December 2 news, Ernst & Young (EY), one of the world's four largest accounting firms, recently disclosed the address of its Ethereum public chain smart contract for asset tokenization.
The specific asset it is currently involved in is wine. It is reported that EY connects to the Ethereum public chain through its OpsChain platform, helping consumers in Asian countries verify the quality, origin and authenticity of wine imported from Europe.
- What does Google's quantum breakthrough mean for blockchain cryptography?
- Huangpu District 1 billion blockchain industry fund observation: 10 policy escorts have earned the "first barrel of gold"
- How does Bitcoin fight against negative interest rates?
- Small mining companies help themselves: use financial derivatives to hedge hash rate fluctuations
- Interpretation of the market | BTC was finally saved! But the cost is extremely heavy
- How To | Build a Zero-Dependent Application on IPFS (Vol. 2)
EY achieves wine tokenization
Contract address: https://etherscan.io/token/0x53A01Bdb3bc797b7738722D0E4cDe7884aa21252
According to information previously disclosed by EY, the solution uses the Ethereum ERC-721 token standard as a model for its supply chain management, order inventory and other processes.
As consumers, we can see some wine bottles with "tattoos", which have unique token IDs and are connected to the Ethereum address.
This also makes it easy to transfer wine rights:
This is an EY token asset transaction
Therefore, here we see a transaction of ownership transfer of EY tokens that cost 12 cents, and we can also identify that the following Ethereum address with 4.193 ETH is likely to belong to EY:
EY Deputy Director Barbara burges mentioned in an email:
"The public chain provides the ability for wineries that want to sell wine on this platform to trace wine, which is needed in Asian markets such as China."
Paul Brody, head of global blockchain at EY, added:
"We are now entering an era where thousands of companies will push production data to the Ethereum mainnet and then create, provide and sell digital tokens representing their products and services to their customers. This is the current blockchain Mainstream trends in business. "
Presumably, Brody is referring to one aspect of the blockchain business: authentication. The main point here is that the token ID corresponding to the wine bottle cannot be changed, and if hacking is excluded, its ownership cannot be changed.
But information such as "what is a bottle" or "how is a wine bottle produced" is obviously not stored on the Ethereum public chain, but is stored on EY's OpsChain platform.
There is no doubt that this is only the first step in the layout of EY's blockchain business. Next, more applications will be integrated with the public chain, and we can learn a lot from it.