The Blockchain of Food
We offer solutions that help answer what's in your food, where it's been and what's happened to it as it passes through the supply chain.
I confirm that I am fully aware of the eligibility criteria, and based on its description, I am eligible to apply to the CSV Prize 2017.
Ripe Technology, INC (http://ripe.io)
Established (the solution has passed the previous stages and demonstrated success)
Annual budget in 2017 (USD)
Number of beneficiaries impacted so far
Headquarters location: Country
Headquarters location: City
San Francisco, CA
Location(s) of impact
We are active with farmers in USA, MA and USA, CA. Where our blockchain is being deployed as a digital twin of an existing supply chain, its global.
Problem: What problem is this initiative trying to address?
The current food supply chain is fragmented. There is no meaningful connectivity, or ontology. We are building the Blockchain of Food that creates product histories to tell the complete story of food from farm to fork enabling new analytics, automation and business models through blockchain technology, smart contracts and IoT. By creating a digital twin of the existing supply chain we can improve upon tasks such as traceability, authenticity, food safety, measurements of sustainability and transparency.
Solution Summary: What is the proposed solution? What do you see as its most promising aspects for creating shared value?
The food supply chain is indeed very complex. The numerous producers, harvesters, processors, consultants, agents, temporary workers, retailers, who participate in the production of food often only impact a very little portion of the food journey. Such a decentralized process calls for a decentralized solution. The Blockchain of Food simplifies the challenging task of aggregating information from a multitude of actors by providing for one-to-many data integration and process orchestration among participantsThe Blockchain of Food also provides a lexicon and ontology for describing attributes of our food as it moves through the supply chain. This common grammar provides a data structure that is used by smart contracts to automate assertions, certifications, and market operations on the Blockchain of Food. Any organization can run a blockchain node and become a guardian of the information exchanged on the Blockchain of Food.
Impact: What is the impact of the work to date? Specify both the social and the environmental impact of your work
Sharing data in varying vertical marketplaces, including food, will happen if there is ample evidence of data sharing control and is proportional to a new benefit that results from sharing. In our work with farmers, there is plenty of excitement around data sharing in a blockchain if we enable them to increase their sales through profitable business practices such as increased use of their land and absorption of their end-of-season overflow. Distributors will join for the same reason that they now might have more local produce to sell. Retailers and food service companies would also be able to increase their sales if they have access to more local quality output that come digitized with the lifecycle of that food. The critical element that blockchains must do is to create monetization opportunities with newly, unattained data (i.e. how much fertilizer was used, was there plant disease, excess yield, distributor optimized a delivery route, precision ag practices) that is now available.
Financial sustainability plan: How is this initiative financially supported? How will you ensure its financial sustainability long-term?
We will be primarily supported by a mix of angel and venture capital investors. We have recently applied for a couple of USDA sponsored projects, but these are individual cases for specific areas of focus.
Unique value proposition: What makes your initiative innovative? How does your project differ from other organizations working in the same field?
The Blockchain of Food's number one value proposition is to facilitate the exchange of information, create a digital twin of it and its workflow and validate the quality of food as it moves along the chain. This is accomplished by allowing each participant to share assertions, evidence, and evaluations of each other's assertions about the food. The food's journey across the supply chain is captured in a blockchain object that we call a Food Bundle; that's the uniqueness of our approach.
Founding story: Share a story about the "Aha!" moment that sparked the beginning of this initiative.
My co-founders and I come from the realm of financial technology. We were exposed to bitcoin and blockchains very early on in their development and understood the key attributes of the technology. We see the "perfect storm" of IoT, supply chains working alongside blockchains enabling greater transparency and efficiencies. We explored many different industries including real estate, music, healthcare, insurance and legal, before selecting food and agriculture as our core area of focus. We see a strong pull from the consumer for greater transparency and a strong push from the farmers/producers to have a better understanding of the market trends and the ability to widen the distribution of their product. This environment is highly fragmented and dysfunctional and all participants will benefit tremendously from the digitization of the supply chain.
Where did you hear about the Nestlé Creating Shared Value Prize?