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Executive
Summary
• Agri-Food industry is changing around the globe • BC technology has proliferated and positively • The industry faces challenges such as system
and has witnessed significant changes with the impacted the Agri-Food industry and is expected interoperability, highly complex processes and
aid of regulations, laws, demand, technology, to grow in influence. BC solutions for the Agri- stakeholder scenario, data standardization and
etc. to enhance food safety and encourage food Food Industry range from managing food wastes harmonization, investment trust, and data
trade. However, despite these changes, food to cost reduction. frauds.
insecurity remains a major concern across the
• BC has infiltrated the Agri-Food and has led to • The key enablers driving the upward trajectory
globe.
the overhaul of different challenges in growth of this space include strong
• Beyond the basic BC concepts developments handicapping the industry. These challenges government initiatives for food safety and
including smart contracts, dApps, and platform include food fraud, foodborne illness, food transparency, innovation and differentiation,
and protocols have aided the adoption of the waste, food recalls and crop insurance. rising vale chain uncertainty of revenues &
technology in the Agri-Food Industry businesses, digitization, and its penetration,
• Agri-Food companies have already initiated the
• Advancement of blockchain over these years, use of BC to trace food back to its source more changing consumer preferences.
encouraged enterprises to look for solutions in rapidly than ever possible before. These
this sector. UK’s FSA, Australia’s NTI and US’ companies have even started to rely on these
FSMA have begun or have raised the pitch for platforms to investigate the origin of
using BC technology in the Agri-Food industry. contamination, certify organic provenance of
products, increase shelf life and lessen spoilage
loss.
Executive
Summary
• Enterprise firms have paved the way for BC • The early challenges including the lack of • The most prominent focus areas include track
solutions in supply chain management to track technology maturity, insufficient skill sets, and trace (also the most active market players
and trace food throughout the supply chain and regulatory constraints, uncertain return on IBM’s focus) across the supply chain and
find a measure to detect non-compliant foods in investments, etc., have restricted participation logistics and, BC-compatible marketplaces.
the value chain. in ongoing BC developments. However, eying There is expected to be significant development
• The solutions have demonstrated permissioned the untapped opportunities, many players have centered on decentralized applications (dApps)
access to the supply chain’s participants existing started taking an active role in strategic that offer ease of access, universal identities to
systems and how to leverage IoT/AI/ML alliances, pilot project runs, and live projects. producers and increase participation of
capabilities to develop BC enriched solutions for • Majority of BC-enabled Agri-Food Industry pilot consumers and each entity in between.
sharing authenticated and untampered data projects are targeting untapped markets and • Europe and US lead the way with use cases
among these participants. focusing on value mapping and creation for permeating across industry and also because
• BC thus enables producers (farmers, fishermen, stakeholders. major downstream players with potential to
etc.) to create their digital identity on the BC • Most notable global startups have entered or effect the BC landscape are based here.
network, which could be further used for easing plan to enter the BC-enabled Agri-Food Industry • Etherisc, Indigo Ag and Komgo are notable,
processes such as payments or record keeping through pilot projects to offer disruptive innovative and promising start-ups attempting
and other transactions. It enables producers to solutions to all stakeholders while also building a to bridge insurance and farming industries,
obtain a fair price for their produce while strong ecosystem simultaneously. creating value-added marketplaces, enabling
cutting costs for the end-consumer. commodity trading & finance respectively
Key Insights
• Smart Contracts: The technology has opened • Constraints BC addresses: The adoption of BC • BC Venturing into Agri-Food Industry: BC and
several opportunities for banking, finance, across the industry value chain stakeholders can Agri-Food stakeholders are targeting
insurance, trading related Agri-Food segments. positively impact organizing of data to provide elementary areas inducing tracking &
The tech has prioritized inclusivity and tech. novel insights for addressing the industry’s traceability, supply chain management,
enablement in the Agri-Food value chain challenges including international trade, marketplace, farming data integration to enter
• dApps: Accelerate the adoption of the BC tech. transport, regulatory, insurance and ROI the Agri-Food industry
models
at each level of value chain including growers, • Future BC Use Cases: As BC tech. matures and
supply chain players, end-consumers, retailers • Enablers of BC: Scalability, interoperability and the possibility of multi-chain interactions
and even food manufacturers establishing product authenticity by interlinking increases, there is expected to be more
• Protocols & Platform: Create innovative business processes and products are crucial factors for economic incentives and business sense in
models that are token based or otherwise and widespread adoption of BC among agricultural adopting BC specifically in the context of the
re paving the way for higher adoption of BC or primary stakeholders and in the supply chain Agri-Food industry. At present, generating
solutions especially among the unorganized segment. Other enablers of BC adoption at interest among stakeholders that have the least
segments of the Agri-Food value chain. present include sustainability goals, traceability, to gain from adoption including farmers or
stakeholder value, however, direct economic primary stakeholders is the biggest challenge.
