Ernest and Young and Blockchain Wine have partnered to develop a Distributed Ledger Technology-based platform for tracking vintage and new wines across the supply chain to farmers.
The Blockchain wine platform will create a trusted set of ledgers that can easily trace grapes from vineyards, brewers, warehouses, and transporters to hotels, cafes, restaurants, and other end users.
The solution is aimed at ensuring that both the wines for consumption and investment are of verifiable quality through offering quality assurance, provenance, as well as authenticity services.
The Blockchain platform is codenamed TATTOO Wine Platform which is an acronym for “traceability, authenticity, transparency, trade, origin, and opinion”.
TATTOO’s architecture is built on EY’s OpsChain infrastructure that offers enterprise Blockchain technology solutions for businesses.
Each Product To QR Code Tag
The Quick Response Code technology that was developed in 1994 for Japan’s automotive industry is used to assign a unique identifier optical label with information about a particular product.
The TATTOO Wine Platform will be applying a unique QR code on each bottle in a process that is called “tattooing”. When a wine retail seller or a consumer scans the code on a code, information about the product will be availed instantly.
Some of the details that the Blockchain platform will be offering includes the location of the vineyards, viniculture processes including the use of fertilizers, transportation methods, storage, and more.
High-quality producers of wines can easily get shortchanged by unscrupulous packages and product marketers who have been on record for falsifying production information to make inroads in the high-end wines market. The impact of the practice is that retailers such as restaurants, bars, stores, and online shops, as well as consumers have been taking a gamble every time they buy from high-quality producers due to the inability to prove the authenticity of their wine products.
This challenge is about to end as the TATTOO Wine Platform will be using smart contracts to ensure that all the products are validated to ascertain the provenance and quality of wines.
Creating An Online Platform For Wines
Most importantly, TATTOO Wine Platform is set to be a global platform that will be used to trace 5,000 wine products from notable wine producing areas such as North America, Europe, Oceania, Southern Africa, and South America.
Further, the House of Roosevelt which is one of the largest Asian wine sellers will be using the platform and this is set to enable consumers to easily link with the wine cellar to get their premium wines.
There Is A Possibility Of Integrating A Payment Solution
The president of The House of Roosevelt who is also the chairman of Blockchain Wine, Tim Tse, said that there is the possibility of integration of an electronic payment system on the TATTOO platform which could be its native Token.
The EY’s Mediterranean regional managing partner, Donato Lacovone, on the other hand, said that the decision to develop and deploy a Blockchain-powered platform for the wine industry is a growing use case of DLT as the technology’s adoption increases because of a surging need of traceability, contract bids and execution, and supplier payments smart solutions.