Cult Wines has introduced a new trading platform for buying, selling and investing in wine with secure blockchain technology to prove the authenticity of the products.
Created by the wine investment management company and named Cult X, the platform will be accessible as an app, and will feature around £200 million in “investment grade” wines for users to bid on with live market data and analytics from Wine-Searcher.
Cult X utilises Algorand blockchain technology, which acts as an immutable ledger to record transactions and track the wines on the platform. This will provide an additional layer of authenticity and provenance to each wine, while also allowing for the immediate transfer of ownership once a trade is made, the company said.
Cult Wines CEO and Cult X founder, Tom Gearing, said the blockchain technology will provide users with a “frictionless and hassle-free way to build a physical collection of the world’s most prestigious fine wine”.
He added: “The platform’s built-in global storage solution reduces friction in the buying and selling process by eliminating the inconvenience of shipping, complex logistics and authenticity checks, which will provide peace of mind and drive down transactional costs.”
The Cult X app will be available soon on iOS, Android and the web.