EY Hired to Help Develop Blockchain-Based Fine Wine Trading Platform
Thomas Simms's original article for cointelegraph.com reduced by 71%
A blockchain-based fine wine investment trading platform has selected Big Four auditing firm EY to provide technology services as its development continues. WiV Technology enables clients to trade bottles and cases of premium wine, with the origin, quality and value of assets certified on a constantly updated blockchain. In a news release on Aug.
12, EY said that wine will be tokenized through the use of non-fungible ERC-721 tokens on the platform. Smart contracts are used to track wine ownership and transaction history, and the properties of every wine case are stored as detailed metadata. "Fine wine is a fully tradeable asset, and it is vitally important that provenance is protected, because provenance is the only way to prove a wine's true value without actually opening the bottle.
Currently, many wine trades often slow to a crawl because the extensive paper trails must be manually checked at every step of the process, massively reducing the potential size of the market." In May, EY also began providing its proprietary blockchain solution for a major new platform helping Asian consumers determine the quality, provenance and authenticity of imported European wines.
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