Established BC Targets: Track and Trace across incentives and transactional ease would be the Identity creation, inclusive development, direct
supply chain, marketplace and commodity trading ideal gamechangers. trade, scientific and technology advancement
Key Insights
• IT Players : Create consortium or join established • Investment Scenario: ICO funding strategy is
network for track & trace, supply chain apps, dependent on the startups’ BC business model.
sustainability etc. Elaborate developmental efforts involving
• Startups: Collaborate or partner with startups protocol, development platform, ecosystem
(for custom solutions) incase widespread in- creation use this route. However, projects
house adoption or use case is established attracting private equity from institutions with
expertise, enterprise or segmental/industry
• Enterprises: Retailers, food processing players leaders are bound to taste success.
wanting to focus on supply chains or process
tracking may look for providers that integrate • Startups Strategy: Start-ups accelerate adoption
these in legacy or existing products and services by using a bottom-up approach addressing
specific solutions such as farm insurance,
Most BC Agri-Food pilot projects target untapped interoperability and ecosystem management.
markets and focus on value creation at present.
Global startups enter the BC Agri-Food Industry • Innovators/Mainstays: Big firms target prominent
through pilot's projects to offer disruptive solutions players in the organized part of the value chain
such as utility tokenization, payment integration, focusing on track and trace solutions and/or
ecosystem creation, focus on UI & UX, solution and organized sectors such as banking, retailers, etc.
development creation and platforms not wanting to miss the BC wave.
Table of Contents
• Agri-Food Industry - Value Chain Analysis • Blockchain (BC) and how it works: Agri-Food Industry • How BC will Transform the Agri-Food Industry?
- Impact
– Supply side (Government Traction and Regulatory • BC Use Case: Use Case & Open Cloud Models, Global • Phase-wise BC Adoption in the Agri-Food Industry
Push for Food Safety and Transparency) Use Cases • Front Runner’s Success Story
– Supply side (Innovation and Differentiation - Track • BC-enabled Agri-Food - Adoption across Value Chain
& Traceability) • How is BC being Accepted in the Industry?
– Supply side (Rising Uncertainty) – Overview of Business Models and Ecosystems that
– Demand Side (Changing Consumer Preferences) are Emerging
– Demand Side (Digitization and IT Penetration) – Agriculture/Primary Producer
– Manufacturing/Processing
– Traders/Distributor/Retailers
• BC Impact: Agri-Food Industry Segment-wise
(Technology Adoption Roadmap & Projections)
2.32
2.32
Asia
1.8 Americas USD 1,185 BN
USD 560 BN
Africa
USD 207 BN
Oceania
USD 38 BN
2005 2016
Food Processing/
Process Agriculture Transportation Distributors Customers
Manufacturing
Protocols &
Smart Contracts dApps
Platforms
• Beyond the capabilities of the Bitcoin • Ability to embed value added data from IoT • The ability to create innovative business
network, the rise of complete BC networks devices, mobile or other sources has been models that are token based or otherwise has
has impacted the adoption of BC in various accelerated by the dApps feature of cutting- led to a higher adoption of the BC technology
industries including Agri-Food. edge BC tech in the Agri-Food Industry. especially among the unorganized segments
of the Agri-Food value chain. This specifically
• Smart contracts have opened numerous • dApps provide the structure for the
highlights BC technology’s ability to address
possibilities and applications related to implementation of BC-based solutions and are
untapped markets such as crop insurance,
banking, finance, insurance, trading and a boon for various stakeholders from the Agri-
farmer financing, etc.
others that have prioritized inclusive Food industry including farmers, poultry and
technology development of the Agri-Food meat manufacturers, and those involved with • However, the impact of these on the
value chain. fishing and pisciculture (primary actors) organized Agri-Food industry segments is also
among others. commendable and led to process
• This is expected to have a positive impact on
farmers, supply chain participants, traders, • dApps have helped accelerated the adoption improvements across the supply chain, ERP
aspects, commodity trading, finance, etc. to
merchants, and financial institutions, among of BC technology at each level of the value
name a few.
others. chain including growers, supply chain players,
end-consumers, retailers, and even food
processors.
Protocols &
Smart Contracts dApps
Platforms
• Encourage marketplace participation of • Incentivization of users as well as contributors • Ability to address niche industry issues such
stakeholders to the development, utilization, management, as track, trace, and sustainability
and improvement of BC
• Ability to provide index-based insurance of • Integration into legacy system as well as
financing products to address untapped • Introduction of oracles, dependable feeds or building of new solutions ground up for supply
markets trust validators for various data and support chain, ERP applications in the industry
services, increases flexibility, and opens up
• Incorporation of business rules and method, • Turns the focus on innovation and eases and
use cases
that could make reimbursement, payments or defines the development technology stack
BC implementation of various business • Creation of UI & UX for each stakeholders, • Leads to development of multiple solutions
processes a reality while leveraging permissioned BC networks that addresses the individual point of views or
and maintaining data confidentiality
• Increase fair-trade practices in the industry the collective point of view of various
and help to improve value propositions across stakeholders
the value chain
“BC technology is still in its early days but has immense potential to transform cross border commerce by reducing friction and
increasing integrity in how things move around the world”
Rob Carter, CIO, FedEX
“We are breaking down the financial, communication and marketing barriers of brokers, sales agents, and other intermediaries that
generate profits by separating agricultural producers, wholesale buyers and consumers. We are eliminating the 3-5% (often more)
sales related fees and replacing this with a 0.5% transaction fee.”
