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Imagine if the wine business could digitally eliminate fraud. Or if winemakers could geolocate precisely when and where their wines are being enjoyed, or whether bottles were tainted or tampered with during shipment?
These are some of the transformative possibilities of technologies like blockchain, says Jeffrey Grosset, founder/owner of Grosset Wines in Clare Valley, Australia.
In its simplest definition, blockchain is a digital ledger of transactions. When a transaction occurs, a record of it is added to every participant’s ledger, or block in the chain, across a network of computer systems. This decentralized form of recordkeeping makes it difficult for individual parties to manipulate the results.