Blockchain Wine to Develop Platform for Ensuring Sales Quality

Asia Blockchain Review
June 12, 2019

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.

Expansion in Asia Amid Rising Consumption

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.

Meeting Demands for Quality and Traceability

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.

Source: https://kr-asia.com


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:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

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