Keith Agoada, CEO, Producers Token
“We know all the steps that our products go through to ensure that they are produced with respect for people, animals and the
environment and we want to show these steps to our customers, in an open and transparent way.”
Marit Van Egmond, Commercial Director, Albert Heijn
Blockchain
Impact
Key
Messages
After proving its mettle in the cryptocurrency world, Blockchain, a distributed
open ledger technology, has started disrupting other industries such as
healthcare, automotive, BFSI, transportation, etc. Over the years, Blockchain
has also proliferated and positively impacted the Agri-Food industry and is
expected to grow in influence. BC solutions for the Agri-Food Industry range
from managing food wastes to cost reduction. This section explains how
blockchain is impacting and addressing different issues of the Agri-Food
Industry and its various segments.
• BC platforms aim to help companies and government officials track food frauds and also locate food originating farms in case of foodborne
illnesses. BC allows real time tracking of origin of a cause, and enables correction or prevention directly compared to just tracking of individual
databases of each stakeholder to generate insights and recommendations around efficiency, increase revenue or productivity, etc.
• BC will help companies and government officials to find a root of cause in real time, saving time and, resources, while also reducing food waste.
In the case of a food recalls, operations can be smoother and more focused. The track and & trace feature and autonomy that BC provides can
arm companies with a competitive edge.
Food Fraud Foodborne Illness Food Waste Food recalls Crop Insurance
Traditional insurers do
1 in 10 1/3 USD 10 Mn not offer this due to
24-36% People fall sick globally Average cost
Of ~ 2.15 million tonnes due to contaminated food; Of food produced globally is high cost of
wasted due to poor harvest, administration and
seafood imported in Japan high cost and time to track
is fraud-prone food to origin worsens
logistical issues, market Including lost sales unprofitable nature of
system, or animal death and brand damage
situation business
Food Fraud Foodborne Illness Food Waste Food recalls Crop Insurance
Improved transparency
50+ Increased track and and accountability will Easier and smoother
95%
BC companies' partner to lead to greater accuracy Faster payments
traceability across supply chains and
stop illegal, unreported and and fewer missed compared to traditional
unregulated fishing food chain geo-tagged food help
opportunities insurance.
Walmart with IBM traced
USD1.6-2.4 B its mango’s origin in 2.2 Will lead to cost savings of to detect
contaminated food
BC offers automated
weather-indexed crop
Added to Japan’s GDP from seconds instead of ~7 days USD 25 Bn+
In UK alone insurance
seafood trade as a result
System Interoperability • Enables authenticity (system authentication) Highly Complex Process • Need BC solutions creating ecosystems,
The Agri-Food Industry faces • Business beyond regulatory, economic The process of implementation which address all stakeholders
challenges in sharing, collecting, boundaries powered by decentralized of BC in Agri-Food industry is simultaneously
and analysing information networks will eventually be interoperable highly complex due to the large • Incentivize stakeholder participation in
• Integration through APIs & Interoperability number of unorganized validation process
Protocols under development address this stakeholders • Attract industry biggies (end users),
organized stakeholders (banks, logistics,
etc.) as well
Data Standardization and • Distributed record of transactions or data Investment Trust • Address the conundrum of investment in BC
Harmonization through templates, devices or other sources Lack of investor confidence due solutions of startups through ICOs, private
The Agri-food industry is highly • Sharing of validated data across multiple to high risk in implementation, placements inspite of lacking intellectual
fragmented due to the large networks and nodes as per design infrastructure opacity, and property (IP) backing
number of stakeholders and • Defining the roles of distributed sources of questionable long-term future • Backing of token distribution or startups by
there is a need for organizing IoT, sensor or other data banks, other guarantors or promoters
data
Strong
Government
Digitization and
Initiatives for
IT Penetration
Food Safety and
BC Venturing into Transparency
Rising Vale
BC-enabled
Chain
Agri-Food Uncertainty of
Revenue &
Agri-Food
Businesses
Industry Innovation and
Differentiation
Changing
Consumer
Industry
(Track &
Preferences
Traceability)
• In 2018, the UK Food Standards Agency (FSA) successfully completed a BC-based a pilot project in a
cattle slaughterhouse to ensure compliance in the food sector. In the same year, Australian
government agency NTI partnership with BeefLedger on a pilot project to monitor the production of
Australian beef and its export to Shanghai, China. Other Acts or Regulations across various regions
such Food Safety Modernization Act (FSMA) in the US have raised the pitch for leveraging BC
technology in the Agri-Food industry.
Supply Side
• The Standards Agency GS1 aims to foster aspects such as governance, interoperability and future
Government Traction and
solutions by recommending open EPICs standards in enterprise BC implementation. The open CBV
standards defined by ISO is also recommended to structure data and avoid divergence of internal
Regulatory Push for Food Safety
systems and data format. and Transparency
The growing interest on BC technology for Agri-Food applications among government agencies/authorities
is not a passing trend. The adoption is expected to increase in the coming years and is likely to fuel the
growing need of BC technology in the Agri-Food industry.
