According to a press release from the 23rd of May, the audit company Big Four, Ernst & Young (EY), has begun working on a platform based on blockchain technology which will allow Asian consumers to determine the quality, origin and authenticity of European wines.
The platform is called TATTOO Wine
, an abbreviation of: Traceability, Authenticity, Transparency, Trade, Origin and Opinion
The House of Roosevelt
, which is one of the largest wineries in Asia, will benefit from TATTOO Wine. It will be used for direct sale of wines to hotels, restaurants and individual clients.
Each bottle of wine will be marked with a unique QR code. By scanning it, participants will be able to access information such as names and locations of vineyards, details regarding fertilizers used for growing plants and the way each batch is transported.
- adds EY company.
Apart from the basic data related to the wine's origin, consumers and distributors will be able to plan and track wine delivery, monitor its storage and organize insurance cover.
The focus of the platform will be put on the Asian market, because the consumption of European wine is constantly growing there. Its vital advantage is that it will make it possible to track the wine's status in real time. Blockchain technology will also contribute to shortening the time needed to conclude agreements between stakeholders.
Through the integration of the blockchain with our platform, we will establish direct connections between wine producers, distributors and logistics companies. It will include for example shipping and storage with the option of managing payments electronically. As a consequence of the fact, that the demand for European wine brands on the Asian market is growing all the time, there is a great number of small and medium-sized wine producers who want to reach it. However, distributors and their customers have problems with obtaining information on the quality or authenticity of the product. We are currently supplying more imported wine, and their quality is extremely important for both us and for our customers. We wanted to find a way to equip our distribution network in Asia and around the world with information confirming the source, authenticity and availability of products that consumers buy.
- says Tim Tse
, president of the House of Roosevelt.