The Big4 auditing giant Ernst & Young (EY) has reportedly designed a new blockchain-powered system, devoted to verifying the quality, provenance, and authenticity of imported European wines in the Asia market.
Announced via a press release on May 23rd, “Tattoo” – the new blockchain system built specifically for Blockchain Wine Pte. Ltd. – employed an EY tool which was introduced in Fall last year in its building process. The new project is considered the most advanced blockchain-based up to date to be produced by the auditing firm. It incorporated zero-knowledge proof (ZKP) technology to provide security and privacy, for transactions conducted on the Ethereum (ETH) network.
As stated in the press release, each letter in the name “Tattoo” represents a particular feature the technology provides, which are traceability, authenticity, transparency, trade, origin, and opinion. The project will target European wine, with its main focused demographics are China, Japan, South Korea, Thailand, and Singapore markets.
The high-profile Asian wine cellar The House of Roosevelt will reportedly back the Tattoo project, along with being one of the first to incorporate the solution into its current services to boost wine sales – hotels, restaurants, cafes, and consumers. The wine cellar also plans to enhance the platform to facilitate smart contracts, which helps with the customer-to-customer sales process for investment-grade wine collectors.
The newly developed solution is expected to handle provenance and quality issues for parties involved such as producers, distributors, logistics providers, and insurance operators. It also looked to create a token “to buy and sell wine, schedule and track shipments, monitor warehousing and delivery, and arrange for and track insurance coverage of wine shipments.”
By using blockchain tech and a scannable QR code, Tattoo will help create a better tracking and authentication verification process, along with storing all the information vineyards, information on crop fertilizers and handling history.
In March, Ailsa Bay – William Grant & Sons’ premium Scotch whisky brand – has reportedly planned to release the world’s first scotch whisky tracked by a blockchain-based system. The platform will allow customers to track the whisky from source to store to provide the buyer with the authenticity of the products.