• On one hand as most players in the F&B segment are already looking at cutting-edge technologies
such as BC, IoT, AI, ML, Big Data, etc. to stand out from the competition. On the other hand, BC is
proving its potential by creating unparalleled visibility and accountability in the food supply chain by
connecting the broader set of Agri-Food stakeholders from the grower, processor, distributor, and
retailer segments.
• Unlike other competing emerging technologies, BC identifies problem areas and errors driving
toplines and profitability apart from providing insights and recommendations while aiding in the
Supply Side
development of innovative solutions. Innovation and Differentiation
• Traditionally, F&B companies have been burning millions of dollars in order to tackle challenges such
as food recall, wastage, etc. However, currently, the companies are considering the BC technology as
(Track & Traceability)
the most innovative and cost-effective solution in order to track products.
• Going forward, the F&B companies are expected to focus on seamless consumer experiences with the
help of emerging technologies to differentiate themselves from others. Most notably, BC technology
adoption is likely to witness a significant growth in F&B industry due to the growing penetration of
the overall BC-technology, digitalization, e-commerce and e-tail segments. These developments are
expected to create immense opportunities for BC technology in the F&B industry.
• The growing risk in the marketplace makes the scenario challenging for all industry stakeholders. Over
the years, industry players have been continuously looking for a innovative solutions to control rising
cost and uncertainty and BC can eliminate intermediaries, reduce transaction costs, speed up
transactions and trade as well as connect farmers or primary actors with market participants directly
and more efficiently. Opening of forecasting tasks and streamlining of supply chain planning based on
direct buy-sell data and market place dynamics enabled by trustworthy and confidentiality respecting
Supply Side
BC solutions could be a game changer. Rising Uncertainty
• As the Industry 4.0 wave penetrates globally, the Agri-Food industry too would be disrupted. Industry
4.0 will promote lean and smart manufacturing processes that will go beyond the walls of the factory.
Stakeholders from one-step back and one-step ahead will not only be more tightly bound but data
silos will be completely broken down by secure BC implementations of the future. Current technology
developments (IoT, AI, ML or Big Data) would be replaced by the integration of database specific
features deeper within BC solutions to drive future data-enhanced organizations.
• Today’s generation including millennials and generation Z are more inclined towards healthy foods
and have a strong inclination to understand the product journey. Additionally, with today’s ease of
access to information, customer loyalty is directly proportion to availability of product information.
Customer lock-in could eventually be an essential part of the future B2C relationships that BC-backed
social apps could achieve while respecting privacy, infusing gamification and naturally contributing to
customer acquisition as well as establishing rewards and incentive mechanisms or platforms.
• In the light of these trends, industry stakeholders too are gradually aligning themselves to address
Demand Side
changing consumer preferences. The growing challenges such as stiff competition, lower profit
margins, high cost of production, etc. are forcing the industry players to shift their focus to integrating
Changing Consumer Preferences
cheaper but cost-effective emerging technologies led by BC to serve the ever-changing consumer
demand flexibly and with agility.
• One macro statistic that affects almost all industries is the total number of Internet users across the
world that stands at about > 4 billion at present. In fact, the internet user's penetration rate that
stands at 57% currently and its outstanding growth rate projects this as the trend reshaping the IT
landscape and adoption of IT-enabled products and services as the single biggest driver for BC
mainstreaming as well.
Demand Side
• Going forward, the overall digitization wave in the Agri-Food industry is likely to benefit BC technology
Digitization and IT Penetration
adoption. Some specific immediate use cases include the rising consumer demand for track and
traceability for F&B products that is expected to fuel the adoption of BC in this industry. It will be
easier for the service providers in this space to commercialize their services as they already would
have access to readily available, techno-savvy, and socially-connected consumers.
• BC's proximity to data privacy goals emerging globally (e.g., GDPR) is high. Therefore, future
businesses that rely on private data for success will have to group up behind BC-powered innovative
platforms that could be the only solution in this scenario.
“With the goal of making fresh food more affordable and accessible, lowering cost includes “ot only removing the need for the supply
chain middle-men but also the agricultural lender”
Alvaro Ramirez, CEO, eHarvestHub
“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of."
Howard Schultz, Executive Chairman, Starbucks
“Become the leader of the food transition for everyone is the aim that Alexandre Bompard (CEO) has set for the Carrefour group.
Making use of blockchain technology is an exemplary step in meeting this aim. This is a first in Europe and will provide consumers with
guaranteed complete transparency as far as the traceability of our products is concerned."
Laurent Vallée, Head-Quality & Food safety, Carrefour
BC Adoption
Agri-Food Industry
Key
Messages
BC technology has the potential to bring much-needed transparency and
traceability to the Agri-Food industry. The technology application has a
complex procedure and involves different BC stakeholders along with the
Agri-Food industry stakeholders. Now at an initial stage, BC-enabled Agri-
Food service providers are targeting elementary areas to enter the industry
that have potential to grow multi-fold including supply chain, identity
management, tokenization, marketplace creation and trade related
platforms. This section includes details about BC-based technology solutions
with possible business models, adoption stages of BC in the industry, and
real-world use cases.
