Blockchain technology and regulatory challenges in the wine industry are the focus of a conversation between The Wolf of All Street host Scott Melker and dVin co-founder David Garrett. did. They discussed how blockchain can streamline wine logistics and improve tracking, along with the introduction of VinCoin, a digital token for the wine industry.
Garrett noted that while wine is “one of the most highly regulated products in the world,” dVin’s approach is not entirely new. “Berry Bros. and Rudd…receive wine directly from winemakers, store it for their customers, and trade it among their customers,” he explained, adding that they “face many regulatory challenges. I don’t think so,” he added. . ” He emphasized that dVin is focused on using blockchain to tokenize bottles and track their movements around the world.
The company’s blockchain platform is built on Solana, and Garrett announced a partnership with the pioneer in Radio Frequency Identification (RFID) technology. “We’re building a deep in to track wines around the world,” Garrett said. The system uses RFID stickers on bottles to track wine from production to consumer, ensuring proper handling and storage throughout the process. “One in ten luxury bottles is spoiled in some way…That’s a 10 billion problem a year we can solve.”
Garrett discussed the VinCoin token, describing it as “a way to create incentives for adoption within the wine industry.” Similar to air miles, Vincoin rewards consumers when they open a bottle of wine. “They can earn a position with the winemaker and get paid…and they can use that to buy more wine or pay for wine experiences.”
Garrett emphasized the importance of data collection for winemakers. “They have no idea who’s drinking their wine,” he said, adding that Vincoin allows winemakers to collect valuable information about who opens the bottle, which can be used to improve marketing, product development and the future. He emphasized that you can gain insights for sales.
