EY Japan Launched Blockchain For Tracking The Japanese Beverage Sake

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Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • 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.
  • Currently, the company tracing Hong Kong and Singapore, as these two are the chief markets that are open to distributed ledger technologies.
  • The 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.

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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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 chief markets that are open to distributed ledger technologies.

The SAKE blockchain

The SAKE Blockchain announcement comes due to increase exports for Japanese fruits and sake. In 2019, the demand for an alcoholic beverage in the foreign market has been increased by 5.3% to $223 million. That makes the Japanese fruit exports triple over the past few years.

The SAKE Blockchain will track and record complete information across the supply chain for Japanese products. With the addition of information on the source of production, and delivery means.

The detail information regarding sake’s constituents and brewery will be uploaded to the SAKE blockchain.

The details of food ingredients will be available by scanning QR code

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.

The 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.

Data regarding temperature will be kept throughout the supply chain to confirm that the product is stored in an ideal environment during the shipment and during the custody of overseas restaurants and bottle shops.

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 for the EY to track alcohol using a blockchain. In May last year, the firm provides its proprietary DLT platform to Blockchain Wine Pte. Ltd. and is tracing the reliability, supply chain, and components of European wines in five Asian markets.

On March 19, EY launched Baseline in association with Microsoft and ConsenSys which is an open-source smart contract and tokenization platform.

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