WiV Technology has opted EY to provide technology services to aid in its fine wine investment trading blockchain platform. This news surfaced on 12 August.
Tommy Nordam Jensen, WiV Technology CEO and Founder, expressed his thoughts noting –
“Fine wine is a fully tradeable asset, and it is vitally important that provenance is protected, because provenance is the only way to prove a wine’s true value without actually opening the bottle. Currently, many wine trades often slow to a crawl because the extensive paper trails must be manually checked at every step of the process, massively reducing the potential size of the market. We are enhancing the ecosystem so that fine wine investments can be traded as quickly, easily and safely as books are online. We want to make fine wine an asset that people invest in with confidence.”
EY further added that WiV’s global platform aids in scaling WiV’s growing list of wine industry clients. EY noted that WiV would be benefited to conduct investment trades of bottles and cases of wine, with the origin. In addition, the quality and value of an asset certified would be recorded on a tamper-resistant global blockchain. EY emphasized that the solution was designed to address the biggest impediments of counterfeiting and substitution.
EY clarified that by having fine wines shipped directly from producers to a bonded warehouse, such an approach ensures full traceability. EY maintained that once delivered into the warehouse, there would be a one-to-one mapping between cases and blockchain tokens. Paul Brody, EY Global Blockchain Leader, said that WiV’s use of blockchain technology to make wine an investable asset was a significant step forward for blockchain users.
Recently, to tackle fraudulent issues, D.I.G., a major importer in China had worked with VeChain, to launch the Wine Traceability Platform, leveraging the blockchain. VeChain started the report informing about the growing prosperity in China and the yearning among its citizens to consume wine. VeChain highlighted that this exploding market had captured the attention of genuine parties and malicious actors.
EY summarized by stating that the blockchain components that its team had developed for WiV include an ERC-721 token. This token was christened as WiV Wine Asset Tokens. EY informed that these would be deployed on the Ethereum blockchain. EY clarified that a smart contract tracks token ownership, provenance and transaction history. The firm opined that this facility works as a ready-made standard for everyone. EY finally expressed that each item is allocated a token and its properties are stored as detailed metadata.