Few industries stand to benefit from blockchain technology more than the wine and spirits business.
The promise of blockchain is that of an immutable record of business transactions, distributed among multiple computers so as to prevent tampering with the data. The system looks to be of particular value to industries that are highly regulated and require accurate records for their own purposes as well as those of government agencies. Which is where the business of alcoholic beverages comes in.
International Spirits Beverage Group, Inc. (ISBG) is a producer and marketer of global wine and spirits brands. (Deploying modern-day tech buzzspeak, it calls itself “a disruptive brand incubator.”) Recently ISBG signed onto the blockchain platform known as Volum, to manage its sales and distribution processes.
Volum claims that its blockchain “ecosystem” is specifically designed for “farmers, manufacturers, distributors, public utilities, governing agencies, financial institutions and IoT [internet of things]