A collaboration between Blockchain Wine Pte and EY, is set to change the way that the world drinks wine. Well sort of.
The new platform called “TATTOO” which stands for Traceability, Authenticity, Transparency, Trade, Origin, and Opinion, will leverage EY’s OpsChain Solution to improve transparency in the industry.
The integration of a blockchain-based system is expected to help determine the authenticity of new and vintage wines, as well as determining quality, provenance and origins. At first, the new platform will focus on markets in China, Japan, South Korea, Thailand, and Singapore where the demand for European wines is increasing.
The TATTOO Wine Platform is supported by The House of Roosevelt which is known as one of the largest wine cellars in Asia. It will be used to sell wine directly from vineyards to cafes, restaurants, hotels, and directly to customers. The use of smart contracts will insure the integrity of investment grade wine remains in tact whilst increasing efficiencies and cost effectiveness.
Around 5000 labels from Europe, South America, South Africa, and Australia and New Zealand will be listed on the platform. By scanning a unique barcode on the bottle, buyers will be able to ascertain the name of the vineyard and its location, fertilisers used to grow crops, transport and delivery, insurance details, and other important information.
The traceability function in the TATTOO platform mean that anyone participating in its use can track each batch of wine to monitor and verify its handling.
Tim Tse, the President of The House of Roosevelt and the Chairman of Blockchain Wine Pte said:
“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.”
It will combine inputs from the whole wine-making ecosystem including producers, distributors, logistics providers, and dealers. It will also facilitate the issuance of tokens that can be used to buy and sell wine as well as schedule delivery.
The TATTOO Wine Platform will be the first in the world that is powered by blockchain and combines traceability, commerce, and tokenisation all in one place.
The EY OpsChain provides a number of business applications to supply management and procurement clients. It can assist with traceability, intercompany transactions, asset and financial management, and a variety of other functions across the food and drink, healthcare, and finserv industries.
Paul Brody, EY Global Blockchain Leader, said:
“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. The future of doing business will be through tokens and smart contracts and this network is at the forefront of this transformation.”