EY has collaborated with EzLab to create a new blockchain-based tracking system for the wine industry in Italy. The new Wine Blockchain EY is designed to provide consumers with reliable information about the wines they purchase by allowing them to access details about a wine’s cultivation, production process, and point of sale – data that will be securely stored using blockchain technology.
The platform will utilize Ethereum smart contracts, and will store blockchain records with details about the wine's supply chain, geographical origin, and quality. Consumers can use their smartphones to gain access to this certification data by scanning QR codes located on the bottle labels. The goal is to provide certification that gives consumers greater confidence in the wine products they purchase.
The system could be the solution that the Italian wine industry needs to help counter foreign competition and counterfeit wine products that have resulted in substantial monetary losses in recent years. The inability to authenticate Italian wine products in a way that consumers can easily understand has led to industry losses estimated at around € 2 billion annually.
According to Askanews, about 90% of Italian wine consumers have indicated a desire to access more detailed information about the certification of wines that they buy, with more than seven in ten suggesting that they’d even be willing to pay more to ensure that they’re getting genuine Italian wine.
Cantina Volpone’s Falanghina Wine will reportedly be the first wine product placed on the Wine Blockchain, with tracking and certification records available for consumer access. In addition, the wine will be made available for online purchase within a few days.