Blockchain food traceability needs for fresh delivery
Reviewing and compile blockchain industry topic, updating market references and research environment.
Today, we are picking up food operation with traceability blockchain.
A regional supervisor of one of China’s food markets has announced an agricultural product traceability platform based on blockchain, AI, big data, and cloud computing, reported RFID World.
The platform used by the Guangzhou Municipality’s Market Supervision Bureau aims to monitor the flow of food products and enable better market control for the administration to ensure food safety.
The traceability platform collects production data, including relating to the farm, details of the farmer, how and when the produce was harvested. The next step is recording the inspection and certification details of the agricultural produce.
The size of O2O catering market in China is growing as more Chinese order delivery for their meals. In 2018 revenues of online food delivery in China reached over 34 billion USD. The same year, online food sales rose by 36.8%. According to a recent report from the Qianzhan Industry Research Institute, the size of the fresh food e-commerce market in China soared significantly from 4 billion yuan ($579 million) in 2012 to 139.13 billion yuan ($19 billion) in 2017.
In its recently published coronavirus pandemic guidelines, the United States Department of Homeland Security (DHS) named blockchain managers overseeing food and agricultural distribution as critical infrastructure workers.
As a supply chain management tool, blockchain is second to none. As showcased in agricultural verticals, such as cannabis, it lends credible results via transparent, immutable recordkeeping.
Venture capital fund LeadBlock Partners has made its first deal, investing in foodtech and blockchain platform Connecting Food. The food traceability startup recently announced contracts with Mondelez, Herta (Nestlé) and Axereal. It has now raised €2.1 million ($2.3 million) in a pre-series A round led by LeadBlock alongside repeat angel investors.
The new venture firm will focus on Europe and plans to raise a €30 million ($32.5 million) fund. However, to complete this deal, it did a first closing raising money from high net worth individuals, friends and family, as well as ex Goldman Sachs colleagues.
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