Blockchain technology is about to impact the food industry.
Ripe Technology, or Ripe.io may lead the charge
Co-founder and president, Phil Harris and co-founder Raja Ramachandran found that food is an industry plagued by fraud and safety issues.
Blockchain can help manage the “decentralized nature of the food business, so people can post data, they can protect it, they can share it, they can create records with it. In the end for the consumer, they basically get a longer record,” they note.
With it, people can go to the grocery store for example, and know exactly where the food came from. They’ll know if it’s really organic, or GMO. They’ll even be able to tell how fresh it may be. What Ripe wants to do is use blockchain to help digitize the supply chain.
That way food facts can become transparent for the consumer.
That would also allow for greater consumer trust of what they’re eating.
Ripe’s $2.4 Million Funding Seed
Ripe announced it wrapped up a $2.4 million funding seed round, led by Maersk Growth.
“Food supply chain decisions can very clearly be improved through increased focus on data, visibility and transparency, so connecting the value chain in a much more effective way than it is today and make data driven decisions,” Maersk Growth Venture Partner Peter Jorgensen said. “This will require that we go back to the start of the supply chain and capture the data with a method of high integrity and reliability, which at the same time delivers authenticity and provenance, whether to validate products being organic, to trace them back in case of call-backs or to give consumers transparency on what is in our food and what has happened to it through the chain.”
Ripe isn’t the Only Game in Town
Other food companies are turning to blockchain, too.
In fact, Goodr is using blockchain to reduce corporate food waste.
According to CNBC, the company uses blockchain to keep a data ledger for their clients of how much food businesses waste, and where they might be losing money. Data collected by the company includes information on what food gets wasted the most, community connections and environmental impacts.
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