“Wine is an ideal metaphor for cryptocurrencies: each bottle is a token and its value is determined by supply and demand, which changes over time,” said Barrow. “My goal is to get the market to decide the price of my wines, instead of being an arbitrary decision of mine.” When someone asks me how much my wine is worth, I can answer “I do not know, let’s see the online quote” and let that be the truth. ”
For this, the CEO of OpenVino explained that it was necessary to create a platform in the ethereum blockchain. He used it to sell tokens for the company and publish information that could be useful to the consumer. Hethus created the first Open Source wine company in the world.
According to Barrow, making CostaFlores Organic Vineyard an Open Source enterprise that publishes its data in blockchain “creates an absolute and extreme transparency in the business and another link with the consumer.” This technology allows data to be published on the vineyard, including the profits obtained and all costs, from salaries to what the government charges.
In addition, it implemented the use of the Internet of Things in the warehouse itself: it installed sensors for humidity, wind, temperature and 360 ° cameras, so that the data they collect is published in the software and consumers have a more educational experience. “You need more transparency. It’s a business that plays a lot with opaque concepts,” Barrow said.
The idea of the entrepreneur was to make a tokenization of their bottles, so that the market determines the price of the final product. On May 6 of this year, they launched the first digital coins equivalent to the 1500 bottles of wine that were produced in the last harvest. However, the wine still has three years left before it can be consumed: one year in barrels and tanks, and two in bottles.
For this, two types of sales were launched: a browser for those with ether (which closed at 15 days) and an e-commerce platform for more traditional payment methods, such as credit cards. The tokens can be conserved, given away, or sold, depending on the consumer’s use.
The viticulturist, who also works as a technology consultant, says that the project also ensures more tracing. The consumer can track where the wines he/she is buying ends up, who is making them, in what situation, and food pairings.
By 2021, when the wine bottles finally go on the market, the user will be able to scan the code found on the back label to be redirected to a page where they will have to fill out various information, such as their name, their experience with the product, and can even put a selfie with the bottle. In return, CostaFlores Organic Vineyard converts the consumer into a proprietary partner who gives real data of what he thinks about the wine.
This story was originally published in Spanish at Cripto247.com