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Overstock.comand their CEO and founder Patrick Byrne, have been believers of Bitcoin for a long time. The company was notoriously one of the first to adopt payments with Bitcoin on its website, as well as a strong investor in the digital currency as a revenue asset.
Now, through their blockchain and subsidiary accelerator & nbsp;Doctors Ventures, Byrne is looking to invest further in the basic technology and see what it can do in terms of optimizing the exchange of wine futures while reducing fraud through the secure tracing of the supply chain from the origin of the product.
Doctors Ventures announced a strategic investment in a blockchain company called VinX, which plans to create a token based digital wine futures platform based on the Bordeaux futures model. This will allow the sale and trade of wine futures on a transparent and safe blockchain. The spin-off of this is that supply chain monitoring on & nbsp; said blockchain will also help to reduce fraud in high-end wines.
It is estimated that 20 percent of all wine in the world has a counterfeit label, so what a consumer believes is a bottle of high-end wine could have a much more local origin.
"Like any economy, the wine industry has a hard time scaling down its middle-heavy systems in parallel with the growing demands of a growing global market," Byrne said. "The steps of VinX in triumphing the future of wine, allowing wine lovers to know without a doubt that the bottles they buy are full of authentic wines, will position the entire industry as a model of a new global economy that replaces the networks of old guys with the trust without friction through technology ".
A classic model of breakage
At first glance, especially when it comes to intermediate brokerage industries, there is a lot of potential for breaking the blockchain. The wine distribution network is just another of these industries that is beginning to embrace the potential potential of the transparent and immutable nature of the blockchain. This distributed register technology is therefore an ideal registry for storing such information on the supply chain, particularly where fraud and corruption are evident.
To this end, VinX's mandate, as described by co-founder and CEO, Jacob Ner-David, is "to democratize the capital structure of the wine industry.
"We are democratizing the capital structure of the wine industry by bringing consumers into direct contact with producers at the start of the wine production cycle. We are riding the wave of direct-to-consumer, which Overstock has been a leader for almost 20 years, "said Ner-David.
"Also, because we record all wine futures as tokens on a blockchain, we are bringing a powerful validation force that will greatly contribute to reducing fraud."
Bullish on blockchain
While the bitcoin investments of Overstock.com can be reduced, or at least reduced, in the 2018 bear market, there is no doubt about the progress that the blockchain is experiencing this year. Doctors Ventures, led by President Jonathan Johnson, explains that this blockchain accelerator and subsidiary of Overstock.com has been "bullish on blockchain" for over four years.
"Medical Ventures has focused on the advancement of blockchain technology for almost four years, we have more than 15 portfolio companies that are doing so.This investment is by no means a commentary on the cryptocurrency market, reflecting our continued optimism about 39. The disruptive and revolutionary impact we expect from blockchain technology, "Johnson said.
"Our goal is to change the world by advancing blockchain technology.We believe that by advancing blockchain technology we can bring people closer to the world, eliminating the need for trust institutions to stand between us, blockchain offers humanity the opportunity to re – engage and connect again as people, "the president said explaining the objectives of Medici Ventures.
Johnson also explained not only the importance of interrupting the wine market, but also how VinX has proven to be a worthy strategic investment partner in an ecosystem that has many projects that are all barking and do not bite.
"It is often difficult even for the most experienced collector to identify fake wine," Johnson explained. "Consider the experiences explained in the documentary Sour Grapes.To combat this growing concern, VinX plans to use the blockchain to connect wine lovers directly with the cellars, eliminating fraudulent intermediaries within the industry and providing customers with a direct line with the source of the products.
"Medici Ventures sought a good investment in the supply chain in the blockchain space.With the experience of the VinX team in the wine industry and in software development, we have found an opportunity that we really like."
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Overstock.com, and their CEO and founder Patrick Byrne, have long been Bitcoin believers. The company was notoriously one of the first to adopt Bitcoin payments on its site, as well as a strong investor in the digital currency as an asset that created money.
Now, through their blockchain accelerator and the subsidiary Medici Ventures, Byrne is looking to invest further in the basic technology and see what it can do in terms of optimizing the wine trade, reducing fraud through the secure tracing of the supply chain from the source of the product.
Doctors Ventures announced a strategic investment in a blockchain company called VinX that plans to create a token based digital wine future platform based on the Bordeaux future model. This will allow the sale and trade of wine futures on a transparent and safe blockchain. The spin-off of this is that tracking the supply chain on said blockchain will also help to reduce fraud in high-end wines.
It is estimated that 20 percent of all wine in the world has a counterfeit label, so what a consumer believes is a bottle of high-end wine could have a much more local origin.
"Like any economy, the wine industry has a hard time scaling down its middle-heavy systems in parallel with the growing demands of a growing global market," Byrne said. "The steps of VinX in triumphing the future of wine, allowing wine lovers to know without a doubt that the bottles they buy are full of authentic wines, will position the entire industry as a model of a new global economy that replaces the networks of old guys with the trust without friction through technology ".
A classic model of breakage
At first glance, especially when it comes to intermediate brokerage industries, there is great potential for breaking the blockchain. The wine distribution network is just another of these industries that is beginning to embrace the potential of the transparent and immutable nature of the blockchain. This distributed register technology is therefore an ideal registry for storing such information on the supply chain, particularly where fraud and corruption are evident.
To this end, VinX's mandate, as described by co-founder and CEO, Jacob Ner-David, is "to democratize the capital structure of the wine industry.
"We are democratizing the capital structure of the wine industry by bringing consumers into direct contact with producers at the start of the wine production cycle. We are riding the wave of direct-to-consumer, which Overstock has been a leader for almost 20 years, "said Ner-David.
"Also, because we record all wine futures as tokens on a blockchain, we are bringing a powerful validation force that will greatly contribute to reducing fraud."
Bullish on blockchain
While Overstock.com's bitcoin investments may be down, or at least reduced, in the 2018 bear market, there is no doubt that the blockchain is occurring this year. Doctors Ventures, led by President Jonathan Johnson, explains that this blockchain accelerator and subsidiary of Overstock.com has been "bullish on blockchain" for over four years.
"Medical Ventures has focused on the advancement of blockchain technology for almost four years, we have more than 15 portfolio companies that are doing so.This investment is by no means a commentary on the cryptocurrency market, reflecting our continued optimism about 39. The disruptive and revolutionary impact we expect from blockchain technology, "Johnson said.
"Our goal is to change the world by advancing blockchain technology: we believe that by advancing in blockchain technology we can bring people closer to the world, eliminating the need for trust institutions to stand between us, blockchain offers humanity the possibility of – Starting and connecting again as people, "said the president explaining the objectives of Medici Ventures.
Johnson also explained not only the importance of interrupting the wine market, but also how VinX has proven to be a worthy strategic investment partner in an ecosystem that has many projects that are all barking and do not bite.
"It is often difficult even for the most experienced collector to identify fake wine," Johnson explained. "Consider the experiences explained in the documentary Sour Grapes.To combat this growing concern, VinX plans to use the blockchain to connect wine lovers directly with the cellars, eliminating fraudulent intermediaries within the industry and providing customers with a direct line with the source of the products.
"Medici Ventures sought a good investment in the supply chain in the blockchain space.With the experience of the VinX team in the wine industry and in software development, we have found an opportunity that we really like."
