EY Japan, the Japanese arm of world accounting 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 accordance with Asian Nikkei Review, EY Japan's SAKE Blockchain will probably be rolled out in Asia as soon as the corona virus risk and secure enterprise setting within the area is restored.
The corporate reportedly considers Hong Kong and Singapore to be key markets which are additionally open to distributed ledger applied sciences.
EY Japan will combat counterfeit merchandise with blockchain
The SAKE Blockchain announcement comes amid rising exports of Japanese fruit and sake – with international alcoholic beverage demand rising 5.3% in 2019 to $ 223 million, and Japanese fruit exports tripling up to now decade.
The blockchain will probably be used to trace and file detailed provide chain info for Japanese merchandise, together with info on the origin of manufacturing and supply routes.
Be certain that customers can entry the blockchain database through QR code
Info on sake's elements and brewery can also be uploaded to the blockchain.
EY Advisory & Consulting accomplice Hideaki Kajiura said, "With the ability to inform the story of manufacturing and origin (of curiosity) will assist distinguish it from counterfeit merchandise."
Customers can entry the information by scanning a QR code printed on the bottle label and embody suggestions for meals mixtures. The info is accessible in three languages: English, Chinese language and Korean.
Detailed temperature information can even be maintained all through the provision chain to make sure that the merchandise are saved in an optimum setting, each throughout transport and owned by abroad eating places and bottle retailers.
The information can even be utilized by sake producers to know alternatives for effectivity financial savings in manufacturing and focused advertising and marketing campaigns.
EY builds makes use of blockchain to trace wine in 2019
The initiative isn't EY's first try to trace alcohol with blockchain, with the corporate delivering its personal DLT platform to Blockchain Wine Pte. Ltd. from Might final yr – with EY's blockchain to follow the authenticity, provide chain and elements of European wines in 5 Asian markets from Might final yr.
On March 19, EY launched the open supply sensible contract and tokenization platform Baseline in collaboration with Microsoft and ConsenSys.