EY Japan Launched Blockchain For Tracking The Japanese Beverage Sake

Must Read

Social Capital Ceo’s Views On The Game Changer Asset Bitcoin

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement that underlined the phase of...

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In...
12593556_10205735480657537_3835976740831778163_o
Priyanka Kulkarni
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.

Advertisement


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.

Hot News

Social Capital Ceo’s Views On The Game Changer Asset Bitcoin

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement that underlined the phase of transition undergone by the Bitcoin...

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital payments during the COVID-19 outbreak. ...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In addition to the crypto-asset’s correlation...

Cryptocurrency Weekly Roundup: Insight To The Events Occurred In Crypto Industry This Week

The Binance crypto exchange announced the acquisition of CoinMarketCap,  a popular cryptocurrency data aggregator.  The court dismissed Telegram’s request of GRAM token issuance to the...

11 Class Action Lawsuits Against Cryptocurrency Companies Filed By Roche Freedman

On April 3, 11 class action lawsuits against cryptocurrency companies that alleged the sale of unregistered securities were filed with the Southern District...

Traditional Trading Firms Delighted With Crypto: Report

The Adoption of Digital Asset Trading report published by Acuiti management intelligence platform states that the trading firms have come to the terms to believe...

Partners

Central Bank Digital Currencies (CBDCs) and Digital Payments is Future of Payments

Bank of International Settlements also known as BIS  favored central bank digital currencies (CBDCs) as well as digital payments during the COVID-19 outbreak. ...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other Significant Assets

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset Bitcoin and Gold respectively. In addition to the crypto-asset’s correlation...

Cryptocurrency Weekly Roundup: Insight To The Events Occurred In Crypto Industry This Week

The Binance crypto exchange announced the acquisition of CoinMarketCap,  a popular cryptocurrency data aggregator.  The court dismissed Telegram’s request of GRAM token issuance to the...

11 Class Action Lawsuits Against Cryptocurrency Companies Filed By Roche Freedman

On April 3, 11 class action lawsuits against cryptocurrency companies that alleged the sale of unregistered securities were filed with the Southern District...

RELATED NEWS

Social Capital Ceo’s Views On The Game Changer Asset...

Chamatha Paliphatia, billionaire and the CEO of social capital, recently gave a statement...

Central Bank Digital Currencies (CBDCs) and Digital Payments is...

Bank of International Settlements also known as BIS  favored central bank digital currencies...

Bitcoin Correlation Analysis: A comparison of Bitcoin with Other...

VanEck's recent report sets out an interesting analysis with respect to the crypto-asset...