Ernst & Young (EY) professional services firm has developed a blockchain platform TATTOO Wine Platform, which allows to trace the origin, quality and authenticity of new and vintage wines.
The platform also makes it possible to use tokens for buying and selling wine, tracking shipments in real time, delivery monitoring as well as insurance coverage tracking of wine shipments.
A smart-contract capability on the blockchain provides a decentralised system for agreements between producers, logistics operators and insurance providers. This saves time and certifies that all data is available to the participants so as to ensure transparency.
“Each bottle of wine will be ‘tattooed’ with its own unique QR code. By scanning the QR code, participants can access information such as vineyards’ names and locations, details such as the types of fertilizers used to grow the crops, and how each batch is transported for processing and delivery,” EY said.
The platform is backed by Asian wine cellar The House of Roosevelt, which will use it to sell wines directly from vineyards to hotels, restaurants, and customers. Over 5,000 labels will be added to the system, including wines from France, Spain, Italy, New Zealand, Australia, South Africa, South America, and California.