Blockchain technology seems to be one of the most useful technologies of this century, with many companies requesting developers to create platforms built on blockchain, capable of improving their current systems. The Big Four are no strangers to blockchain tech, with all of them currently working with clients to create new platforms capable of integrating blockchain at some level.
The latest one to do so is Ernst & Young (EY), who just announced it had been selected as the auditing firm for a blockchain-based fine wine investment trading platform (WiV Technology) to provide technology services during its current development stage. WiV is looking to create a blockchain-based platform capable of providing customers with a unique way of trading premium wine, with a certified origin, quality and value. The platform will function with a native token that will be used as a means of payment.
This is not the first time a company is attempting to use blockchain technology to track certified fine wine. WiV is attempting to use smart contracts to track the wine ownership and its transaction history through time, along with other details such as the wine properties.
The wine will also be safe as it will be stored in a bonded warehouse. The platform will reduce trading costs and time at a fraction of what it currently takes to do so. According to Tommy Nordam Jensen, CEO of WiV Technology:
Fine wine is a fully tradeable asset, and it is vitally important that provenance is protected, because provenance is the only way to prove a wine’s true value without actually opening the bottle. Currently, many wine trades often slow to a crawl because the extensive paper trails must be manually checked at every step of the process, massively reducing the potential size of the market.