The global food chain is facing numerous problems. Consumers are kept in the dark about the quality of the food they buy and often choose the cheapest products, what forces many farmers to adopt low-quality agricultural techniques in order to stay competitive. Mislabeling, contamination, and use of health-threatening ingredients is extremely common. Foodblockchain.XYZ is the world’s first blockchain ecosystem for food that provides transparency in the food production process – from farm to fork.
“We combine Ethereum with IoT to assure quality, safety and origins of food, and to develop a range of additional services for the food industry, including peer-to-peer marketplaces, smart contract templates for food orders, decentralized food delivery services, digital cooperatives for farmers, and a decentralized commodities exchange platform. This is our vision for Food Supply Chain 2.0,” said Angel Versetti, the CEO of Foodblockchain.XYZ.
The solution presented by this startup is designed to empower all parties – farmers, distributors, producers, retailers, and consumers. Thanks to a blockchain-based identification and tracking system, every product can be traced at every stage of processing. This processing history will be available for the customers via a simple smartphone app. Non-invasive sensor systems allow for a real-time analysis of products and their storing environment. FoodCoin, an Ethereum-based cryptocurrency, is used to validate smart contracts, and the price of products will be based on reliable quality measurements.
The idea of Foodblockchain.XYZ was born in Vatican, where Versetti was one of 48 young leaders chosen to present their sustainable development solutions at the Vatican Youth Symposium 2016. His initial idea was deemed infeasible due to lack of a technology encouraging proper resource allocation. He immediately realized that blockchain might be the answer to his problem, and began to build a brand new solution for one of the largest distribution systems in the world: the food chain.
This summer, the company will launch the very first public demo and publish the results of their pilot projects. By 2018, they plan to release a beta-version and to start delivering their service to food manufacturers and food companies. As Versetti said, “by summer 2018 we plan to showcase a complete supply chain for individual products traced and controlled by Ethereum from farm to fork.”