Categories: Ethereum

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

Click here to view original web page at tokenpost.com
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.

Create Your Own Cryptocurrency to Monetize Content and Grow Communities.

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.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

G7 To Investigate Bitcoin{BTC} And Other CryptoCurrencies

Source: Wikimedia The G7 meets next week to investigate regulations for Bitcoin and other cryptocurrencies. G7 To Discuss Bitcoin Next… Read More

51 mins ago

US Treasury Blackballs Bitcoin Addresses of Chinese Drug Kingpins

The US Treasury is blacklisting specific bitcoin addresses related to Chinese druglords. | Source: Shutterstock By CCN Markets : The… Read More

52 mins ago

Modex: How blockchain can solve the fake news problem

LONDON, UK - Media OutReach - 22 August 2019 -When Satoshi Nakamoto solved the Byzantine General's problem in 2008 by… Read More

52 mins ago

Unlocking the future of blockchain innovation with privacy-preserving technologies

The origins of blockchain as many are familiar with it today can be traced back to the Bitcoin whitepaper ,… Read More

52 mins ago

Maerki Baumann Why a Swiss private bank is embracing blockchain

Maerki Baumann decided it could not sit still and hope for the best. At a time of increasing pressure on… Read More

52 mins ago

World Bank picks up millions in latest blockchain bond move

In August of last year, the World Bank and the Commonwealth Bank of Australia (CBA) announced a new bond alternative… Read More

52 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More