Label transparency and modern consumers: what is technology going to do for them?
Gone are the days when consumers just wanted to enjoy their wines without giving much thought to what was in their glass. Nowadays, consumers are more informed and conscious about what they buy and are willing to take the time to investigate what they consume.
The tide has turned; consumers do not only want to know the content of their wines, but there is a growing awareness of the health implications of wine consumption. Even when they are confident of wine being a rather natural product, consumers often base their buying decisions on other moral, ethical and environmental standards. They want to know whether the grapes are organic and what preservatives are used in the production process.
While some wineries are quickly adapting to consumer behaviour changes by using more comprehensive labelling on their wines, the question remains: Can these labels communicate everything the consumer desires?
Blockchain technologies, and wine tech leaders like WIV, hold the potential of increasing transparency for the wine industry. Keep reading to know-how.
The WIV technology ecosystem is borne out of the conviction that transparency is the key to retaining consumers and promoting the wine industry. Through the adoption of blockchain - consumers, collectors, investors, and other stakeholders will have open access to a floodgate of comprehensive and, (in the future with the addition of data oracles and live data harvesting), verifiable information.
Relying on a permanent shared data record, the WIV’s ecosystem allows producers to share a wealth of information ranging from production processes, distribution channels, labelling, and chemicals to their consumers. With this information freely available on the blockchain, a decentralized public ledger, everyone can have access to this information, and seek to verify it for themselves.
Whether you are concerned about storage facilities, logistics, vintage or harvest detail, or temperature conditions, all information will be at the consumer’s fingertips in no time by incorporating it into the metadata of the wine NFT.
What about Cryptocurrency?
Even if you live in the remotest part of Antarctica, the chances are that you have heard of Bitcoin, Ethereum and other cryptocurrencies.
Cryptocurrencies are digital tokens built on the blockchain by individual companies. They serve as both a sharp contrast to the traditional fiat currencies created and controlled by a central bank. As well as tokens designed specifically to fuel and utilize the ecosystems they were created for. Every crypto token transaction is recorded, immutable and verifiable on the blockchain.
The WIVA coin was conceived as a token that can be utilized within WIV’S unique ecosystem in order to facilitate the evolution of wine investment and wine brokerage on the blockchain. Investors can invest in the WIV ecosystem by holding the WIVA coin. As the ecosystem increases the coin’s utility, its demand will increase, increasing price value. This will allow cross-border investment in the industry and increase liquidity.
The era of lack of labels lacking depth and transparency within the winery seems to be coming to an end. The industry has come to understand that it risks losing modern consumers if it does not adapt to changing consumer behaviour and lifestyle patterns. WIV technology’s innovative approach to improving transparency in the wine industry through its NFT offerings is a step in the right direction. While it is too early to predict its trajectory confidently- especially for most of us wine geeks- it certainly holds the potential to promote transparency in the industry, and it’s worth keeping an eye on it!
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It is a lot to keep up I know- but stay tuned to learn more about these fascinating technologies that will shape the future of the wine industry!
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