While the BC world has seen a host of business models and strategies that
traverse concepts of finance and funding (ICOs, Private Equity, Spin Off,
Subsidiaries, etc.), revenue models (Development of Protocols, Platforms,
Applications, Marketplaces, Tokenization of Utilities and Assets, Enterprise or
Legacy Platform Integration, BaaS services, Cloud Services, Identity Services,
Payment Platforms, Interoperability Enablement); there is a clear sign of
disruption in the Agri-Food domain unlike any other domain that BC traces.
While other industries like finance or healthcare look at the spectrum of
transactions and data monetization strategies, the needs of the Agri-Food
industry are stitching standalone use cases that will explore the side of BC
that is as yet unexplored and the underlying BC technology itself that is vast
in it’s capability and futuristic in the true sense.
BC-enabled Agri-Food
Value Chain Analysis
Agri-Food
BC Fabric Protocol Blockchain-as-a- Software-as-a-
Stakeholders
Providers (BC-FP) Providers (PP) Service (BaaS) Service (SaaS)
(AFS)
Business Activity Business Activity Business Activity Business Activity Business Activity
• Code • Software Templates • Software Development • Architecture • Business Rules and
and Building Blocks Methods Definition
• Development • APIs • Software & UI/UX
Framework • Smart Contract Development • Upgrade Legacy
• Network Infrastructure
Deployment
• Primitives • Templates • Backend Development
• Integration &
• Data (Manual, Sensor
• Storage • Rulebooks Interoperability • Integration &
or IoT-based, etc.)
• Computing • Standards Features Implementation
• Data Analysis and
• Networking • Best Practices • Cloud • Process Improvement
Insight
& Innovation
Agri-Food
BC Fabric Protocols Blockchain-as-a- Software-as-a-
Stakeholders
Providers (BC-FP) Providers (PP) Service (BaaS) Service (SaaS)
(AFS)
Ethereum Providers may provide their services as per various applications AgriDigital Goodr • Producers
WorldCover Dyne
Hyperledger IBM • Processors/
Foodlogiq Inspecto Solutions Manufacturers
Stellar SAP
Indigo Agriculture Ecogistix
• Logistics
Graphene Microsoft Azure Provenance The Fork
• Suppliers
R3 Corda Accenture Viant WhatsHalal
Blocksyte FoodChain • Distributors
Multichain AWS
Bext360 Procurant • Retailers
Waves Network HPE
Ripe.io Seafood Souq • Restaurants
Quorum Intel CHEX Strain Secure
• Consumers
BlockApps Alibaba Chain Trade Vinsent
• Government and
Chain Core TE-Food Sofocle Omniaz
Compliance Agencies
FoodCoin Agri360
Ant Blockchain Ambrosus
AgriLedger Farm2Kitchen • Insurers
Etherisc
Demeter Connecting Food
Origintrail AgriChain Gustos.life
Tokes Platform Transparent Path Bytable Foods
BitCliq New Craft Beer
Heraspace Grainchain
The BC technology adoption changes stakeholder’s role drastically to shift from reactive to proactive. Currently, they need to upload every activity, process on the
database, and include BC technology experts to provide seamless transactions across the value chain
• Upload data on raw • Get information from • Receive info. about • Run ML forecasting • Scan QR code via app
materials, fertilizers, farmers and process products (passbook) • Provide app for end • Gets products insights
process on database accordingly • Choose 3PL as per all customers such as quality, origin,
• Use RFID chips proving • Add QR codes to data points such as • Provide information on suited recipes etc.
Activity free range packaging customer delivery date, customer preferences • Earns points in cross
• Track weather and • Ensure quality, process etc. and other insights company loyalty
other important and product • Review storage • Double spend programs
elements parameters at each instruction and flexibly avoidance, validate • Reduction of
manufacturing stage optimize network trade & payment intermediaries where
applicable and cost
Stakeholders – • Farmers • Manufacturers • Logistics Providers • Traders savings
Impacted due • Seed and Plant • Processors • Cargo Shipment • HORECA • Connect to farmers and
to BC Providers • Domestic & Companies • Retailers primary stakeholders at
technology • Government bodies International • Supply Chain and ERP • Financers the grassroot level
• Insurance Providers Processors, Solution Providers • Insurers
Manufacturers and
• Financers and Banks
Traders
In the long term, the industry is likely to witness significant developments towards creating ecosystems that will offer seamless customer services and
further integration of all industry stakeholders
BLOCKCHAIN – ADOPTION IN AGRI-FOOD INDUSTRY 39
How is BC being Accepted in the
Agriculture/Primary Producer
Industry?
• Stores, secures and transfers • The segment is majorly dominated by startups, that
data focus on the highly unorganized agriculture market
• Most adopted business models for Food Processing
• Offers track and traceability and Manufacturing are as highlighted below:
PP + BaaS across value chain in the form
SAP, Ambrosus, Etherisc, Tokes Platform
of authenticity, validity, fraud-
prevention, etc.
• Increases operational
Agri-Food efficiencies and identifying
problem areas
Stakeholders
(FBS) Farmers, Fishermen, Organized F&B Industry
BC Enabled Track & Traceability for Primary Producer Viant Pilot Project
In the year 2017, the World Wide Fund for Nature (WWF) partnered with Viant and Step 1
Primary food producer
TraSeable Solutions to develop a transparent and traceable BC-based supply chain for Fishermen attached the fish with RFID
fresh and frozen tuna. tags as soon as the fish was caught.
