A company from Singapore recently launched a blockchain-based marketplace for wine. Such a platform is far from being unique today. Whether drinking or eating, whether with or without alcohol, more and more companies are beginning to take advantage of the inherent benefits of blockchain technology.
Singaporean-based company “Blockchain Wine” has launched the TATTOO Wine Marketplace. Customers of the digital platform can purchase quality wines from all over the world. The origin and authenticity of the wine can be confirmed beyond doubt with the help of Ethereum Blockchain. TATTOO relies on software solutions from Ernst & Young (EY) and SAP.
According to the press release, the digital wine shop is aimed at customers from the Asian Pacific region. Among other things, it is intended to help develop this market for products from the European wine-growing regions as well as from North and South America. The main aim is to ensure the traceability of the wines. This is precisely what the Ethereum Blockchain is used for. Tim Tse, founder, and chairman of “Blockchain Wine” explains:
With the TATTOO wine marketplace, every bottle is traceable from the place of origin to direct delivery and to the consumer. TATTOO helps to shorten distribution channels and solve the problems of counterfeit wines, optimizes supply chains, facilitates trade and strengthens both wineries and consumers.
Wine, whiskey, and Coca-Cola on Ethereum
The technical partners of TATTOO were pleased with the start of the wine platform. For SAP, it is one of the first use cases where SAP software is used within a commercial blockchain platform.
The development team at Ernst & Young is certainly a lot more experienced in this regard. For example, the in-house EY OpsChain is already being used in a financial administration tool. However, EY’s head of blockchain division, Paul Brody, also sees the launch of TATTOO as a landmark for the industry’s further development:
We are now entering an era in which thousands of companies routinely transfer production data to the Ethereum Mainnet – that is, to create, offer and sell digital tokens to present their products and services to consumers. This is how the mainstreaming of the blockchain business looks today.
It is therefore hardly surprising that the trade of alcoholic beverages alone provides a wealth of other examples of use. The Scottish beverage company William Grant & Sons relies on a blockchain solution to protect its own whiskey from counterfeiting. For this, the Scots store data on the entire production process: from storage in barrels and the degree of maturity to bottling and delivery, everything ends up on the chain. This gives customers the opportunity to check the authenticity of the whiskey via a QR code on the label.
Beyond the spirits trade, beverage manufacturers are increasingly using the blockchain. The most prominent example of this is probably Coca Cola. The large corporation wants to improve the efficiency of its own supply chains. They also use the SAP blockchain know-how.