EY Japan, the Japanese department of worldwide accountancy agency Ernst & Younger, has introduced plans to launch a blockchain system for monitoring Japanese sake and fruit and stopping the sale of fraudulent or counterfeit merchandise.
In keeping with Asian Nikkei Overview, EY Japan’s SAKE Blockchain will probably be rolled out throughout Asia as soon as the specter of the coronavirus and a steady enterprise surroundings has been reestablished within the area.
The corporate is reportedly eying Hong Kong and Singapore as main markets which can be additionally open to distributed ledger applied sciences.
EY Japan to fight counterfeit produce with blockchain
SAKE Blockchain’s announcement comes amid growing exports for Japanese fruit and sake — with international demand for the alcoholic beverage rising 5.3% to $223 million in 2019, and Japanese fruit exports tripling over the previous decade.
The blockchain will probably be used to trace and report detailed data throughout the availability chain for Japanese produce together with data on the origin of manufacturing and supply routes.
Sake shoppers to entry blockchain database by way of QR code
Data relating to sake’s substances and brewery can even be uploaded to the blockchain.
EY Advisory & Consulting associate Hideaki Kajiura acknowledged: “Having the ability to inform the story of the manufacturing and origin [of sake] will assist to distinguish it from faux merchandise.”
Shoppers will be capable of entry the information by scanning a QR code printed on a bottle’s labeling and can embody suggestions for meals pairings. The information will probably be accessible in three languages — English, Chinese language and Korean.
Detailed temperature information can even be stored all through the availability chain in an effort to be certain that produce is saved in an optimum surroundings each whereas delivery and whereas within the possession of abroad eating places and bottle retailers.
The information can even be utilized by sake producers to realize insights into alternatives for effectivity financial savings in manufacturing and focused advertising campaigns.
EY builds makes use of blockchain to hint wine in 2019
The initiative is just not EY’s first foray into tracing alcohol utilizing blockchain, with the agency offering its proprietary DLT platform to Blockchain Wine Pte. Ltd. from Could final 12 months — with EY’s blockchain monitoring the authenticity, provide chain, and substances of European wines in 5 Asian markets from Could final 12 months.
On March 19, EY launched its open-source sensible contract and tokenization platform Baseline in partnership with Microsoft and ConsenSys.