Fishermen used their cellular data for
Key Participants: The pilot involved stakeholders throughout the supply chain of fish, this & the app automatically updated
which included the primary producer, regulator, processor, distributor, retailer and the the data to BC cloud
consumers. Processor
The Solution: The BC-enabled solution provided a digital footprint for the traditional Step 2
Regulator approved the landing of fish
supply chain and constructively addressed the problem of traceability in the global
on port & accordingly updated the
seafood supply chain. ledger with predefined parameters
Distributor
Benefit to Primary Producer: This BC-enabled solution helped the primary producer by
mapping the commodity beyond international borders, also it considerably eliminated
the possibility of fraud as well as wastage and ultimately provided better incentives. Step 3
Fish was then shipped to a processor,
Benefit to Various Stakeholders: Stakeholders throughout the supply chain benefited
whereby the RFID tag stayed with the
from the data interoperability, which helped in managing inventory substantially. With fish till packaging & replaced with a QR
the automation of data, human intervention was minuscule & hence the possibility of code after packaging
errors became tertiary, also the solution targeted the facilitation of faster payments by
Retailer
bringing transparency in logistics deliverables. Step 4 & 5
Benefit to Consumers: The biggest benefit was to the end consumer because the The packaged fish was then dispatched
solution authenticated the value the consumer is buying by providing a holistic to destined markets through the
solution, which established trust and integrated it by multi-fold back into the supply distributor & retailer networks. The
chain. consumer at the end could track the
Consumer entire journey of fish through QR code
Key Takeaways
Use Cases • Hyperledger is most trusted format for distributors
• Stores, secures and transfers • IBM is most active in this segment and offer its
BC Fabric services through the “IBM Food Trust” consortium
data
Providers (BC-FP) Hyperledger
• While several other companies such as Blocksyte
• Offers track and traceability
can integrate and connect suppliers to end-
across value chain and helps
customers (retailers) through the ‘IBM Food Trust’,
manage suppliers, product
its own BC solutions or other proprietary BC
recalls, etc.
solutions. However, their work-around solutions
• Provides detailed information could be costly for individual suppliers that have
PP + BaaS certain legacy systems in place and look for
IBM about product authentication
and prevents fraud, integrations or even in the case they opt for a BC-
adulteration, etc. ready ground up supply chain solutions
• Integrated BC solutions that include banks and
• Allows data sharing among all financial institutions promoted by banks-backed
stakeholders consortiums or providing payment solutions gaining
Agri-Food popularity in commodity trading transactions
Stakeholders • Integration and
Traders, Wholesalers, Retailers, HORECA, etc. interoperability of payment, • Most adopted business model for Traders and Food
(AFS)
finance stakeholders in BCs distributors, retailers, wholesalers, HORECA, etc. is:
Switzerland based Komgo partnered with Consensys Solutions as the technological Komgo platform to bring Step 1
expertise provider along with Louis Dreyfus Company(LDC), Shangdong Bohi Industry, Buyers & Seller together Buyer and seller enter into a smart
ING, Societe Generale and ABN Amro to develop a BC based solution for the contract on Komgo & the seller
agricultural commodities sector requests Letter of Credit from the bank
Step 2
Key Participants: The pilot involved stakeholders through out the supply chain of
Bank Bank review’s smart contract, LoC and
agricultural commodities including the following: commodity seller, financial institution
issues & confirms on BC
(bank), logistics provider, agents, inspector and buyer
Step 3
The Solution: The BC technology-enabled solution offered by Komgo accelerated the Agents & Inspectors issue the
financing processes & optimized industry operations of commodity trade while document which include Bill of lading,
digitizing the transactions, the solution also solved the crucial problem of trust Agents & Inspectors Certificate of Quality and Quantity
between buyers & sellers by leveraging the trusted source of documents on a Step 4
distributed immutable ledger The seller presents these documents
Benefit to Buyer: This BC enabled solution helped reduce the cost base by 20-50% and to bank electronically
Documents
eliminated the possibility of fraud during long freight journey and ultimately provided Step 5
better purchasing power while facilitating ease of doing business globally ‘Autochecking’ matches documents
with LC conditions & highlights any
Benefit to Various Stakeholders: Stakeholders through out the supply chain benefited
Autochecking documents discrepancies
with 30-40% increased cash flow, data interoperability accelerated the process related
to financial institutions, which unlocked increased oppurtunities for sellers as well as Step 6
buyers with assurance of quality in turn providing a pool of incremental gains for If all the conditions are met the bank
logistic providers and handlers allows everything & assets are
transferred & simultaneously the
Transfer of authority from payment is made
buyer to seller
“There are of course certain nuances to trading different products, but a significant proportion of our platform offering is applicable
across a wide spectrum of commodities. Once we have launched our energy and agricultural modules, the combined market we shall
be addressing is a staggering USD 8 trillion per annum. This represents perhaps the largest untapped digital opportunity available
today.”
