EY Japan, the Japanese department of world accounting agency Ernst & Young, has introduced plans to launch a blockchain system for monitoring Japanese sake and yield and fillet the sale of dishonest or counterfeit merchandise.
According to Asian Nikkei Review, EY Japan's SAKE Blockchain can be rolled out throughout Asia as soon as the specter of the coronavirus and a steady enterprise setting has been reestablished inside the area.
The firm is reportedly eying Hong Kong and Singapore as main markets which power be in addition open to allocatable ledger applied sciences.
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EY Japan to fight counterfeit produce with blockchain
SAKE Blockchain's announcement comes amid rising exports for Japanese yield and sake - with international demand for the intoxicantic drink rising 5.3% to $223 million in 2019, and Japanese yield exports tripling over the previous decade.
The blockchain can be accustomed trace and document careful info throughout the provision chain for Japanese produce together with info on the origin of manufacturing and supply routes.
Sake customers to entry blockchain database by way of QR code
Information concerning sake's substances and brewery can even be uploaded to the blockchain.
EY Advisory & Consulting companion Hideaki Kajiura said: "Being able to tell the story of the production and origin [of sake] will help to differentiate it from fake products."
Consumers will be capable to entry the information by scanning a QR code written on a bottle's labeling and can embody suggestions for meals pairings. The knowledge can be accessible in three languages - English, Chinese and Korean.
Detailed temperature information can even be stored all through the provision chain with a purpose without doubt that produce is saved in an best setting each whereas transport and whereas inside the possession of abroad feeding places and bottle outlets.
The information can even be utilised by sake producers to reach insights into alternatives for effectiveness business nest egg in manufacturing and focused advertising campaigns.
EY builds makes use of blockchain to hint wine in 2019
The initiative will not be EY's first raid trace intoxicant utilizing blockchain, with the agency offering its proprietary DLT platform to Blockchain Wine Pte. Ltd. from May final yr - with EY's blockchain monitoring the authenticity, provide chain, and substances of European wines in 5 Asian markets from May final yr.
On March 19, EY launched its open-source good contract and tokenization platform Baseline in partnership with Microsoft and ConsenSys.
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