EY Builds Blockchain Platform For Wine Distributors

Blockchain, News | May 28, 2019 By:

Accounting services firm Ernst & Young (EY) has been selected by Blockchain Wine Pte. Ltd. to provide services to build a blockchain solution for determining the quality, provenance, and authenticity of new and vintage wines.

In a press release, EY said that it used its EY OpsChain solution, the firm’s flagship platform for the industrialization of blockchain technology for enterprise users, to build the foundation of Blockchain Wine’s TATTOO Wine Platform, which Blockchain Wine will use to promote and sell wines worldwide. Tattoo is an acronym for traceability, authenticity, transparency, trade, origin and opinion.

“The e-commerce blockchain that EY teams developed for the TATTOO Wine Platform will help Blockchain Wine Pte. Ltd. offer its ecosystem of wine producers, distributors, logistics providers and insurance operators a blockchain solution to trace origin and quality of wines,” EY said. “It will also allow the use of tokens to buy and sell wine, schedule and track shipments, monitor warehousing and delivery, and arrange for and track insurance coverage of wine shipments.”

According to EY, the platform is supported by The House of Roosevelt – one of the largest wine cellars in Asia. The House of Roosevelt will use the TATTOO Wine Platform for its wine sales to hotels, restaurants, cafes and consumers. The platform will initially focus on markets in China, Japan, South Korea, Thailand, and Singapore. Going forward, the platform will contain more than 5,000 labels, including wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America and California.

Tim Tse, President of The House of Roosevelt and Chairman of Blockchain Wine, said that 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,” said Tse. “Because we are now bringing in more imported wines, and quality is extremely important to us and our customers, we wanted a way to equip our distribution network in Asia and worldwide and, ultimately, their consumers, with the information they need to help ensure the source, authenticity and availability of the product they are buying.”

EY claims that the TATTOO Wine Platform is the first e-commerce platform in the world enabled by blockchain, and combines traceability, e-commerce and tokenization.

“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,” said Paul Brody, EY Global Blockchain Leader. “The future of doing business will be through tokens and smart contracts and this network is at the forefront of this transformation.”