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Ernst & Young, one of the ‘Big Four’ accounting firms, will take a part in creating a blockchain solution for Blockchain Wine Pte. that will help consumers to determine new and vintage wines’ quality, provenance and authenticity, according to a new press release distributed by the company.
The blockchain platform will be based on EY’s OpsChain Solution and will enable promotion and sales of new and vintage wines across Asia as well as worldwide. Currently, Blockchain Wine is focusing on the Asian market – in China, Japan, South Korea, Thailand, and Singapore to be precise – where the consumption of European wines is expanding. Ey’s OpsChain platform has been leveraged to develop a platform called the TATTOO Wine platform which Blockchain Wine will use to promote and sell wine worldwide.
The press release stated that the TATTOO platform will be backed by one of the largest Wine cellars in Asia: The House of Roosevelt. The House of Roosevelt uses the platform to distribute the wine ‘directly from vineyards to hotels, restaurants, cafes (B2B) and customers (B2C), and facilitate wine sales from customer to customer (C2C).’ The platform supports smart contracts which will increase efficiencies and cost-effectiveness.
Paul Brody, EY Global Blockchain Leader, says:
“We are thrilled that Blockchain Wine Pte. Ltd. and The House of Roosevelt have chosen EY teams to build the solution for their global commerce network. The future of doing business will be through tokens and smart contracts and this network is at the forefront of this transformation.”
What exactly is TATTOO? It basically stands for Traceability, Authenticity, Transparency, Trade, Origin, and Opinion. The platform will reportedly have more than 5000 wine labels coming from major European countries that include France, Italy, Spain, and also other international regions such as Australia, New Zealand, South Africa, South America, and California.
“Each bottle of wine will be ‘tattooed’ with its own unique QR code. By scanning the QR code, participants can access information such as vineyards’ names and locations, details such as the types of fertilizers used to grow the crops, and how each batch is transported for processing and delivery.”
TATTOO is built on Ethereum’s ERC-721 standard for non-fungible tokens which will be used to collect supply chain data and provide a protocol for various processes. EY said that its OpsChain platform has already tokenized more than 11 million bottles of wine for multiple clients along with other consumables such as chickens, eggs, etc. Furthermore, the platform will also allow consumers and sellers ‘to buy and sell wine, schedule and track shipments, monitor warehousing and delivery, and arrange for and track insurance coverage of wine shipments.’
Well, after blockchain has entered so many varied industries like fashion and dairy, perhaps it was always just a matter of time before it would finally arrive in another industry that certainly needs tracking and transparency, the wine industry.