Blockchain Wine Pte. Ltd. of Singapore, has officially launched an online marketplace, where consumers can trade wine as digital tokens.
It has been reported by Yahoo that the TATTOO Wine marketplace has allowed the buying and selling of wine in the Asia-Pacific using digital tokens on a blockchain-based platform.
TATTOO Wine was created by Blockchain Wine Pte. Ltd. by using the EY OpsChain blockchain platform. However, the online marketplace is designed to facilitate the secure purchase and trade of premium wines by creating digital tokens to represent ownership of bottles. The tokens include data about the wine bottles such as their provenance, quality, and authenticity.
Tim Tse, the Founder and Chairman of Blockchain Wine, said:
“With the TATTOO Wine marketplace, every bottle is traceable from the point of origin all the way through to direct delivery, and on to the consumer. TATTOO helps reduce layers of distribution and helps address the issues of counterfeit wines, optimizes supply chains, facilitates trade and empowers both wineries and consumers.”Tim Tse
Likewise, blockchain technology is to lower the cost of acquiring premium wines, and TATTOO Wine’s online presence is to make a larger selection of the beverage available to the entire Asia-Pacific region. The marketplace was launched with selections from wineries in noted production countries such as Italy, France, Spain, the United States, Australia, and New Zealand, with plans to add more.
Thomas Uhde, SAP Director of Blockchain Exploration, said:
“This is one of our first commerce integrations of SAP software to a blockchain platform and we see great potential in putting a scalable, consumer-friendly front-end on a blockchain-based digital market.”Thomas Uhde
Likewise, Christopher Campbell, the CEO of Waddesdon Wine Rothschild Collection, said:
“Waddesdon Wine markets wines from the Rothschild chateaux and other prestigious chateaux. We look forward to offering our wines within the TATTOO marketplace.”Christopher Campbell
Similarly, Paul Brody, the Leader of EY Global Blockchain, said:
“We’re now entering an era where thousands of companies will routinely be pushing production data onto the Ethereum Mainnet – creating, offering and selling digital tokens that represent their products and services to consumers. This is what the mainstreaming of blockchain business looks like today.”Paul Brody
Thus, the platform’s name, an acronym of traceability, authenticity, transparency, trade, origin, and opinion, was chosen to signal its key advantages.
Source: finance.yahoo.com | asiablockchainreview.com