iDealwine launches authentication tool
Online auctioneer iDealwine has launched a wine authentication tool which, while aimed at the secondary market, can be used by producers and other wine professionals.
In partnership with Synvance, a technology consultancy firm, the application uses blockchain technology (through the Ethereum network) and RFID technology to tag individual bottles.
Both systems will allow fine wine buyers to not only be sure of a particular bottle’s authenticity but also its previous movements.
Cyrille Jomand, iDealwine’s CEO, said: “Bottles verified by iDealwine are equipped with an inviolable RFID TAG which permanently guarantees the link between the bottle of wine and the information contained and transferred in the blockchain.”
The information stored on each barcode – and there are 90 fields in total – including photographs are unique to each bottle and the data and chip are destroyed if it is removed meaning it cannot be transferred to another bottle.
All the information on each chip is also stored on the blockchain (a database essentially) and is tamper-proof.
As iDealwine explained in a release: “When the bottle is sold, the application allows the user to keep track of the exchange, with the former and new owners connecting on the app, accepting the exchange – validated on iDealwine – supported by photographic proof of the bottle. Depending on changes in the condition of the bottle, a new authentication process can be necessary.
“There are multiple possible uses of this blockchain. The initial use is to secure purchases and reassure buyers, but its vocation in ensuring safe wine ownership can also be interest other sectors (insurance, inheritance…).”
The application will be made available on 5 September this year.