A Big Four accounting firm introduces a new solution to verify the origin of wine - Hitecher
A Big Four accounting firm introduces a new solution to verify the origin of wine

A Big Four accounting firm introduces a new solution to verify the origin of wine

by Hitecher

Ernst & Young (EY), a Big Four Accounting firm, has introduced a patented blockchain solution that will allow Asian customers to check the quality and origin of European wines.

The new blockchain-based platform called Tattoo was developed by EY last autumn to enable fast and secure transactions in the Ethereum network. The platform is intended for the European wine markets in the Asian region.

The House of Roosevelt has already announced its readiness to use Tattoo intending to implement it in its hotels, cafes and restaurants. There are plans to use the platform to sell expensive collectible wines using smart contracts.

According to the EY press release, Tattoo factors in the origin and quality of wine and provides information about its producers, distributors, logistics services providers and insurance operators; it also creates an ecosystem of ERC-721 tokens for logistics and sales.

So, the platform can be used to buy and sell wine, track deliveries, monitor warehousing and delivery, and arrange insurance coverage for product deliveries.

In order to trace the wine quality and authenticity, learn about the vineyards and fertilizers used, a user just needs to scan the unique QR code on the bottle.

Be the first to comment