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Framework of Stock Market Platform for Fine Wine Investment Using Consortium Blockchain

공유경제 체제로서 컨소시엄 블록체인을 활용한 와인투자 주식플랫폼 프레임워크

  • Chung, Yunkyeong (Ewha Womans University, Department of Business Administration) ;
  • Ha, Yeyoung (Ewha Womans University, Department of Business Administration and Department of Political Science and Diplomacy) ;
  • Lee, Hyein (Ewha Womans University, Department of Political Science and Diplomacy) ;
  • Yang, Hee-Dong (Ewha Womans University)
  • 정윤경 (이화여자대학교 경영학과) ;
  • 하예영 (이화여자대학교 정치외교학과 및 경영학과) ;
  • 이혜인 (이화여자대학교 정치외교학과) ;
  • 양희동 (이화여자대학교)
  • Received : 2020.06.08
  • Accepted : 2020.08.19
  • Published : 2020.09.30

Abstract

It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

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