Big Four audit firm Ernst & Young (EY) plans to provide its proprietary blockchain solution to a major new platform, that will aid consumers across Asia to ascertain the quality, provenance, and authenticity of imported European wines, as revealed by EY in an official press release on May 23.
Dubbed as Tatto, the e-commerce platform is developed for Blockchain Wine Pte. Ltd., utilizing Ernst & Young’s OpsChain blockchain solution that was launched in fall 2018. The flagship blockchain product allows secure and private transactions over the Ethereum (ETH) public network through zero-knowledge proof (ZKP) technology.
As per the press release, Tattoo is an acronym for traceability, authenticity, transparency, trade, origin, and opinion. The platform is specifically designed aiming at European wine consumer markets in China, Japan, South Korea, Thailand, and Singapore. Tattoo receives support from major Asian wine cellar The House of Roosevelt, who will implement it for its wine sales to hotels, restaurants, cafes and consumers.
The cellar further plans to leverage the platform for smart contracts in order to enable customer-to-customer sales for investment-grade wine collectors. The press release notes that the Ernst & Young’s e-commerce solution for Tattoo will handle wine provenance and quality for multiple entities such as producers, distributors, logistics providers and insurance operators.
In addition, a tokenized ecosystem will be created for both logistics and sales purposes. These tokens could be used “to buy and sell wine, schedule and track shipments, monitor warehousing and delivery, and arrange for and track insurance coverage of wine shipments.,” reportedly.
Member of the ecosystem will be able to track each batch of wine, monitoring and verifying its authenticity over the Tattoo blockchain. This can be done by scanning the unique QR code that will provide data on vineyards, information on crop fertilizers and handling history. Ernst & Young further notes that EY uses RC-721 token standard for Tattoo as a model for supply chain management, order inventory and other processes.
So far, The OpsChain’s asset traceability module has tokenized over 11 million bottles of wine for various clients.
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