Georgian Government Embraces Blockchain Technology to Promote Its Wines Globally

@badbitch
3 mo (edited)
4 Min Read
713 words

It's a long journey but crypto is set off with a good start, clearly, the world ain't sleeping on the idea being put before them. If we look at it from a different perspective, we'd realize that blockchain technology will benefit the business sector in great numbers.

It is becoming increasingly easy and fancy to market products on the network, consumer/producer relationships couldn't be better built than with a system of absolute transparency.

What's the big Idea?

I was thinking of a better way to define the word "cryptocurrency" and today I just discovered what best defines it, and that's "Store of Value" Fiat was supposed to be a store of value, it didn't really fail to some extent, but the people in-charge failed the system. The craziest idea I've stumbled on was the creation of a "million dollar note" or a billion crazier still. I am unaware of what effects it would have on the dollar price strength, but it couldn't possibly be any better. What other flaw would be the fact that it's a highly risky decision. I mean if someone were to misplace a hundred dollar note, he'd probably get over it at some point, but a million dollar note? Nah, that's some suicidal shit.

That said, what better option could contain value in one piece?

"Cryptocurrencies"

It's not a note, it's note physical, it can't slip out of your hands, it's digitally stored, it's risk minimal and could quite contain as much value as one could imagine. This is the beauty of Cryptocurrencies, the world is aware of its aiding tools to the current financial system, and everyone will eventually hop over to utilize its amazing features.

Screenshot_2021072108283267.jpg

Our focus today is the Georgian Government and Wiv Blockchain protocol.

I recently discovered a protocol designed to serve the purpose of assuring provenance through the deployment of blockchain technology.

"The WiV blockchain technology allows users to securely collect and store information about each unique asset’s provenance and transaction history, whilst holding and insuring the unique asset in a professionally managed storage facility".

Wiv has been around for a while, it's main focus from my observation is "Wine" (so hello to the wine lovers). Maybe the creators have some soft spots for drinking, lol. Or maybe, it's the idea of bringing what's not already existing in the system. Because in this space, duplicates of pre-existing projects are becoming outrageous. Same design, offering the same service but answering different names, all this creates an avenue for a competition that often dies out quickly when one quits trying so hard…

Programs are better marketed when they stand out, the system doesn't need clones but new things, adding fresh feelings, and so, say hello to wiv.io

It may also interest you to know that Wiv technology is the first platform to offer physically backed NFTs on the polygon chain. Physical backed in the sense that those NFTs are assured of real time provenance.

The government of Georgia however, seeks to bring its millennia-old wine industry into the 21st century. As report carries it, Georgia is collaborating with blockchain platform Wiv to put the nation’s winemakers in front of a global audience of wine collectors, producers, and merchants.

"The strategic relationship will see selected Georgian wines transformed into NFTs backed by the actual bottles themselves. These NFTs will be available on the Wiv platform along with their provenance, allowing users to buy, sell, and even borrow against bottles with greater confidence in the product and its process. The wines added to the platform will be accompanied by digital certificates that highlight their provenance."

"Part of this strategic initiative also involves developing a quality assurance standard for Georgian wines, similar to Western European designation of origin standards. A panel of experts is set to test vintages and relay their findings, helping Georgian wines meet the more rigorous demands of collectors and merchants."
Reference

The outcome of this move may actually be impactful on the Georgian economy. Who knows, maybe from the wine industry, they'd move to other sectors, and from there, blockchain will be more exposed to their citizens and the numbers on cryptocurrency utilization may see a spike. It's a big move if you ask me.

Posted Using LeoFinance Beta