Chai Vault Launches Standard for Wine and Spirits Authenticity and Provenance in Answer to Widespread Global Counterfeiting and Fraud
SAN FRANCISCO, Sept. 4, 2019 /PRNewswire/ -- Chai Vault has announced its revolutionary wine and spirits authenticity and provenance solution - enabling buyers to view authenticity and provenance of individual bottles online, before purchase, without having to inspect or scan them. Chai Vault certification also travels with bottles as ownership changes.
Chai Vault certification provides proof of authenticity by layering multiple low- and high-tech identifiers plus unique bottle details. Chai Vault registration occurs either at the time of production, in initial supply chains, or in secondary markets following authentication by a certified The Chai Method® (TCM®) Authenticator. Bottles' Ledger of Authenticity and Provenance™ are made available online when bottles are put up for sale with owner name encrypted, or listed, as controlled by the bottle owner.
Chai Vault CEO Maureen Downey is the global authority on wine and spirits fraud, counterfeiting and authentication. She advises the world's top collectors in purchasing, selling, and managing their collections with her firm, Chai Consulting. She assisted the U.S. government prosecution of the first wine counterfeiting case and continues to actively work with federal law enforcement.
Downey states, "Most current wine and spirits anti-fraud solutions are single layer or cosmetic. Each has failed to address all necessary elements to protect consumers, vendors and producers. Chai Vault certification brings both secure anti-fraud and much needed transparency to wines and spirits transactions. No longer are we reliant on trust - buyers can verify authenticity prior to investing."
Downey partnered with Silicon Valley veteran Ed Baum to help build and scale Chai Vault. Baum has 30+ years of operational experience at large companies and startups, and is a passionate fine wine connoisseur. They engaged San Francisco-based Azumo to build the software and blockchain solution, and Italy-based Enoplastic for the aftermarket Chai Caplet™.
Wine and spirits counterfeiting and fraud remains an enormous global scourge. Estimated at 20% of international sales, counterfeit bottles represent hundreds of millions in losses to consumers, family businesses, corporations and governments.
Today, most fine wines and spirits are purchased sight unseen. Consumers buy via auction, online, direct or through futures/pre-arrival. Buyers are reliant on statements by motivated sellers, resulting in hundreds of millions in counterfeit and fraudulent purchases. Chai Vault certification enables consumers to verify bottle data online, in advance of purchase, empowering them to focus on acquiring authentic bottles rather than hoping to avoid fakes.
Chai Vault is being rolled out by vendors in Paris and Amsterdam following bottle inspection by certified TCM® Authenticators. On December 7th in NYC, Zachy's Auctions will feature a multi-million-dollar, single-owner consignment of wines, "The Black Tie Collection," all of which are Chai Vault certified.
Chai Vault is supported by offices in Europe and a global network of over twenty certified and in-training TCM® Authenticators, enabling global registration of bottles in the Chai Vault.
Extended release and more information available at www.chaivault.com, or [email protected].
SOURCE Chai Vault
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