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Vinsent and Laava team up for the Multi-Billion Dollar Fine Wine Market with NFTs tied to Physical Bottles of Wine

Posted on June 04, 2021
VINSENT & LAAVA PRESS RELEASE

NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but they have no tangible form of their own.

The digital tokens can be thought of as certificates of ownership for virtual but surely also physical assets; it is sort of a digital “twin” to the related and ‘existing’ physical asset.

When Vinsent started executing on its idea of democratizing the sale of Future Wines beyond the negociants of Bordeaux and beyond Bordeaux top wineries, it decided to create what it branded the Vinsent Virtual Cellar™, de facto a personal and digital wallet as a trusted place of storage for digital twins of purchased future bottles, that any wine lover could curate.

Vinsent chose a blockchain and found Ravencoin, a fork of Bitcoin, designed to be a registry of assets. Ravencoin is an open source project built by a large community of developers. Ravencoin natively includes the ability to register on-chain pictures, datasheets, and with embedded facilities like communication with token holders without knowing their identity.

Vinsent started using the Ravencoin ledger to provide valuable wines with an authentic, secure, and augmented digital representation -- in other words, an NFT, while they were still in the barrel at partner wineries.

And then came the time when the wines were to be bottled and shipped. Vinsent needed a technology that could be the suitable continuity in the physical world.

After an exhaustive review of available solutions, Vinsent has chosen Laava Smart Fingerprints®, which are a unique per bottle trust mark, far superior to a simple QR code. Once a bottle is “Vinsent Certified” using the Laava Smart Fingerprint®, consumers can simply scan the Fingerprint with their iOS or Android phones, and see a certificate of authenticity, recorded on the Ravencoin blockchain. Each bottle has its’ “token,'' residing on the Ravencoin blockchain.

Laava Smart Fingerprints® are an Australian technology innovation developed in collaboration with the country’s premiere scientific organisation - CSIRO. Laava has reinvented the concept behind the QR code, with the Smart Fingerprint being the secure authenticator for accessing blockchain, traceability data, digital stories and unique experiences.

The problem with QR codes is that they can be created by anyone, and fake codes cannot be distinguished by consumers. Counterfeiters simply copy the landing page or app from a real QR code and redirect users to a fake URL via their own QR codes - in a process called spoofing or ‘click-jacking’.

By comparison, each Laava Fingerprint is unique to every individual bottle of wine - and critically - can only be generated by Laava and Vinsent. Laava has also removed the data from the code and turned it into a serialised, scannable, on-product mark that uses patented optical technology to ensure security. All data and business rules are stored securely in the cloud, not in the code - and the secure Laava process also allows the traceability data on Ravencoin to be verified and updated.

With over 5 million Fingerprints in market globally (and counting) protecting products as diverse as premium cherries through to personal protective equipment (PPE), Laava Smart Fingerprints are fast becoming The Global Mark of Trust.

Vinsent and Laava are proud to announce their first joint partnership will feature Bordeaux Primeurs ‘Certified by Vinsent’, with an initial deployment on the 2018 vintage Bordeaux Grands Crus in early June 2021. Each wine bottle will feature a unique Laava Fingerprint and be uniquely registered on the Ravencoin blockchain. When scanning the label, Vinsent customers will be able to view the wine’s blockchain record as well as learn the story behind the wine.

This key Bordeaux Grands Crus project featuring one of the world’s most highly regarded wine denominations, positions the digitally verifiable and authenticated ‘Certified by Vinsent’ label to become the label of choice of the Fine Wine industry.


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