- WiV, a blockchain-based technology signed an agreement with Georgian government.
- The deal is to develop Georgian wine’s global presence and quality assurance.
WiV Technology announced it signed an agreement with the Georgian government to develop Georgian wine’s global presence and quality assurance.
The WiV blockchain technology is known for issuing non-fungible tokens (NFTs) to create a global, secure asset register and DeFi marketplace for fine wine and spirits. Also, it helps provenance record-keeping, trading liquidity, geolocation, and market assurance.
According to WiV Technology, a blockchain-based trading platform for unique assets, the agreement with the Georgian government will let it move some of the country’s wines and their provenance onto its blockchain empowered platform.
The agreement will also help Georgian wines and their associated Non-Fungible Tokens to be made accessible for wine producers, collectors, and enthusiasts on the WiV platform. As a result, Georgian wine will reach a wider audience than it has had in the past.
More so, the report says that the WiV team is developing a quality assurance standard for the country’s wine based on experts’ judgment to ensure its presence worldwide.
The President of Georgia Salome Zourabichvili commented on the agreement as follows:
Economics is changing. Physical assets can now be turned into digital representations of physical assets so that they can be traded more quickly and efficiently. This process works exceptionally well for wine because the digital certificates of the wine, also called wine tokens, can confirm the wine’s provenance.
“We want to be the first wine-producing country that embraces this new approach, bringing Georgian wine to a new standard and new audiences,” added Salome Zourabichvili.
On the other hand, co-founder of WiV, Tommy Nordam Jensen, also commented on the deal. He noted that wine is in the DNA of the Georgian people. It is a source of pride for the producers and the country. Moreover, Jensen said the agreement is a superb opportunity for them to help develop the country’s presence in the global market.
Tommy Nordam Jensen noted,
By connecting fine wine with quality, assurance, and immutable provenance on the blockchain, we will be putting some of Georgia’s exceptional wines in front of wine merchants, collectors and enthusiasts from right across the globe.
In addition, he said that this would make it simple to trade the wine quickly, simply, and cost-effectively.
Of note, based on the history of viticulture, Georgian wine holds a unique position with archaeological findings. This proves that it has a wine-producing heritage of more than 8,000 years.
WiV also announced it is developing a native crypto called WiVA. This will be the foundation of the WiV ecosystem. According to the team, it is a new, inclusive and borderless economy for real-world assets in a digital world.