Wine production will be secured with blockchain

Wine production will be secured with blockchain

IBM and eProvenance, a company specializing in monitoring and analyzing shipping conditions for wine, have announced the availability of VinAssure. It is a new platform based on blockchain technology that tracks wines in each phase of their distribution chain, from the vineyard until it reaches the consumer’s table. Thanks to this, its traceability is not only more secure, it also promotes transparency, accountability and the rapid exchange of data.

VinAssure helps ensure that the rigorous methods that wine producers use are not affected by errors in the supply chain, incorrect labeling or unsuitable conditions during transport. At the same time, it provides consumers with information that guarantees that the wine they buy meets their expectations.

The platform is available on the IBM Cloud and has been built on the IBM Blockchain Transparent Supply. It is designed to use advanced technologies, including blockchain, artificial intelligence and the cloud, to optimize the benefits of all participants. Among them are wine producers, intermediaries, importers, transporters, distributors, restaurants and retailers.

With a guarantee for the wine consumers

The first member of VinAssure is De Maison Selections, an importer of wines, ciders and other alcoholic beverages in the United States from independent producers in Spain and France. Specifically, it distributes 31 Spanish beverages, made with the product of independent winemakers and wineries from different regions of our country, such as La Rioja, Navarra, the Basque Country, Asturias, Andalusia, Galicia, Catalonia, Castilla y León and Mallorca.

The provenance and integrity of the beverages you import are a guaranteed factor in your product catalog. Wines and cavas such as those made by the Avinyó winery, in the province of Barcelona; or those of the Telmo Rodríguez wineries, with their selection of Pegaso wines, made in an ecological way from the characteristic slate and granite terrain of Cebredos (Ávila), which maintain a traditional and respectful cultivation with the land.

As the membership of this platform increases, both different professionals in the supply chain and consumers will be able to access more information about the product. The activity in the vineyards, as well as the transport and delivery, is validated and stored through blockchain technology. Using existing identifiers, such as the QR code on the bottle, consumers can find out, for example, the wine’s provenance and flavor profiles, or whether it meets organic, biodynamic or sustainability certification standards.

Singapore FinTech Festival: A world event

Singapore FinTech Festival x SWITCH 2020 is a key event that will connect the world through physical and digital experiences.

The Monetary Authority of Singapore and Enterprice Singapore announced that this year’s festival will be expanded in several cities around the globe, so that people can attend key physical locations and thus connect with the experience.

This initiative will allow global communities of advanced and cutting edge technologies to participate in the event amid the limitations of international travels due to the pandemic.

A physical and digital experience

The festival will feature a hybrid experience that will connect a city with various physical locations around the world.

The activities will be focused on the commercial area to promote sales cycles, discover partnerships and generate investments.

This year’s festival will provide each participating organization with a digital location where they can share and interact with the participants.

Exhibitors will be able to present innovative technologies such as Fintech, smart cities, urban solutions, commerce and connectivity, artificial intelligence and 5G, among others.

Festival participants will be able to go to physical events in each city to establish contacts with local governments and industry leaders.

For five continuous days, live broadcasts will be held 24 hours a day, with the speakers leading the industry in the world, where they will be able to share points of view on topics such as financial inclusion, green technologies and sustainability.

A challenge against the Covid-19

The spread of Covid-19 has highlighted the need to increase efforts and technological capacity to overcome the challenges facing the world.

Under the slogan “People and Talent” it will honor people who show an ability to overcome obstacles to create new opportunities to advance in society.

It will also highlight the pioneers who have made a difference, as well as rising stars with the potential to transform global industries.

Ubin project: a multi-currency payment network based on Blockchain

Monetary Authority of Singapore (MAS) announced the launch of the Ubin Project, a multi-currency payment network based on blockchain technology.

A report from the agency states that the project was validated with over 40 financial and non-financial companies to prove its commercial capacity.

Its potential uses include: faster and lower cost cross-border transactions, currency exchanges, smart contracts for deposit and commerce.

The Monetary Authority of Singapore claims that Ubin Project can level the way to build better cross-border payment networks with strategic alliances between central banks and other financial entities.

While Temasek agents claim that the project will allow better adaptation of Blockchain technology in the financial sector.

“We will support the commercialization efforts of the Ubin Project, in order to promote a better adaptation to blockchain technology” said Chia Song Hwee, executive director of Temasek.

Ubin Project Phases

It is an initiative born in 2016, developed by Temasek and J.P Morgan, began its testing phase last year.

First and second phase: they were in charge of develop technological competences for a national payment network.

Third and fourth phase: was focused on the internal operability of blockchain-based networks for Delivery-versus-Payment (DvP) and Cross-Border-Payment-versus-Payment (PvP), which were in charge of prove the viability of the project.

Fifth phase: was responsible of proving the value, including how to improve settlement efficiency.

The Ubin project is projected as a bridge that help transactions with central banks and other users in the financial industry, allowing the creation of a better technological infrastructure to expand the network for cross-border payments.