Blockchain News

Ernst And Young Offers Blockchain Based Solution To Verify Wine Authenticity And Quality

The big four company, Ernst and Young, EY Auditor, have designed a blockchain solution that will assist the users throughout Asia to check the authenticity and quality of the new and old European Wine. The crypto development news was announced during an official press release of EY on May 23rd, 2019.

The reports mention that the new blockchain solution is named as ‘Tattoo.’ A tattoo is basically an e-commerce platform, designed for a wine company Blockchain Wine Ltd. It’s been developed using the OpsChain blockchain solution of EY auditor that was released in 2018.

The online Tattoo wine platform of Blockchain wines will enable wine manufacturers, wine dealer, insurance operators, and logistics providers to verify the origin, quality, and authenticity of wines imported from Europe.

It will even allow customers to use tokens to purchase and sell wine, plan and monitor shipments in real time, track delivery and warehousing and organize, monitor insurance coverage of wine dispatches.

The blockchain solution is the proprietary of EN, which allows private transactions over the public network of Ethereum by using zero-knowledge proof technology (ZKP).

The blockchain wine platform is backed by the leading wine cellar of Asia, The House of Roosevelt. The House of Roosevelt has already used the wine platform across its hotels, cafes, and restaurants. The next move of this firm is to utilize the platform’s support for smart contracts and to offer customer-to-customer sales.

The blockchain platform will aim at markets of China, South Korea, Japan, Singapore, and Thailand due to the fact that the consumption of European wine is growing in these countries.

The Tattoo wine blockchain solution will allow players to monitor every batch of wine to check the authenticity and control wine. Each of the wine bottles will include a label along with a unique QR code. Upon scanning the QR code, it will give information like names of vineyards, locations, and other information such as fertilizer used to grow crops and how wine batch is shipped for processing and delivery.

The EY Auditor stated the blockchain solution makes use of the ERC-721 token model to deliver chain management and order inventory. Tokenization of around 11 million wine bottles was only possible due to the asset traceability module of OpsChain’s.

The Tattoo platform will add labels of above 5,000 and also includes wine from countries namely, Italy, Australia, South Africa, California, South America, France, Spain, and New Zealand.

The full form of Tattoo is Traceability, authenticity, transparency, trade, origin, and opinion.

Highlighted at the press release that, the e-commerce blockchain solution designed by EY for Tattoo will handle wine origin, wine quality for numerous entities, will develop a tokenized ecosystem for logistics and sales.

OpsChain of EY has not only helped in tokenization of wine bottles but also to tokenize eggs, chicken and other new products.

While in April 2019, the EY had released the beta test version of the Smart Contract Analyzer tool for the public network of ethereum, they even released a new version of ZKP protocol and Blockchain Analyzer.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button