Food Blockchain XYZ is a blockchain technology startup that aims to introduce the efficiencies and security of blockchain technology to the food supply industry. Here’s our review.
What is Food Blockchain XYZ?
Food Blockchain XYZ is a new startup company that, according to their official website, wants to create “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.”
To achieve those goals, Food Blockchain XYZ has created a technology called Food Supply Chain 2.0. That technology is a combination of the blockchain, sensor systems, and smart contracts.
To fuel their blockchain, Food Blockchain XYZ has also released a token called Foodcoin that facilitates worldwide transactions with no fees – something that’s crucial for those in the food supply industry, who often need to deal with international suppliers. The currency is designed to be free from exchange rate fluctuations. It’s also cryptographically secure and built on the Ethereum blockchain.
Food Blockchain XYZ plans to deliver benefits to both food producers and consumers. Consumers benefit from better transparency and better knowledge about their food, while the second can benefit from better prices and verifiably better quality products.
The startup company is based in Switzerland. The company aims to be the food supply chain’s leading blockchain technology provider.
How Does Food Blockchain XYZ Work?
Food Blockchain XYZ has provided an example of how their technology might work for a yogurt company.
Specifically, Food Blockchain XYZ allows a yogurt company to create a risk-free agreement with milk suppliers. This company could have specific requirements for the quality of their milk – like specific chemicals being at appropriate levels. One supplier might deliver milk that has too little lactose content, while another supplier might deliver milk that’s just right. The yogurt company orders milk from the second supplier.
The data stored on the blockchain includes the fat content of the milk, the lactose content, the volume supplied, and the number of cows at the form. This data is stored on the blockchain, providing an unchangeable record of the transaction.
Other key parts of the Food Blockchain XYZ system include the Foodcoin token and the hardware scanning equipment – the sensors.
The Foodcoin Token
Food Blockchain XYZ will use a token to manage commercial relationships among different members of the food supply chain. That token can be used between different intermediaries – like farmers and food manufacturers, and food manufacturers and retailers.
There’s even an opportunity for consumers to reward food producers with Foodcoin. Consumers can send Foodcoin to producers as a reward for following sustainable practices. Consumers know about these sustainable practices because of the Food Blockchain XYZ sensors, which we’ll talk about next.
Food Blockchain XYZ Sensors
Another key part of the Food Blockchain XYZ system is the use of sensors. Sensors will be built throughout the supply chain. Food Blockchain XYZ has not yet developed the sensors. However, they don’t actually plan to develop the sensor hardware themselves. At first, they’ll develop the protocol, smart contract templates, and software. Later, they’ll start manufacturing their own hardware solutions.
Food producers will be able to create ID tags for food batches or individual food products. That ID tag can be added to the blockchain to provide an immutable ledger of that food product’s movement through the supply chain.
On the consumer side of things, consumers can instantly view the history of the food product they’re purchasing. They can see which farms the individual ingredients came from, for example, and learn how local or international their food may be. Consumers may also access additional information – like the reputation of a particular food producer, the pollution in the farm’s region, and the working conditions on the farm.
As mentioned above, consumers could reward food producers for operating an eco-friendly farm, or a farm with good working conditions. You could send Foodcoins to food producers as a token of your appreciation.
Ethereum smart contracts have revolutionized blockchain technology. Food Blockchain XYZ will use smart contracts to resolve disputes automatically. Smart contracts will use data supplied by sensors, then release funds to the proper party. This will prevent lengthy investigations and inefficiencies along the supply chain.
About Food Blockchain XYZ
Food Blockchain XYZ is a Switzerland-based startup company. The company was recently chosen as one of 14 projects for the SparkLabs IoT Accelerator. They have also received funding from several other sources.
The company is owned by Smart Security Systems Ltd. Food Blockchain XYZ’s financing comes from private investors in Switzerland, the Swiss Regional Government of the Canton of Vaud, and Silicon Valley’s SparkLabs Global Ventures.
Food Blockchain XYZ has also been endorsed by the president of the Swiss Association for Quality and Management Systems. The startup wants to partner with that organization to perform safety and quality audits according to Swiss regulations.
The company is led by CEO Angel Versetti. The entire founding team has worked in the food quality assurance industry for over 25 years. Before blockchain technology emerged, the company had already been developing a unified food quality assurance system. They realized blockchain technology presented the perfect opportunity to implement that system.
Food Blockchain XYZ Conclusion
Food Blockchain XYZ is currently undergoing private beta testing. They’re working with the quality assurance departments of two food companies. Food Blockchain XYZ is also preparing to partner with similar companies in Switzerland, Germany, France, and Iceland, and they’ve received additional requests from the United Arab Emirates, Russia, and Italy.
The software is scheduled for public beta release before the end of June. A functional prototype of the Food Blockchain XYZ hardware – including the sensors – is scheduled for September.
Ultimately, Food Blockchain XYZ plans to disrupt the food quality assurance industry using a unified assurance platform built on the Ethereum blockchain. If successful, Food Blockchain XYZ will change the food industry as we know it.
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