EY OpsChain Aids to Improve Wine Production and Supply Chain on Blockchain
EY OpsChain, the blockchain platform of Ernst & Young (EY), a Big Four accounting firm, is bringing wine marketplace to the blockchain.
Together with the Singaporean Blockchain Wine Pte. Ltd., EY OpsChain supported in the launch of TATTOO Wine marketplace. TATTOO, which stands for traceability, authenticity, transparency, trade, origin, and opinion, is for consumers across the Asia Pacific region.
Following the launch today, consumers can purchase premium wines through a secure blockchain-based platform using digital currencies as well. This feature enables cost efficiencies, removes the need for intermediaries, and ensures traceability in quality of new and vintage wines.
Through the new platform, every bottle becomes traceable from the point of origin to direct delivery, even to the consumers. With end-to-end traceability on the blockchain, consumers benefit lower costs and trust in the supply chain.
The Founder and Chairman of Blockchain Wine Pte. Ltd., comments:
"TATTOO helps reduce layers of distribution and helps address the issues of counterfeit wines, optimizes supply chains, facilitates trade, and empowers both wineries and consumers."
Per the report, wines and shipments are tracked and managed on the public Ethereum Mainnet1. Therefore, wineries can connect their production systems to the Ethereum blockchain easily and faster.
EY OpsChain blockchain-powered Marketplace
As an EY OpsChain blockchain-based wine marketplace, wineries can upload their catalogue of offerings for consumers to browse for choices.
"This is one of our first commerce integrations of SAP software to a blockchain platform, and we see great potential in putting a scalable, consumer-friendly front-end on a blockchain-based digital market." The SAP Director, Blockchain Exploration, Thomas Uhde, said.
Per the report, the TATTOO Wine marketplace offers selections from wineries in Italy, France, Spain, New Zealand, Australia, and U.S. Blockchain Wine Pte. Ltd.; the operating company plans to onboard wineries of all sizes globally to the Asia Pacific market.
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Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.
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