Matthew Botell, Co-Founder, TradeCloud
“As this type of traceability results in high transparency, the best case scenarios are: if it is a governmental introduction (like in
Vietnam) or a private company asked it (HALAL project). We also help to identify the points in the processes where traceability has
been blocked and work to overcome these issues.” on being asked how supply chain participants are convinced to co-operate
Katalin Vereczkey, Crop Expert, TE-FOOD
Front Runner’s
Strategy
Agri-Food Industry
Key
Messages
The early challenges including maturity of technology, insufficient skill sets,
regulatory constraints, uncertain return on investments, etc., have restricted
participation in ongoing BC developments. However, sensing the untapped
opportunities, many new entrants have started taking an active role in
forging strategic alliances, pilot project runs, and live projects. This section
describes about Front Runner’s role in the Agri-Food industry and their
strategy to venture into the ecosystem.
How the Industry Is Adopting BC
Combining the Organized and Unorganized Bits of the Agri-Food Industry
through Front Runners?
Target of BC Solutions for the Unorganized Industry Target of BC Solutions for the Organized Industry
• Promoting farmer equity (Tech., Logistic, Financial support) • Consortium development
• Supply chain integration (without making ground up • Improving existing tools, software, apps and processes
products to enable quick adoption) BC Integration • In-house process improvement or problem area
• Addressing the unaddressed market needs of sectors like Agri-Food Industry identification
banking, insurance, etc. • Ensuring competitiveness in industry & securing existing
• Development of token economies, protocols and platforms business models or revenue
for targeted industry value chains • Industry specific solutions that have huge opportunity like
• Ecosystem creation for promoting use of developed banking, trading, insurance, commodity marketplaces,
solutions infusing multiple stakeholder participation Front Runners contract farming, etc.
• Track and trace, sustainability & other needs of end Running the show • Solutions or technology stack that will drive BC adoption
consumers/retailers etc. that are niche use cases
• Innovate by integrating emerging tech.-IoT, AI/ML, Big Data,
etc.
Key Insights:
• Development of BC-based IT infrastructure has increased BC robustness and validated the implications of BC, however, commercial relevance and success is yet to be fully achieved
• Majority of BC-enabled Agri-Food Industry pilot projects are targeting untapped markets and focusing on value creation. Most notably, global startups plan to enter the BC-enabled
Agri-Food Industry through pilot projects to offer disruptive solutions to all stakeholders and to build a strong ecosystem. Furthermore, most of the pilot projects are focused around
track and traceability, financial and marketplace solutions and aim to create an ecosystem and increase the participation of specific stakeholders including primary stakeholders
(farmers, poultry or fishing operators), commodity trade participants and food processors, etc. The startups themselves or involved in protocol, platform, apps and solution
development by leveraging the tokenization, open-source, flexibility of BC fabrics & coding languages and existing BC solutions.
• On the other hand, enterprises and major IT players approach BC solutions for the Agri-Food industry through a consortium-based approach targeted at specific problem areas.
Typically consortiums include stakeholders having a considerable scale of operation, resources or established players in the retail, supply chain, banking, finance or insurance
industries. IT players’ business models are built around aiding enterprises in developing in-house platforms, offering interoperability and streamline process flow by leveraging legacy
systems.
Transporters
since Trace time
• Golden state foods
Permissioned
October ~2.2 sec
2018 • Emerson – incorporating
Distributors cold chain technology across transport
Transporters
Built on Hyperledger Fabric • Tyson Foods
>500,000 • Dennick Fruit Source
traces till Processors • Nestle
Transporters
Compatible with Produce Traceability
date • Unilever
Initiative GS1 (128-PTI)
• Smithfield
• Carrefour - tracks and traces chicken,
Retailers
Transporters
Benefits eggs and tomatoes from farm to store.
Food Trust Platform Details • Increase supply chain efficiencies with real- This technology allows Carrefour’s
time shared and immutable digital ledger alignment with its CSR – Act for Food.
• Tracing module: Tracks food products Technology • Albertsons Companies - tracks and
Transporters
Suppliers
• Certification module: Verifies • Decrease food fraud due to data sharing traces romaine lettuce
provenance of products that are • Walmart
• Reduce waste by identifying causes
certified (as non-GMO or organic) Certification • Kroger
Transporters
• Build brand trust by warranting the quality Providers • Topco Associates
• Data entry and access module:
of food • Wakefern
Upload, manage and access data
• Ensure food freshness, sustainability and • 3M – Connects food safety diagnostic
Consumers
safety due to data-visibility equipment to BC
• BeefChain
• ICOs have not quite been the poster boys of the BC industry as expected, however, they did garner a lot
of market interest and traction in the last two years. Looking at the stats of ICOs launched in the years
2017 and 2018 it has become rather evident that they aren’t making the grass green on either side, i.e.
neither benefitting the investors nor the start ups and other participants. In fact, the party left most high
and dry have been investors.
• The trend of ICO funding has impacted the Agri-Food sector and related services as well. For instance,
ChainTrade has been inactive for well over a year and has failed to find partners from the intended
industries and even facing difficulty to convince professional investors to support their initial vision. In
fact, the support for the ChainTrade Physical platform too rested on interest shown by private equity that
impressed on the startup’s business models to stay focused on trade finance. The token also seems to be
inactive in trade and has nil market cap as on date.
