EY, EzLab create blockchain platform to trace and certify Italian wines
The EzLab startup, in partnership with EY has created the ‘Wine Blockchain’, which is a blockchain platform that certifies the quality and geographical origin of wines made in Italy, CoinTelegraph reported.
The blockchain platform makes use of a smart contract that is built on the Ethereum blockchain, which consists of all the info that have been collected along the production process. Consumers can utilize smart phones to gain access to this certification data by scanning QR codes located on the wine bottle labels.
"The whole thing was tied to the physical world through the registration of the digital signature of the company owner so that there is not another individual who can be able to register something by using the Volpone name,” Gerardo Gabriele Volpone, Digital and Innovation Consultant, Volpone Winery Director said.
The main goal of ‘Wine Blockchain’ is to provide certification that gives consumers greater trust and confidence in the wine products they purchase. This will help Italian wine industry to counter foreign competition as well as counterfeit wine products that have resulted in substantial monetary losses in recent years, according to dcebrief.com.
The first wine that was tracked and certified is the Falanghina Wine, which is produced by Cantina Volpone. Buyers can access these wines online in coming days.