Wine Craft has released the first blockchain for the wine industry. The ERC20 token is an Ethereum blockchain that allows consumers to enjoy significant savings when purchasing bottles of wine at participating stores with the WINE token.
Wineries worldwide can join the Wine Craft program, using the WINE token to facilitate sales to local consumers. Wine Craft is backed by the largest craft winery brand in Canada with over 40 years in business and 20 retail locations. The ticker symbol for the venture is WINE. Customers can access the service using the Uniswap app after connecting to an Ethereum wallet such as MetaMask. They can then convert the token they prefer.
“We know everybody is online today, but you may not know how massive the crypto enthusiasts community is out there. Getting online and getting into cryptocurrency has a huge appeal to the young generation, resulting in more sales and higher margin, and selling wines with a separate brand online will not affect traditional offline sales. Depending on the regulations each winery is subject to, being online and using crypto may also mean it can sell wines beyond its geographic boundary,” said Steven and Jonathan Locilento, two of the founders of Wine Craft.
Blockchains are a specific type of database that stores data in blocks and then chains the data together. Many different types of information can be stored on a blockchain. The most common use has been as a ledger of transactions, such as Bitcoin, which uses the technology in a decentralized, immutable blockchain. The data is collectively controlled by the users, and entries are irreversible.