Ernst & Young Plans on Using Blockchain to Track Wine Futures

The United Kingdom based professional service company Ernst & Young (EY) offers a blockchain based solution for tracking wine in order to help customers confirm a products’ quality, class, source and validity.

Recently, the company revealed that Tattoo was created for Blockchain Wine Pte. Ltd. by means of EY’s OpsChain solution.

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This particular platform is bolstered by The House of Roosevelt, a wine cellar from Asia, which will apply it to trade their products unswervingly from vineyards straight through to the market places such as depots, hotels, bars, restaurants, churches, cafes and other consumers, the announcement notes. 

Ernst & Young further indicated that every bottle will have a tattoo containing an inimitable QR code. So, customers and other partakers will be in position to get relevant information including the names, scale and locations of the vineyards, kinds of fertilizers applied to support the crops, how raw materials are fetched processing and conveyed, by properly checking the QR code attached on the product. 

Managing Wine Business with Blockchain 

Largely, the company and other partners are planning to give much more attention to Asian customers from countries such as Thailand, S. Korea, the People’s Republic of China, India, etc., since there is an increasing and growing market for Made in Europe products. More than five thousand different labels are expected to be added to this system, not limiting the best brands from countries such as Italy, South Africa, USA, France, NZ, etc.  

EY has joined other blockchain startups such as VinX to trade and monitor wine futures. Last month, politicians, companies and businessmen discussed on ways of growing and ameliorating the wine sector and further protect the Made in Italy products with groundbreaking technologies like smart contracts, AI and IoT. 

EY has been also looking to adopt blockchain technology for their audit solution: blockchain analyzer and a zero knowledge proof protocol - to help in combating tax evasion.