A podcast report by Coin Survey, 5 of October 2018
VinX, Israeli-based Technology Company is developing a blockchain-powered wine futures platform.
Medici Ventures, a blockchain accelerator, and a subsidiary of Overstock.com, Inc. (OSTK), announces backing VinX on October 04, “to streamline wine futures trading while reducing fraud through secure supply-chain tracking from product provenance”.
A token-based digital wine futures platform based on the Bordeaux futures model is what VinX aims at creating.
Allowing for the selling and trading of wine futures on a secure and immutable blockchain platform.
Through the secure and immutable blockchain help prove the provenance of wine to end consumer provenance of wine to end consumer.
Alongside reducing fraud counterfeit labeling, which experts estimate to be 20 percent of all wine in the world.
Jacob Ner-David, VinX co-founder and CEO added, “VinX is democratizing the capital structure of the wine industry by bringing consumers in direct contact with producers early in the wine-making cycle.
VinX, futures trading platform aims to position itself to bring positive disruption to the $300+ Billion wine industry.