How is blockchain technology used at WineChain?Updated 2 years ago

Blockchain is a distributed digital ledger that allows transparent and secure information sharing. We believe this technology is perfect for validating the authenticity, sale, and ownership of high-value items such as fine wine.

Specifically at WineChain, blockchain is used to mint NFTs tied to physical wine bottles on the Polygon blockchain network, i.e. create a unique token that corresponds to each collectible item. The initial sale from the winery and secondary customer-to-customer transactions are traced and validated on the blockchain up until the moment the physical wine is redeemed and shipped to the owner. At this point, the NFT is burned, meaning that the digital token is destroyed to prevent any fraudulent duplications.

Each NFT is unique and tied to a specific set of wine bottles, which have a traceable history of storage and sales on the blockchain network.

Furthermore, a portion of WineChain's company equity is stored with the $WINE token, where share value and ownership are also validated through the blockchain.