Japan-based global accountancy firm Ernst & Young has announced its plans to launch an ideal blockchain system for tracking and tracing Japanese fruit & sake. It ensures the prevention of fraudulent products’ sales in the Asian country.
As per Asian Nikkei Review, SAKE Blockchain by EY Japan will soon be rolled out across Asia once the threat of the coronavirus lowers down and a stable business environment reestablishes in the region.
EY Japan is eyeing primarily Hong Kong and Singapore as its major markets wherein the adoption of distributed ledger technologies is growing at a rapid speed.
EY Japan to combat counterfeit produce with blockchain
The official announcement from SAKE Blockchain comes amid increasing exports for Japanese fruit and sake. While alcoholic beverages’ foreign demand is growing by 5.3% & reach $223 million in 2019, Japanese fruit & sake exports tripled their supply over the past decade.
The blockchain technology, therefore, will be used to track and record every single minute detailed information across the supply chain for Japanese produce including information on the origin of production and delivery routes.
Fruit & Sake Consumers Can Access the Database via QR Code
The good news is consumers now have full information regarding fruit & sake’s ingredients and brewery. Because the information will also be uploaded to the blockchain and consumers can get the exact information by scanning the QR-Code printed on the package/bottle.
EY Advisory & Consulting partner Hideaki Kajiura stated:
Being able to tell the story of the production and origin [of sake] will help to differentiate it from fake products.
Besides the QR Code, the package or bottle’s labeling will include recommendations for food pairings. The data will be accessible in three languages – English, Chinese and Korean – so that it’s easy to understand for everyone across Asia.
Details of temperature records will also be kept throughout the supply chain to make sure that the products are stored in an optimal environment both while shipping and while in the possession of overseas restaurants & bottle shops.
The records will also be used by fruit & sake producers to gain insights into opportunities for efficiency savings in production and targeted marketing campaigns.
EY Develops uses blockchain to trace wine in 2019
The initiative to develop a unique blockchain system to trace & track fruit & sake isn’t EY’s first attempt. EY has been providing its proprietary DLT platform to Blockchain Wine Pte. Ltd. since May last year to track the authenticity, supply chain, and ingredients of European wines in five Asian markets.