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3 months ago

EY Has Built a Blockchain that can identify authentic wine and much more.

Professional services firm EY (Earnest and Young)  which is one of the “Big Four” has built a blockchain platform for a firm that will help consumers determine wines’ quality, provenance, and authenticity. According to an EY announcement recently, their innovation is dubbed the TATTOO Wine Platform and has been developed for Blockchain Wine Pte. Ltd. using EY’s OpsChain solution

 

Also drawn from the announcement is that the platform is backed by The House of Roosevelt- Asian wine cellar. It is intended that the wine cellar will use it to sell wines directly from vineyards to hotels, restaurants, cafes, and customers. TATTOO has been built using the ethereum’s ERC-721 standard for non-fungible tokens, or crypto collectibles. So far, the asset traceability module of EY OpsChain has been used to tokenize over 11 million bottles of wine for various clients, as well as other consumables.

TATTOO also allows consumers and distributors to buy and sell wine, schedule and track shipments, monitor warehousing and delivery and arrange for and track insurance coverage of wine shipments; all these in addition to providing data on wine provenance. The target focus of the platform is on where the consumption of European wines is expanding according to EY which is markets in Asia. Wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America and California will be added to the system; in total, Over 5,000 labels will be added.

EY said:

“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.”

A lot of people take wine seriously, from the winery to the vineyard workers and the consumers. One wouldn’t have seen this coming that it would get this serious. However, a second thought will reveal this innovation is useful for the wine fanatics of course and other concerned parties like the sellers, connoisseurs, and collectors. Added to that is its unique and secluded functions which are very commendable.

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 Credits - Yogita Khatri

 

Anita O.

Lover of tech and blockchain.

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