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Offices Worlwide. Course Adoption. Contact Form. A recent publication reports that the number of active Non-Fungible Tokens NFTs in self-custodial wallets has grown exponentially in the past years across several industries. This study analyzed 65 token-based use cases in the wine sector. It was found that most current applications revolve around the downstream part of the supply chain. The research has also demonstrated that the various solutions involving fungible tokens and NFTs can be classified into three categories.
Consequently, a taxonomy has been introduced. Furthermore, it was identified that digital tokens can solve current challenges in the wine industry related to provenance, proof of origin, authenticity, and fraud prevention. At the same time, the utilization of tokens enables an extended consumer interaction with the product. Managers potentially considering connecting their physical products and services with digital tokens can obtain insights towards their use in the web3 economy.
Traditionally, verifying the authenticity of a bottle of wine, including vintage, origin, or varietal could be achieved through chemical or sensory analysis. Applying these methodologies at the point-of-sale, however, is cumbersome and impractical. An innovative cure can be offered by tokens operating on a blockchain. Tokens in the context of blockchain are digital representations of assets on a blockchain and can be held or traded. They operate within the framework of smart contracts which execute transactions based on predefined and software-coded rules Kamilaris et al.
Albeit both are independent concepts and serve different purposes on the blockchain, they collectively enable a wide range of applications and facilitate automatic transactions Sunyaev et al. In this study, token-based use cases and business models are being explored. Booth concepts are occasionally used interchangeably although they are distinctively different. While a business model provides a framework for value creation and capture of an organization, a use case focuses on the practical application of a product in the realm of customer value creation.
