Singapore’s Blockchain Wine Pte. Ltd. has officially launched an online marketplace, where consumers can trade wine as digital tokens.
Reported by Yahoo, the TATTOO Wine marketplace has allowed the buying and selling of wine in the Asia Pacific using digital tokens on a blockchain-based platform.
TATTOO Wine was created by Blockchain Wine Pte. Ltd. using the EY OpsChain blockchain platform. The online marketplace is designed to facilitate the secure purchase and trade of premium wines by creating digital tokens to represent ownership of bottles. The tokens include data about the wine bottles such as their provenance, quality, and authenticity.
Founder and Chairman of Blockchain Wine, Tim Tse, explained, “With the TATTOO Wine marketplace, every bottle is traceable from the point of origin all the way through to direct delivery, and on to the consumer. TATTOO helps reduce layers of distribution and helps address the issues of counterfeit wines, optimizes supply chains, facilitates trade and empowers both wineries and consumers.”
Blockchain technology is to lower the cost of acquiring premium wines, and TATTOO Wine’s online presence is to make a larger selection of the beverage available to the entire Asia-Pacific region. The marketplace was launched with selections from wineries in noted production countries such as Italy, France, Spain, the United States, Australia, and New Zealand, with plans to add more.
The platform’s name, an acronym of traceability, authenticity, transparency, trade, origin, and opinion, was chosen to signal its key advantages.
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