WiV, the blockchain-based fine wine platform, is excited to announce that we have chosen EY, the global leader in assurance, tax, transaction and advisory services, as a technology provider. The partnership will focus on the development of WiV’s blockchain solution for fine wine trading and provenance, with EY operating as WiV’s blockchain technology partner.
Fine wine is a fully tradeable asset but trades rely on extensive paper-trails because it is vitally important to protect a wine’s provenance, which is the only way to prove a wine’s true value without actually opening the bottle.
WIV's blockchain technology, which is custom-built for the fine wine marketplace and acts as a technology solution, will enhance the sales process for everyone that trades in the fine wine ecosystem. WIV's aim is to work with existing actors in the ecosystem, enhancing rather that displacing existing ways of working. Using WIV’s technology, wine producers and owners can tokenise their assets, brokers and auctioneers can verify provenance at every point of transaction and consumers can trade wine easily and securely. The solution is currently being beta tested and is due for full launch in the second half of 2019.
WIV's tokenisation and asset securitisation technology will enhance brand value in the blue-chip fine wine ecosystem by drawing consumer attention and attracting capital to participating producers. The certainty of provenance coupled with a more transparent, global marketplace will enable the best value wines in the ecosystem to be traded more quickly. Producers and traders will also enjoy higher returns because administrative procedures will be reduced or removed without any loss of provenance.
“Our vision is to enhance the ecosystem so that fine wine can be traded as quickly, easily and safely as books online” says Tommy Nordam Jensen, CEO and founder of WiV. We want to make fine wine an asset that people enjoy but also invest in completely securely with new consumers coming into the marketplace. We want to eliminate the inefficiency and uncertainty of fine wine trade. And that’s a vision we believe is worth fighting for. Working with EY’s blockchain experts on this is a major achievement for WiV and significantly enhances our value proposition.”
WiV is a blockchain-based trading platform. The system is intended to enhance buyer, seller and producer relationships by creating a transparent global market place. WiV will make it easier for producers and merchants to offer their wares, distributors to know where specific bottles are and buyers to understand the provenance of what they are buying. WineVault will be working with vineyards to tokenise entire vintages of investment grade wine, greatly increasing the volume of wine assets on the platform and ensuring this fine wine has a digital record of its provenance from the moment that it is bottled. Please visit wiv.io
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