First startup in the world to assure quality and safety of food through Ethereum based Blockchain
A Switzerland based startup called Food Supply Chain 2.0 has developed a platform where the food quality, safety, nutrition and it’s indegrients can be checked and verified through Ethereum based blockchain technology.
It offers “a reliable and comprehensive overview of all aspects of quality, safety and tracing of food from farm to fork, and to seamlessly manage commercial relationships between different actors of the supply chain.”
The startups is using secure sensors, blockchain technology and smart contracts in the development of the platform called Food Supply Chain 2.0 built by FoodBlokchcian.XYZ
Why is it needed?
There is a growing demand in checking and verifying the food quality before consuming it. Adulteration is at peak which is one of the main cause in increase of bad health problems. Also, it hampers the growth of the body as specific and required nutrition is not available in the adulterated food items.
This causes reduction in essential minerals and vitamins in the body which is required for healthy living. Thus, immune systems get weak and people tend to catch diseases easily. In turn doctors prescribes medicine and artificial supplements to boost body minerals.
Thus consumers wants to ensure that the product they are consuming is of best quality and has essential nutrients. And that is why people have become more intelligent these days and has taken the labels mentioning all the details on the back side of the product more seriously. It is also believed that consumers are willing to pay higher prices of food products if the the quality is guaranteed.
But what if those labels are false and cannot be relied upon?
Here comes Food Supply Chain 2.0 to solve this problems.
About Food Supply Chain 2.0
Food supply chain 2.0 will build sensors which will be connected to Ethereum based Blockchain. These sensors will collect data through the supply chain. This data will then provide information like the source and origin of food, it’s cultivation and processing techniques, the region where food was grown etc which will help to judge the quality of the food product. This data will in turn help food products manufacturers to purchase those raw materials from the suppliers that offers the best combination of price and quality.
Food producers will be then able to ensure that the quality of products that went into manufacturing meets their requirements with minimum possible costing.Specific ID tags for food batches or individual food units will be created and then these ID tag can be used to trace food items throughout the supply chain and thus retrieving all the data.
Food Supply Chain 2.0 by Food Blockchain XYZ will be useful both for consumers and producers.
Consumers will be able to view the history of the product they purchase and check what farms the ingredients came from. The information can indicate how polluted a region is, whether the farmer follows good practices, and delivery and processing conditions.
Producers on the other hand can increase their prices as now they are offering high quality products guaranteeing the quality and also with the option to verify the food product, thus increasing the trust in the consumers.
(ALSO READ: Verify your wine quality using Blockchain technology)
The startups has also developed a specific token called FoodCoin which will allow worldwide transactions with no fees and stable prices. It will be cryptographically secured and compatible with Ethereum blockchain.
FoodCoin allows buyers and sellers to enter into commercial relationships where quality, safety and origins of food are key determinants
Consumers can also reward farmers that follow sustainable agricultural practices by donating them Foodcoins. This will build reputation for farmers and food suppliers and enable new connections among consumers and producers.
About the Startup
FoodBlokchcian.XYZ is building the first startup in the world, Food Suuply Chain 2.0, that assures the quality and safety of food through sensor systems connected to Ethereum Blockchain. Own sensor systems, smart contracts and token in development.
The team consists of :
- .A United Nations diplomat turned entrepreneur as CEO who has also met Pope in Vatican, Arnold Schwarzenegger at COP21
- Founder of Food and Nutrition Center at EPFL and Member of Federal Office for Agriculture of Switzerland (equivalent to ministry of agriculture in other countries) as CTO
- 2 PhDs, 2 Professors from top Swiss/British universities
- 2 partners of top-tier VC Funds (Accel and Idinvest) as advisors
- Former CFO of Lockhead Martin and Head of Product at Samsung
- 2 Ethereum/blockchain engineers
- Selected for SparkLabs IoT Accelerator (one of 14 worldwide), De VIgier Top-16 for 2017, WEBIT TOP-100 for 2017, START Global 2017 (TOP-30), Pioneers Festival (TOP-500).
- Got funding from the Swiss Government (Canton of Vaud)
- Secured endorsement from Swiss Association for Quality and Management Systems
- Admitted to EPFL Innovation Park, Y-Combinator Startup School and Microsoft BizSpark programme
Well for those were not satisfied with the genuineness of their food products and were always in doubt Food Supplychain 2.0 is there to save you out. The first version of Food Suuply Chain 2.0 will come out by this June.
At present,FoodBlockchain.XYZ is currently in private testing with the quality assurance departments of two companies. The company is working with food companies in Switzerland, Germany, France and Iceland. It has also received interest from the United Arab Emirates, Italy and Russia.
Also read Applications of Blokchcain in other Sectors: