Auditing firm Ernst & Young (EY) is contributing its proprietary blockchain-powered solution for a key new platform that will assist consumers all across Asia to establish the quality, authenticity, and provenance of wines imported from Europe.
According to the company’s recently released press statement, the new e-commerce platform was developed specifically for Blockchain Wine Pte. Ltd. The platform has been dubbed “Tattoo” and was launched in the fall of 2018. It reportedly utilizes the Big Four firm’s OpsChain blockchain system.
The blockchain solution is one of EY’s flagship products using blockchain technology. It allows for private and secure transactions to commence on the Ethereum (ETH) network through the use of zero-knowledge proof (ZKP) tech.
Traceability, Authenticity, Transparency, Trade, Origin
As per EY’s press statement, Tattoo stands for Traceability, Authenticity, Transparency, Trade, Origin, and Opinion. The platform was designed to focus on the burgeoning wine markets in Japan, China, Thailand, Singapore, and South Korea.
The wine platform also has the backing of Asia’s largest wine cellar, The House of Roosevelt. It will allegedly implement using the platform for its sales of wine to consumers, cafes, restaurants, and hotels. It also plans to take advantage of the system’s backing for smart contracts to allow client-to-client sales for wine collectors investing in fine quality wines.
The system designed by EY for the Tattoo platform handles wine quality and provenance for multiple bodies, like wine producers, distributing companies, logistics suppliers, and insurance providers. It also developed a tokenized environment for sales and logistics purposes.
Tokens can be used to purchase and sell wine, track items, check delivery and warehousing, and arrange for insurance coverage for every shipment as well as tracking its progress.