Blockchain is a method of recording data – a digital ledger of transactions, agreements and contracts. The technology is often associated with cryptocurrencies, but it can, and is, used for anything that needs to be independently recorded and verified as having happened. This allows for faster, cheaper collaboration, stronger information security and more reliable data.
EY Ops Chain is a set of applications and services designed to help organizations commercialize the use of blockchain technology across their enterprise.
Each of LaVis’ bottles now comes with a smart label – a unique QR code – that the buyer scans.
This label tells the ‘story’ of the wine. Not just the history of LaVis and their vineyards, but a full account of the wine’s DNA: when and where the grapes were harvested, how the wine was treated – for example the quality of the sulphites – the bottling date, lot number and more.
This information is based on data captured during each stage of the wine making process, using a mix of manual records and automated tools like drones and Internet of Things (IoT) technology, and recorded into a blockchain.
Furthermore each time the bottle moves – between producers, brokers, importers, wholesalers, distributors and retailers – the status of the bottle is also updated on the blockchain.
As Giuseppe says, “Blockchain in the wine industry means we can add a layer of transparency and traceability – captured in a decentralized, permanent, time-stamped record – to every stage of the bottle’s journey.”