Cryptocurrency Enthusiast circa 2012. Award winning writer in Finance, Investing and Bitcoin. Opinions are my own.
As part of my series “Real World Applications of Cryptocurrencies”, and follow-up from my previous post on Cloud Computing & Golem, which you can find here, I will be discussing how the Food Traceability industry will be disrupted by the emergence of the blockchain and cryptocurrencies.
Coincidentally, after I had started writing this post, I attended a steak course, where the Chef was criticizing how hard it is to find out exactly where beef has come from, how it’s butchered, whether it’s organic etc. — a perfect example for the need of food traceability.
Food traceability is probably something you never thought of before but something extremely important for your health. Regardless, there are a number of issues in this sector and especially in emerging markets, which are also major exporters of food. Some of these issues include:
TE-FOOD is a successful farm-to-table livestock and fresh food traceability solution, focusing on emerging markets. Since 2016, TE-FOOD has been implemented in Vietnam. As a farm-to-table solution, TE-FOOD tracks the items through the whole supply chain (farm, slaughterhouse, wholesaler, retailer) and provides tools to both consumers and authorities to gain food history and food quality insights.
TE-FOOD is an existing company that has been established in Vietnam since 2016. It currently serves over 6000 business customers, tracking 12,000 pigs, 200,000 chickens, and 2.5 million eggs daily.
TE-FOOD has created a centralized ecosystem in which each step in the food supply chain can be tracked.
However, according to their whitepaper “even data coming from a third party like existing traceability system seems suspicious to the participant”. The solution to this, is introducing the blockchain. By moving the TE-FOOD ecosystem on the blockchain, TE-FOOD will be able to provide a completely transparent, unmodifiable environment (and tools) for food supply chain companies, authorities and consumers.
The diagram above is just a general representation of the food supply chain. Within the TE-FOOD ecosystem, this can be further customized for specific uses cases.
TE-FOOD focuses on solving the issues discussed in the previous section, in the following ways:
The TFOOD Token has a multitude of applications; it is used in the TE-FOOD ecosystem in the following ways:
I would also like to point out that TE-FOOD has a number of competitors in the supply chain area. Similar projects include Ambrosus (AMB), Modum (MOD), Provenance, WaBi (WABI) and Walton (WTC). If you would like to see a post comparing and contrasting these projects, feel free to drop me a comment below or a tweet.
TE-FOOD has not launched their token yet. You can only purchase TFOOD Tokens during their Initial Coin Offering (ICO) which is dated for the 22nd of February. You can sign-up for their ICO here.
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