An official press release by Ernst and Young, one of the Big Four accounting firms in the world, has been revealed that the company is planning for a blockchain platform to foray into the wine community. The blockchain platform, Tattoo, is an abbreviated form of traceability, authenticity, transparency, trade, origin, and opinion.
It has been designed for Blockchain Wine Pte. Ltd. and developed by The Ernst and Young’s Ops Chain blockchain solution launched last year in 2018. According to the report, Ernst and Young’s OpsChain solution provides secure transactions on the Ethereum network by the use of zero-knowledge proof technology (ZKP).
This release comes a month after the company came out with a cryptocurrency tax tool to aid the members of the cryptocurrency community in filing their tax returns. The tool “EY CAAT” is currently only available in the US with further plans of expanding internationally.
The platform is intended to target markets in Asia, centering on Japan, Thailand, South Korea, China, and Singapore. It plans to lay its ground on consumers of European wine and affirm market targets around that group. The platform already has the support of The House of Roosevelt, a reputed Asian wine company. This collaboration would provide a firm sales ground for the new blockchain platform with The House of Roosevelt looking to use the platform for sales of wines in hotels, cafés, and restaurants. It also has plans to use the blockchain platform for its smart contracts to further build a stable customer ground.
About the Solution
Tattoo, developed by Ernst and Young, deals with various issues regarding wine ownership and the purity of its quality. It works on a token-based environment for its logistics and sales as well as highlighting all the distributors, producers, insurance operators, and logistics providers. Consumers can now use tokens to buy and sell wine, track their orders, monitor their delivery, and also settle for insurance of their wine consignments. The platform would also enable its members to live track every order of wine. By scanning a QR code, consumers can now verify their purchases, check the authenticity, and get a full background score on the vineyards right down to the fertilizers used. You can now bid goodbye to hassles born out of transparency issues.