A company known as Blockchain Wine has hired Ernst and Young (EY), to build a blockchain solution leveraging EY’s OpsChain Solution. This will reportedly help Blockchain Wine to determine the quality, provenance, and authenticity of new and vintage wines with a focus on markets in China, Japan, South Korea, Thailand, and Singapore, where the consumption of European wines is expanding, an official press release said.
The release stated that the EY OpsChain solution, which was the EY flagship platform for the industrialization of blockchain technology for enterprise users, was used to help build the foundation of Blockchain Wine Pte. Ltd.’s TATTOO Wine Platform.
TATTOO which stands for, Traceability, Authenticity, Transparency, Trade, Origin, and Opinion, will contain more than 5,000 labels which will include wines from countries such as France, Italy, Spain, Australia, New Zealand, among others.
Speaking on the development, Tim Tse, President, The House of Roosevelt, and Chairman, Blockchain Wine, said, “By integrating blockchain to our platform, we will establish direct connections between wine producers, the distributors, and the companies involved in logistics, such as shipping and warehousing, with the possibility of payments to be managed electronically. As the market in China for European wine is expanding, there are many small and medium wine producers that want to reach this market, but there is no way for distributors – and their customers – to get information on product quality or authenticity.”
Seconding that, EY Global Blockchain Leader, Paul Brody said, “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.”
EY was last heard in the news, when the Supreme Court of Nova Scotia appointed the auditor Ernest&Young (EY)-one of the Big Four-as the monitor of the cryptocurrency exchange, QuadrigaCx.
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