Swiss Blockchain startup Ambrosus has announced its official launch to employ smart contracts to track food quality.
Co-founded last year with technical support from Ethereum co-founder Gavin Wood, Ambrosus claims it will “overcome the current deficiencies and challenges of current global food supply chains and markets.”
Along with the launch, the company announced a forthcoming ICO, slated for September.
Wood, as a Parity Technologies (Ethcore) co-founder along with Jutta Steiner, will guide the project in the role of technical advisors.
Meanwhile, Parity is currently in the news for the wrong reasons, as it emerged a security compromise has led to the theft of $30 mln worth of ETH.
In a press release Wednesday, however, Ambrosus remained bullish on the momentum Parity expertise would give the service going forward.
“Parity was created to solve the thorniest and most complex problems,” Wood said.
The food monitoring will work through the use of a series of sensors able to track produce from place of origin to consumer, with Blockchain and smart contracts also employed to protect data integrity. Relationships between different parties involved in the delivery chain will also be covered.
“The combination of the maturity of the technology and the brainpower and creativity of participating actors provides a unique and clear opportunity to build a bridge between Ethereum and the food sector,” Ambrosus co-founder Angel Versetti added.
“The funds secured through our crowdsale will fuel the creation of our vibrant, community-driven ecosystem ready to build a better future for the global food markets,” added Versetti.
Elsewhere in the nascent Blockchain food industry, this month Russia launched its own cryptocurrency dedicated to the tracking of beef products.
You may be interested
Self-Regulatory Body Outlines New Rules for 14 Korean Crypto ExchangesBrian Evans - Apr 19, 2018
The Korean Blockchain Industry Association, formed with 33 South Korean exchanges, has revealed a set of rules for 14 of its exchanges. The organization was formed in…
UBS-Backed Blockchain Platform Completes Live Trade TransactionsBrian Evans - Apr 19, 2018
The Batavia blockchain trade finance platform has completed a pilot that conducted live cross-border transactions involving corporate clients.
250 Corporates Join ICICI’s Trade Finance Blockchain PlatformBrian Evans - Apr 19, 2018
Indian banking giant ICICI, the country’s second-largest private bank, has roped in 250 corporates to conduct both domestic and international trade finance transactions on its ‘custom-made’ blockchain…