Ambrosus Announces P2P Blockchain Marketplace

Announcements, Blockchain, Group, Innovation | August 21, 2017 By:

Blockchain-based supply chain ecosystem Ambrosus has announced a new peer-to-peer (p2p) food marketplace which allows users to stipulate food quality.

The p2p marketplace uses blockchain technology combined with Internet-of-Things (IoT) sensors to ensure the provenance and quality of products. The marketplace allows buyers to browse a range of offers from food producers globally. Run on smart contracts, the buyer would be able to track the food quality and conditions at every stage of production and throughout the transportation process. It also uses an escrow mechanism, wherein payments are instantly reimbursed if the delivered food does not meet the expected quality.

Ambrosus co-founder and CEO Angel Versetti said the autonomous supply chain can change the dynamic of global food markets, freeing food producers from the control of big buyers and downward pressures on their produce.

“Today’s quality conscious consumers are better informed and often prepared to pay more for high quality food,” said Versetti. “However, food producers who do follow ethical, healthy techniques have limited means to prove the quality of their products and get those products in the hands of consumers, not to mention the low prices at which they are forced to sell them. This is where the Ambrosus p2p Marketplace steps in, enabling consumers to choose the high-quality food they are searching for while creating opportunities for food producers to earn reflective revenues for their produce.”

The company also announced the Dynamic Contract Rerouting system in order to prevent food waste. With this system, contracts rejected due to insufficient quality can be cancelled and purchased by another buyer at a lower price. Coupled with reputational points for sellers, the market creates the opportunity for small food producers who consistently receive high points for the quality of their produce to, in turn, receive higher amounts of money.

“In a transparent, secure, fully digital food supply chain, farmers can easily provide authenticated proof of the quality and origins of their produce,” Ambrosus co-founder and CTO Dr Stefan Meyer. “On the Ambrosus Marketplace, farmers whose products are of verifiably better-quality ingredients and stem from sustainable agricultural practices can use our platform to demonstrate the additional value of their produce. Furthermore, with instant settlement of payments and instant discovery of problems, lengthy disputes and costly recalls can become a thing of the past.”

A public demonstration of the marketplace has been launched on the Ethereum Kovan testnet. Users are invited to create a new market or join the existing one by entering this address: 0x66ca16ee93962df3a912397c3470571fe32268e1.

The company also announced it has become the first blockchain-based platform to partner with the United Nations 10YFP Sustainable Food Systems Program. Run by Switzerland’s Federal Department of Economic Affairs, it unites leading programs and directs resources to programs promoting sustainability and food waste reduction.

“We are honored to be the first blockchain project to be selected as official partner to the United Nations 10YFP Programme,” said Versetti. “The Sustainable Development Goals is the largest development project in history, and the question of sustainability is one of the most pressing issues for the future of food. Ambrosus is driven by individuals who are dedicated leaders in their field, and this partnership further cements our promise to a safer, sustainable food ecosystem,”