MILAN, Jul 25 (Class Editori) - The Italian blockchain technology is designed for the Chinese e-commerce platform. Tattoo Wine, an acronym for Traceability, Authenticity, Transparency, Trade, Origin and Opinion, is the first online wine sales platform for the Chinese market carrying the Italian signature on the blockchain EY OpsChain Traceability solution. The solution verifies and promotes the quality, origin and authenticity of wines.
It offers itself as an opportunity for Italian wineries, in particular for the markets in China, Japan, South Korea, Thailand and Singapore. EY OpsChain Traceability has already mapped more than 11 million bottles of wine for different customers, but the platform, which will be operational in September, currently sees three pilot wineries, Bodegas Riojanas, with Monte Real Tinto Reserva 125 Aniversario, Vignobles Michel Gonet and its Chateau Lesparre Cuvèe 1802; the Italian Domini Castellare di Castellina with the Rocca di Frassinello 2015; and Le Sughere di Frassinello 2015 wines.
“In 2025 China will become the second consumer market in the wine business. In fact, the segment of population classifiable as middle classe will go from 230 million of 2014 to 630 million by 2022. Estimating a percentage of wine consumers equal to half that of the United States (23%), it is expected to have 46 million new consumers in China,” said Claudio Meucci, EY Market Leader Advisory of the Mediterranean area.
The platform is supported by The House of Roosevelt, one of the largest wineries in Asia, which will use it to sell quality wines directly from vineyards to hotels, restaurants, cafes and customers, and thus facilitate consumer to consumer exchanges, using smart contract to increase the efficiency and economy of the entire process. “With online sales, the distribution chain is simplified by eliminating a series of stakeholders who characterize the wine supply chain today.”
The choice of Italian technology lies in experience and reliability. “We were among the first to create a blockchain EY OpsChain Traceability traceability solution, both in the world of food and in particular in the wine sector,” remarked Meucci. Tattoo Wine's innovation lies in “using a public blockchain to notarize information. The wineries themselves declare the processes, the production mechanisms and the characteristics of the wine. The technology then makes this information indelible, which cannot be modified.” Tattoo Wine also contributes to contracting the phenomenon of counterfeit products sold in China.
Alongside the traceability and guarantee elements, the platform offers the possibility of retaining its customers through a token economy mechanism. “The purchase of wine is encouraged with the use of standard ERC-20 tokens. With the ERC-721 tokens it will be possible to collect supply chain data, allowing a completely digital verification of a series of data and activities conducted by the various players in the wine supply chain,” concluded Meucci. (All rights reserved)
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.