Cryptocurrency

How blockchain can change the wine market!

Blockchain is not a technology used for cryptos, as many people think, but can be exploited by many industries and for various tasks. Such as, for example, the wine sector where it can be used to enhance the transparency of procedures.

This is the goal of an innovative European pilot project, which was completed with complete success by Compellio, on behalf of the European Court of Auditors (EES), in which a Greek winery, the Estate ALPHA. It should be noted that this is the first time that blockchain technology is applied to the institutional wine market in the European Union.

The ECA, based in Luxembourg, is the fifth institution in the European Union, and since 1975 it has been the guardian of the EU’s finances. with a view to ensuring the maximum level of sound management of Union citizens’ resources.

In this pilot project, an exploration has been made of the benefits that blockchain technology can have in enhancing the transparency of procedures with the European Union.

In this way, and with the assistance of Compellio, an online service was put in place, whereby each final beneficiary in European co-financed projects would be able to formally record his documents, which could then be evidence data for current or future audits by national or European bodies.

The exploitation of the blockchain technology allows the controllers to immediately and without delay check the validity of the documentary evidence and the fact that the transactions in question are not altered or manipulated in any way. This ensures transparency of procedures, improved quality of service and workload, through optimal use of available resources (human and financial).

In addition to the specific targeting of technology in the context of institutional controls and on the basis of the above pilot project, the use of blockchain technology for quality assurance from producer to consumer is a very interesting application being considered by Compellio and ALFA Estate.

ALPHA Estate, based in Amynteo, Florina, has been active since 1997 to seek a unique wine production experience, continuously exploring new ways to develop and improve the processes and quality of finished products, while its wines are commercially available at top from 30 countries.