The global accountancy firm Ernst & Young’s Japanese branch, EY Japan, recently announced its plan to establish a blockchain system for tracking the Japanese drink sake and fruit preventing the sale of deceitful or forged products.
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EY Japan fights counterfeit products with Blockchain
According to a report, once the threat of COVID-19 swaps from the environment and a stable business ecosystem will get rearranged, the EY Japan will roll out its SAKE Blockchain in Asia. Currently, the company tracing Hong Kong and Singapore, as these two are the main markets that are open to distributed ledger technologies.
The SAKE Blockchain Notice was issued due to increased exports of Japanese fruit and sake. In 2019, the demand for alcoholic beverages in foreign markets increased by 5.3% to $ 223 million. That has resulted in Japan’s fruit exports tripling in the past few years.
The SAKE blockchain will track and record complete information in the supply chain for Japanese products, with the addition of information about production sources, and means of delivery.
Details related to ingredients and sake producers will be uploaded to SAKE Blockchain.
Hideaki Kajiura, EY Advisory & Consulting partner, addressed that by briefing the process and origin of sake will help the consumers to differentiate it from fake products.
Consumers will be able to find the details by scanning the QR code printed in the bottle’s label and will include references for food combinations. This data will be available in three languages, English, Korean, and Chinese.
Temperature-related data will be kept throughout the supply chain to confirm that the product is stored in an ideal environment during transportation and storage of restaurants and bottle stores, in another country.
The records will be useful for the sake of producers to add visions in targeted marketing campaigns and opportunities for competence savings in production.
This is not the first time EY has been tracking alcohol using Blockchain. In May last year, the company provided its exclusive DLT platform to Blockchain Wine Pte. Ltd. and is seeking trusts, supply chains, and components of European wines in five Asian markets.
On March 19, EY launched Baseline in conjunction with Microsoft and ConsenSys, an open-source smart contract and token platform.
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