Singapore-registered Blockchain Wine, a firm selling vintage wines primarily in Asian markets such as China, Japan, South Korea, Thailand and Singapore, has announced its collaboration with Ernst & Young (EY) in developing a blockchain-based platform for facilitating wine sales, while also guaranteeing quality and authenticity.
As reported by KrASIA, the technology effectively enables buyers to track wines back to their vineyards of origin, as well as other touchpoints including scheduling, shipping, and delivery. The company targets hotels, restaurants and cafes, as well as individual buyers. It will also enable customer-to-customer (C2C) sales for investment-grade wine collectors, while using smart contracts to facilitate the transactions.
According to Statista, wine consumption in the Asian region currently stands at around US$57 billion and is set to grow at a compound annual rate of 4% over the next four years.
Blockchain Wine aims to add over 5,000 labels, bringing wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America, and California, with plans to scale the service worldwide.
Previous forays have been made in applying blockchain to wine traceability, given that the premium product can sell at steep prices that would warrant collectors valuing the additional layer of security.
Similar endeavors have been undertaken by VeChain, a startup in Shanghai, as well as Israeli tech startup Vinsent and Wine Blockchain, a platform developed by Italian firm EZLab.
Substantial effort has been made by EY to design supply chain traceability products, with wine trade being just one of the many applications. The consulting company has also partnered with firms in various sectors where authenticity and traceability are highly regarded.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us