EY Auditor, the big four firm Ernst & Young is providing a blockchain solution that will help the consumers in Asia to determine the authenticity and quality of the imported European Wine. The latest cryptocurrency news was revealed in an official EY press release which we are about to discuss in the text below.
According to the press release, the platform dubbed Tattoo, which is an e-commerce platform that was developed for Blockchain Wine Pte. Ltd. will use the OpsChain blockchain solution by the EY auditor that was launched in 2018. The solution is the company’s flagship blockchain product which enables private transactions on the ethereum (ETH) public network with zero-knowledge proof technology.
Tattoo is an acronym for traceability, authenticity, transparency, trade, origin, and opinion. The solution was developed with a focus on the imported wine that comes from Europe to the Chinese, Japanese, Singaporean and South Korean Markets. The wine platform counts the support of the major Asian wine cellar The House of Roosevelt which will also implement the platform for its wines in hotels and restaurants. The plan is also to leverage the platform’s support for smart contracts and to make customer-to-customer sales available.
As noted in the altcoin news, the e-commerce solution which was developed by the EY auditor for Tattoo goes after the wine provenance and quality for all the distributors, producers, logistics providers, and insurance operators. A new tokenized ecosystem will be created as well for both sales and logistics purposes.
The tokens can later be used to buy and sell wine, to track shipments, monitor warehousing, and delivery. The Tattoo blockchain will also allow the members of the ecosystem to track each shipment and batch of wine in order to verify its authenticity by scanning a QR code, unique for each wine. This will provide the vineyards with the needed information on crop fertilizers and product history.
The EY Auditor noted that the solution uses the ERC-721 token model for supply chain management and order inventory. The OpsChain’s asset traceability module has made possible for the tokenization of more than 11 million bottles of wine. Back in April this year, EY launched a beta test version of the new Smart Contract Analyzer tool for the public ETH network. They also launched a new version of the Blockchain Analyzer and ZKP protocol.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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