Global financial services leader, EY revealed that they are building a blockchain platform for wine distributors. EY made the news public in a press release dated May 23.
Blockchain Wine Pte. Ltd. has selected EY OpsChain for this undertaking. the flagship blockchain solution platform of EY are responsible for the industrialization of blockchain technology for enterprises.
The project christened TATTOO wine platform is the first blockchain enabled e-commerce platform that blends e-commerce, traceability, and tokenization.
Markets in Japan, Singapore, China, South Korea, and Thailand, are expanding their consumption of European wines according to the report.
TATTOO wine platform intends on providing guidance to verify the authenticity, quality, and origin of new and vintage wines in these Asian markets and the rest of the world.
The report stated that TATTOO represents Traceability, Authenticity, Transparency, Trade, Origin, and Opinion. The platform is set to feature over 5000 labels from Italy, New Zealand, France, California, Spain, Australia, South America, and South Africa.
One of the biggest wine cellars in Asia, House of Roosevelt, is among the supporters of the TATTOO wine platform.
The wine cellar giants plan to take advantage of the platform to simplify wine selling from the vineyard directly to businesses and customers. The blockchain solution also facilitates sales between customers for investment-grade wine collecting.
The EY global blockchain leader, Paul Brody stated that –
“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.”
The TATTOO wine platform aspires to serve the wine industry by implementing the token system. The system expedites the buying and selling process, scheduling and tracking of shipments, and monitoring of warehousing and insurance.
Each wine bottle in TATTOO Wine blockchain can be traced by scanning its unique QR code. The wine blockchain platform also renders the smart contract facility that administers a decentralized agreement system, saving time, and ensuring visibility to all participants.
The standard ERC 721 tokens are used in the blockchain developed by EY for the TATTOO wine platform. The token compiles supply chain data, which can be used henceforth for ordering inventory, automating procurement, and much more.
In a press release shared in April, EY had declared the initiation of the second generation of the company’s flagship blockchain technology solution, EY OpsChain.
The enterprise-focused solution is currently among the top of the world’s premier blockchain building services. Smart contracts and digital tokens built on blockchain is provided to enterprises that will encourage business growth and performance.