Blockchain platforms

The future of doing business will be through tokens and smart contracts, enabled by blockchain. EY has a clear vision and strategy for how blockchain is digitalizing and integrating supply chains by knitting together business operations and finance at the ecosystem level.

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Restoring trust in the wine industry, from grape to glass

Wine fraud is a significant issue for the wine industry – but blockchain could help change that

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In vino veritas?

Adulterated wine and fake labels cause headaches for the wine industry

People, of course, want to know that what they’re eating and drinking is what it claims to be, and that it comes from a reputable source, but adulterated wine, or fake labels on wine bottles, are major issues for the industry. In Italy alone wine sellers lose €2b of revenue because of it.
Giuseppe Perrone
Advisory Senior Manager

That’s why LaVis, one of the biggest wine producers in Italy has also become one of the first to sell blockchain-certified wine using EY Ops Chain.

women tasting wine cellar barrels
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Picking wine by the label

Data is captured from every stage of the wine-making process; smart labels tell the story

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.”

woman harvesting red grapes vines vineyard
The better the question. The better the answer. The better the world works.

A nice finish

Blockchain builds brands by meeting rising demand for authenticity and provenance

Our work with LaVis is about letting their customers see exactly what’s gone into the wine that they’re drinking, and connect more closely with the LaVis brand.

The benefits of blockchain, like added security and visibility, aren’t limited to the wine industry. We’re working with organizations from farmers to insurers, to help them meet growing demand for authenticity and accountability, and ultimately greater trust, in the products and services that people are buying.

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Couples toasting red wine glasses sunny vineyard

What EY can do for you

EY can help you with the complete business lifecycle from contracting, ordering, fulfilling, invoicing, to payments. You can do business on a blockchain with EY OpsChain and then get insight into what happened with EY Blockchain Analyzer. EY also knows how to manage the tax and audit requirements for blockchain-based transactions. Working with EY, companies can be confident about getting the benefits of this new technology while handling the regulatory and tax complexities of an emerging ecosystem.

Understanding EY’s Blockchain platforms

Infographic depicting EY's blockchain platforms

Transforming the business lifecycle with EY OpsChain, EY Blockchain Analyzer, Nightfall and Dye Pack

EY OpsChain

The EY OpsChain platform lets companies interact with their business partners, customers and suppliers, over public or private blockchains. It aims to facilitate the tokenization of key business assets like inventory or contracts, and represents them on a blockchain, as tokens, contracts or payments.

EY Blockchain Analyzer

The EY Blockchain Analyzer platform is designed to facilitate and support Audit teams in the reconciliation of data between the client’s books and records and the public ledger. It helps Audit teams understand what clients are doing on the blockchain, and how their business is shaping up in that environment.

Nightfall

Nightfall makes transactions on public blockchains secure and private. It replaces sensitive business information with a type of cryptography called a Zero Knowledge Proof. This technology is designed to bring trust to public blockchain transactions and has been released in the public domain allowing for secure, private transfers and payments on the public Ethereum network.

Dye Pack

Dye Pack mitigates the risk of wallets being hacked and tokens being stolen in public blockchain transactions. It cryptographically tags private tokens, rendering them unspendable in the event of a theft and makes it possible for companies to issue replacement tokens. Dye Pack gives businesses confidence in adopting public blockchains for their private transactions.

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