Food safety and food security problems are vast and reach across all countries and food sectors. According to the United Nations Food and Agriculture Association (FAO), the global volume of food wastage is estimated at 1.6 billion tons, with a global cost of $750 billion annually.
And a 2015 study by Ohio State University associate professor Robert Scharff found that medical costs, productivity losses, and losses due to death or lost quality of life caused by foodborne illnesses cost the USA between $55.5-93.2 billion annually.
On top of that, when you add in that only 33% of consumers trust where their food comes from vs 47% just one year ago, it is evident that the market opportunity is ripe for a blockchain solution which can address the issues of both food chain traceability and transparency.
This is why our solution has been designed to work for and with the entire food chain, from farmers to brands to retailers.
We make food systems more sustainable by providing real-time food chain traceability. We are also the only food blockchain in the world with the capability to digitally audit each batch to ensure it meets product specifications. And if a batch is found to be non-compliant, we alert customers in real-time, allowing them to reroute products to other food chains, improving supply chain efficiences and food safety, as well as reducing food wastage.
Our solution is also fully interoperable with other blockchains, which makes scaling simple since outside actors can easily connect to our blockchain to access/view partner data.
In addition, we help brands be more transparent and prove their promises to consumers, creating a unique relationship of trust between them. Thanks to a QR code printed on the pack, consumers can discover a product’s entire journey across the food chain, from farm to fork, and have renewed confidence in the food they are eating.