EY Japan, the Japanese branch of global accountancy firm Ernst & Young, has announced plans to launch a blockchain system for tracking Japanese sake and fruit and preventing the sale of fraudulent or counterfeit products.
According to Asian Nikkei Review, EY Japan’s SAKE Blockchain will be rolled out across Asia once the threat of the coronavirus and a stable business environment has been re-established in the region.
The company is reportedly eying Hong Kong and Singapore as major markets that are also open to distributed ledger technologies.
SAKE Blockchain’s announcement comes amid increasing exports for Japanese fruit and sake with foreign demand for the alcoholic beverage growing 5.3% to $223 million in 2019, and Japanese fruit exports tripling over the past decade.
The blockchain will be used to track and record detailed information across the supply chain for Japanese produce including information on the origin of production and delivery routes.