EY, one of the four largest auditing firms in the world, has recently revealed that it was hired to work on a new fine wind trading platform that uses the blockchain technology. The company in charge of the new trading platform, WiV Technology, is set to let its clients trade premium wine.
With the help of this blockchain-based platform, traders would be able to certify the authenticity of the wine and determine its origin.
The company has affirmed that smart contracts will be used on the platform in order to help to determine the ownership of several goods and their transactions history as well. The properties of each wine will be able all stored on the blockchain and can be easily accessed with the help of the QR code.
The CEO of Wiv Technology, a man named Tommy Nordam Jensen, affirmed that this will make fine wine trading considerably less expensive. Investors will be able to trade it for only a fraction of the original cost this way.
Normally, large paperwork is needed in order to prove that a bottle of wine is, in fact, valuable without needing to open it first. The blockchain is a major help because it lets the investors trade without having to go through a huge process.
EY will be responsible for helping the company to determine the quality of blockchain technology and to help in enhancing the process.