Want to Know Your Wine Is Genuine? EY Has Created a Blockchain for That

“Big Four” experienced solutions company EY has developed a blockchain system for a company that will aid buyers establish wines’ quality, provenance and authenticity.

The TATTOO Wine Platform has been produced for Blockchain Wine Pte. Ltd. employing EY’s OpsChain option, EY announced on Thursday.

The system is backed by Asian wine cellar The House of Roosevelt, which will use it to promote wines immediately from vineyards to lodges, eating places, cafes and customers, in accordance to the announcement.

EY explained:

“Each bottle of wine will be ‘tattooed’ with its individual special QR code. By scanning the QR code, members can obtain data these as vineyards’ names and areas, information these as the forms of fertilizers used to increase the crops, and how each batch is transported for processing and shipping and delivery.”

The system will concentration on markets in Asia exactly where the consumption of European wines is expanding, EY explained. More than 5,000 labels will be added to the method, which includes wines from France, Italy, Spain, Australia, New Zealand, South Africa, South The usa and California.

TATTOO has been developed employing the ethereum’s ERC-721 typical for non-fungible tokens, or crypto collectibles, in accordance to the announcement. (Indeed, fundamentally, the wine tokens are like alcoholic beverages-based CryptoKitties.)

The asset traceability module of EY OpsChain has been used to tokenize above 11 million bottles of wine for several shoppers, as well as toher consumables. EY explained.

As well as providing information on wine provenance, TATTOO also lets buyers and distributors to purchase and promote wine, program and observe shipments, keep an eye on warehousing and shipping and delivery, and prepare for and observe insurance protection of wine shipments, EY explained.

Getting a a bit different tack, blockchain startup VinX is also building a supply chain system for investing wine futures, which allow for connoisseurs and collectors to acquire a vintage although it’s still in the barrel, a yr or two right before it’s bottled and introduced on the marketplace.

Wine bottles picture by using Shutterstock