David and Goliath: fighting the broken food system with Otrafy
In 2017 alone there were 36 million pounds of fake organic food that entered the US market. This was possible because the way information is recorded and shared at each step of the food supply chain still relies on centralized paper-based systems.
In this system, critical information is far from transparent, making it easy to be manipulated. Any downstream player can take advantage of the system by masking what was done by their predecessor. Most commonly, non-organic products can become organic by simply having it go through a packaging house. This practice has eroded trust and created enormous friction between all parties along the food chain.
Unfortunately, regulators failed to provide an efficient solution for people to better understand the process that happened to the food they purchase. Everyone is forced to just blindly trust centralized authorities that have no easy way to share the information with the public.
This is where Otrafy comes in. Otrafy has the potential to solve these issues and revolutionize the way we approach data collection and sharing across the food supply chain. Our goal is to create the gold standard for transparency in the food industry.
Enabled by the integrity of the blockchain infrastructure, Otrafy is one of the first supply chain management platforms with a turnkey solution that will instantly provide the complete picture for each step of the product life cycle to anyone who is interested. The platform enables farmers and supply chain actors to upload product specific information onto blockchain where it will be immutable and accessible by anyone through a simple scan of the QR code. The platform will also have the capability to identify inconsistencies between different data input fields and the average expected results, hence allowing a quick authentication of the product information provided. This will hold each producer accountable for their actions thus increasing security and trust for product buyers, insurance agencies and government officials that deal with these companies.
As a result of this increase in trust, there will be less friction in the food ecosystem thus allowing our producers to gain access to new sales channels as well as customer segments. Most importantly, Otrafy is a new tool that allows farmers to justify their price point against their competitions in both organic and non-organic product lines. This same tool then can be used by consumers to differentiate types of organic food that is offered on the market so that they can buy the food that best suits their needs.
Initially started in Vancouver, Canada. Otrafy has recently expanded to Hong Kong as part of the Helix Accelerator. A strategic move to establish its presence in a market where there has not been a strong regulation for organic products. The move also allows Otrafy to work closely with Hedera Hashgraph and investment firm Mind Fund.
Otrafy is currently engaging with Hong Kong’s local organic farmers, grocery stores as well as online retailers to bring the next level transparency to the Hong Kong consumers.
Join our community and find out more by visiting:
