TE-FOOD Signs A Strategic Partnership Agreement With Nongshim
The companies join forces to provide blockchain based food traceability solutions in South Korea. The Korean food industry giant’s IT subsidiary, Nongshim Data System will be a sales and implementation partner of TE-FOOD. The first step of the partnership is a pig and cattle pilot project, preferably including suppliers connected to Nongshim’s Mega Mart retail chain.
Nongshim is a 53 years old international food conglomerate, headquartered in Seoul, South Korea. During the decades, the company followed its philosophy that ‘the most authentic Korean things are the most global things’. With $1.83 billion yearly revenue, operations in over 100 countries, 11 factories, and subsidiaries in retail, IT, advertising, chemistry, etc. it seems that the philosophy worked well.
Nongshim products include ramyun (instant noodles), including the world-known Shin Ramyun, snacks, and bottled water. Their main business partners are Nestlé, Kellogg’s, Welch’s, Cambell’s, Barilla, AJINOMOTO, etc.
Nongshim Data System — besides providing IT solutions for the Nongshim Group — worked on IT projects for several South Korean government bodies, including the Ministry of Food and Drug Safety, and the Korean Atomic Energy Research Institute.
The strategic partnership provides the necessary food industry insights, supply chain and governmental connections, and IT implementation skills which help the implementation of TE-FOOD’s food traceability system in South Korea. As two other Korean food industry giants, LOTTE Mart and CJ are already TE-FOOD customers in Vietnam, the outlook is bright in the Southeast Asian country.
TE-FOOD is the world’s largest farm-to-table food traceability solution. Started in 2016, it serves 6000+ business customers, and handles 400,000 business transactions each day.