initial use is to secure purchases and reassure buyers, but its vocation in ensuring safe wine ownership can also be interest other sectors (insurance, inheritance…).
