Copy link
Increase text size
Decrease text size
Link copied

EY to help WiV Technology develop blockchain-based fine wine trading platform

Wed, 14 Aug 2019, 04:15 am UTC

Big Four auditing firm EY has been selected by WiV Technology to provide technology services for the development of its fine wine investment trading blockchain platform.

WiV Technology allows clients to trade bottles and cases of premium wine, with the origin, quality, and value of assets verified on a continually updated blockchain network.

EY revealed the wine will be tokenized using non-fungible ERC-721 tokens on the platform, according to a press release. The WiV Wine Asset Tokens will be deployed on the ethereum blockchain.

The recent move utilizes smart contracts to trace wine ownership and transaction history. Wine properties are also stored in the metadata.

“Currently, many wine trades are 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,” Tommy Nordam Jensen, WiV Technology CEO and Founder, said.

The wine will reportedly be secured in a bonded warehouse, and investors are allowed to trade, sell, transfer, and seek financing for these assets “at a fraction of the cost and time required previously.”

“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,” Jensen said.

As previously reported, Mastercard will also use blockchain technology to trace the provenance of limited edition fashion items. The first collection, which is conducted in partnership with retailer Fred Segal Sunset and fashion platform MADE, will feature Mastercard’s blockchain-based tracing platform “Provenance.”

The proliferation of fake items is also rampant in the publishing industry. Recently, the New York Times also revealed it will use Hyperledger Fabric’s permissioned blockchain to verify the original sources of digital files. It will also be used to combat misinformation and adulterated media, which the company believes is damaging variously sized publications.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,083.92 (-0.33%)
  • Ethereum (ETH) $227.77 (-0.30%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $221.99 (-1.10%)
  • Bitcoin SV (BSV) $153.74 (-0.75%)
  • Bitcoin (BTC) $9,083.92 (-0.33%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft