Ambrosus Launches Blockchain Food Tracker

Blockchain, FinTech, ICO News, Innovation | July 21, 2017 By:

Swiss blockchain startup Ambrosus has launched its blockchain-based platform for the food supply chain. An initial coin offering (ICO) will begin in September.

Ambrosus combines sensors, blockchain technology, and smart contracts to reduce inefficiency in the global food supply chain in pursuance of its goal to become the first publicly verifiable and community-driven system to assure the quality, safety, and origins of food.

Ambrosus co-founder and CEO Angel Versetti explained that, at present, the global system of food production and distribution does not adequately serve the needs of our society. With little trust among consumers, poor living standards for farmers, malpractice within supply chain networks or by large manufacturers, and regular major food scandals, the entire food supply chain ecosystem is nothing close to the thriving and valuable sector that we envision for all stakeholders.

“With a dynamic ecosystem of complementing technologies developed within and around the ethereum ecosystem, we have devised a bold rethinking of how the global food supply chains and markets could operate,” said Versetti. “A system of interconnected quality assurance sensors can reliably record the entire history of food from farm to fork. Blockchain can protect the integrity and verifiability of sensor data. While smart contracts can enable automatic governance of food supply chains and manage commercial relationships between the different actors within them.”

Ambrosus ecosystem is built on the ethereum blockchain, and has Parity Technologies as core technology partner with Dr Gavin Wood, the co-founder of Ethereum, and Dr Jutta Steiner, former chief of security for the Ethereum Foundation, working as key advisors on the project.

Versetti said Parity will also provide support as Ambrosus looks to integrate key aspects of blockchain into existing supply chains.

“Parity was created to solve the thorniest and most complex problems,” said Wood. “We are proud to support the Ambrosus project to architect and develop the technology that could improve the lives of many people by ensuring food quality and safety throughout the world.”

The company has been officially endorsed by EIT Food and the Swiss Quality and Safety Association and has the support of the United Nations, EPFL, the Crypto Valley Association, and financial backing from the Government of the Canton of Vaud, Switzerland.