New Blockchain Solution to Aid Japanese Exports

March 23, 2020 6:03 PM UTC

EY Japan has introduced SAKE, a new blockchain platform to track the supply chain of Japeases fruits and beverages. Over the past couple of years, constant growth is observed in the export of Japanese fruits and alcoholic drinks. In 2019, international trade for sake drink approached to $223 million. The sale of deceitful or forged products will be prevented as SAKE Blockchain will manage the supply chain and record product origin and distribution information.

EY Japan is looking to offer once business conditions become stable. As COVID-19 has created massive turmoil across the global market, the planned launch is slightly delayed. Initially, service will be available in Singapore and Hong Kong.

SAKE isn’t the initial project of Ernst & Young to track the alcohol supply chain. Previously, the firm provided its DLT platform to Blockchain Wine Pte. Ltd. to trace the reliability, supply chain, and components of European wines in five Asian markets.

EY is also working with several firms to propel blockchain projects. On March 19, the firm joined hands with Microsoft and ConsenSys to build Baseline, a smart open-source contract and tokenization platform.

QR Code to Access Blockchain

SAKE Blockchain aims to increase efficiency and transparency across the Japanese fruits and drinks supply chain. As the entire process is handled by blockchain, consumers can easily access the information about product guidance, manufacturing, and ingredients by simply scanning the QR-barcodes, placed on the products label. Information will be available in Chinese, Korean, and English languages.

The platform will also store the information about temperature maintained during the supply chain, warrant that goods are stocked in suitable conditions.

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