Blockchain technology and regulatory challenges in the wine industry were the focus of a conversation between Scott Melker, host of The Wolf of All Streets, and David Garrett, co-founder of dVin. They discussed how blockchain could streamline wine logistics and improve tracking, as well as the introduction of vincoin, a digital token for the wine industry.
Garrett noted that while wine is “one of the most heavily regulated products in the world,” dVin’s approach is not entirely new. “Berry Brothers and Rudd… take the wine directly from the winemaker, store it for customers, trade it between customers,” he explained, adding: “I don’t think we’re going to face a lot of regulatory challenges. He highlighted that dVin is focused on using blockchain to tokenize bottles and track their movement globally.
The company’s blockchain platform is built on Solana, and Garrett announced a partnership with pioneers in RFID (Radio Frequency Identification) technology. “We’re building a platform that will track wine all over the world,” Garrett said. This system, using RFID stickers on bottles, would track wine from production to consumer, ensuring proper handling and storage throughout the process. “One in ten luxury bottles is spoiled in one way or another… it’s a 10 billion a year problem that we can solve.”
About the vincoin token, Garrett described it as “a way to create incentives for adoption within the wine industry.” Similar to airline miles, vincoin rewards consumers when they open a bottle of wine. “They get status with the winemaker, they get rewards…and they can use that to buy more wine or pay for wine experiences.”
Garrett emphasized the importance of data collection for winemakers. “They have no idea who is drinking their wine,” he said, noting that vincoin allows winemakers to gather valuable information about who opens their bottles, providing insights for marketing, product development and products and future sales.
