Old wine in new blockchains
Fake wine is a billion dollar problem, reports DecryptMedia.
VinX is an Israel-based blockchain start-up looking to solve the problem with its blockchain-based supply-chain platform to facilitate the tokenisation, registration, and trading of wine futures.
Overstock subsidiary Medici Ventures has taken a stake in** VinX**, says the report, and Overstock’s CEO sees blockchain leading to the removal of middlemen in the wine industry, and with that, the removal of constraints on the wine industry’s ability to scale.
VinX and Medici also expect the blockchainisation of the wine industry to reduce the incidence of wine-fraud, which the article implies ‘siphons off anywhere between 10 and 20 per cent’ of a $300bn (and growing) annual market.
The article does not discuss exactly how blockchain will solve the wine fraud problem, although it notes the indignation of VinX’s CEO, who is ‘insulted by the question’.
VinX Presentation "Live"
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It's the zero state problem: how do you make sure it's real wine in the bottle in the first place or, to put it differently, how do you prevent junk data to get into the blockchain., therefore you have to rely on trust, therefore blockchain won't solve the issue.
Thank you for the comment.
As Data analysts would say: "Garbage In - Garbage Out"...
True. And there will always be a way to cheat a system. I guess it just makes it more difficult to do so.
If they do it the VeChain way; then the blockchain trail will start right back at the picking stage. Reading into their ideas for e.g. making sure the cold-chain is not broken for frozen foods is fascinating. Smart RFID chips with inbuilt sensors enable checks and balances all along the way, and all visible on the blockchain. I think blockchains can and will make a big difference to this sector.
Indeed, would you also consider WABI as a good technology ?
Not bitbrain but I'd say no: WABI, WALTONCHAIN and possibly VeChain, 3 Chinese "blockchain" company, 1 problem: their blockchain solution doesn't eliminate trust thus doesn't require a bockchain. (imo)
I do not know if talking about it made it pump but it is gaining 46% right now.
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I have to be honest, I have not looked into WABI yet and therefore any comment that I may make on it at this stage would be an uninformed one.
How does VeChain make sure that no junk goes into the blockchain exactly @bitbrain?
I doubt that you could ever fully protect against it. I think, and I'm not an expert here, that the VeChain method relies on automated smart sensors which record (and possibly log, I don't know) data onto the chain, combined with a set of trusted individuals who know how and where to read data in. They follow products from start to end i.e. from harvest/manufacture to the final point of sale, logging all major data along the way. I hope that sort of answers your question; sorry I'm not specialised/knowledgeable enough to elaborate further.
Sure, no problem, not an expert on the technology but, based on what you're saying, it sounds a lot like this application doesn't really need a blockchain:
oracle problem: again how do you make sure that the data that comes in is not junk.
this one speaks for itself, if at the end of the day you're going to rely on trust then a blockchain doesn't seem to be necessary, but as I said I am not familiar with the finest points about this technology.
Redundant. We already have two excellent logistics coins able to solve this problem: VeChain and Waltoncoin. I am against making new coins to do a job that is already being done in a sector that is yet to gain proper industry adoption: it confuses potential clients and ultimately negatively impacts on the adoption of blockchains.
Agreed but in any industry you have special niche that do not behave like mass market.
Let's look at Dating, you have all these apps for "everyone" and then you have special apps for weed Smokers, emo, religious communities...
Ha ha, true! But I really think that VeChain have this covered. Check this out:
https://www.vechain.com/#/solution/wine
and
https://www.youtube.com/watch?time_continue=33&v=PtAqj0-OmYc
Walton have similar ideas.
Will do, thank you
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I sense the force is strong in you my son :)
https://steemit.com/bitcoin/@jimbojones/hiring-bloggers-youtubers-website-owners-and-influencers-join-my-crypto-marketing-company ;)
Wow, I love that move they are trying to take
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