• As per an EY report “86% are now below their listing price; 30% have lost substantially all value. An
investor purchasing a portfolio of The Class of 2017 ICOs on 1 January 2018 would most likely have lost
66% of their investment. Of the ICO start-ups we looked at from The Class of 2017, only 29% (25) have
working products or prototypes, up by just 13% from the end of last year.” This clearly points out the
weak support for ICO as a investment vehicle for BC startups. With ICOs themselves being nascent,
leveraging them to fund Agri-Food BC startups does not seem to be a profitable or efficient route given
that excessive and unplanned funding and spending trends for achieving developmental goals of BC
solutions by startups
• On the other hand, there are some success stories through ICOs investment that the food and
agriculture industry can study. For instance, Etherisc has opted for an ICO due to its strong value
proposition for the insurance industry and the need to back its ecosystem using transaction tokens, risk
pool tokens, among others.
• Over the last year or so, the ICO hype has slowed down dramatically, while equity funding in BC
companies has taken the front seat. Additionally, there is an increasing need for tangible components
including consulting, business guidelines, scalability, connection to the industry influencers, proof of
concept, etc. other than funding to ensure success of BC startups. Also, BC startups are looking for long
term investment relationships that can be fulfilled through equity funding.
• Success Stories:
• Ripe.io: The CEO of the company, Raja Ramachandran has commented in an interview that ICO
isn’t going to work for the company as there is an inherent issue with the token economics that
are currently in place for agriculture or food applications or just any application in general. The
company’s strategy is steeped in integration and publishing of data leveraging IoT and BC and
therefore has not been aggressive towards tokenization
• Sofocle: This company has not opted for the ICO model as it has already focused its efforts on
enterprise BC-based solution development.
• Some success stories of equity funding in BC startups that the food and agriculture industry can study,
and replicate are enterprise platforms like komgo (built on Kaleido by Consensys), Adhara and Trustology
in addition to solutions from DAH, Hyperledger, Corda, and Ripple that have appealed to adopters
looking for business outcomes. Similarly, the track and trace focused business model of IBM’s ‘Food
Trust’ network that has been developed in-house and backed by IBM’s own funding and resources too
shed light on the importance of a viable business model to be established even before embarking on
developmental goals such as developing a platform, ecosystem or marketplace, etc.
Marketplace
Crop Insurance
Major Insights
• AgriDigital has raised USD 5.5 Mn in capital via the non-ICO route. The company is betting on launching something it calls a “true token” – AgriCoin, that would function within the BC to represent
and complete real time payments.
• The company is also exploring ways to make payment in fiat currency within the platform by partnering with agriculture-focused Rabobank to pilot a bank-backed token.
• It will launch a new platform by 2020 in major countries around the globe. The company will target not only big farmers but also small grain growing farmers as well, to bring them onboard to the
platform.
• The funding raised will help them to expand into North America.
• AgriDigital has transactions whose value equals to more than USD 1 Bn and more than 3000 active users on its platform, who have transacted more than 6 Mn tons of goods.
Major Insights
• FoodLogiQ Labs - the innovation arm of FoodLogiQ is operating a project aimed at launching a BC Consortium with their customers including AgBiome Innovations, Subway/Independent Purchasing
Cooperative, Smithfield Foods, Testo, and Tyson Foods among others.
• As the company has been a well-established player in this space for some time, the ICO route is something that would be least preferred by the company when an existing pool of interested
investors and stakeholders have already shown interest and have also extended capital, developed partnerships and even have worked out a roadmap for creating consortiums.
• FoodLogiQ claims to use the raised funds to accelerate the expansion across the food industry, product enhancements, R&D and to expand sales and marketing.
• The existing broad customer base of the company in the food service, food manufacturers, food retailers, growers, co-packers and produce marketers is expected to bolster the company's initiatives
in this sector.
• FoodLogiQ piloted a project on food BC in Q3-2018 and has 7,000 registered businesses on its platform in more than 100 countries with 8 Mn successful tracking events related to food safety.
Major Insights
• Indigo has raised USD 250 Mn in Seed E funding to develop a digital marketplace for farmers. With a successful launch of its digital marketplace, the company plans to go public and offer an IPO.
• It plans to expand in Brazil and other countries and offer solutions for farming, marketing platforms, contracts and logistics all with BC technology.
• Indigo has also explored and facilitated several innovative products and solutions that include seed treatment, financing, agronomic services, quality testing, certified cropping, contract production
and transport, among others.
• For its research purpose Indigo has enrolled more than 120 growers with whom it tests more than 100 technologies on 50,000 acres.
Major Insights
• Provenance raised USD 800,00 through private investment just before it launched a service for ensuring transparency in the food and beverages industry in July 2017 to enable market launch in UK
and outside UK, apart from an initial grant funding.
• It plans to use the recent funding to accelerate the product launch timelines. In addition to its existing services, Provenance aims to provide financial solutions based on BC, and become a wholesome
provider of all supply chain needs.
• It plans to target a defined set of customers including consumers, and food businesses to provide traceability and sustainability data, while aligning and seeking partnerships with standards
organizations, NGOs, and auditors. The company plans on making its value proposition unique, and at the same time free from a fund-raising initiative requiring an ICO.
• Provenance helps big brands like Unilever and Co-op to make their businesses more transparent and sustainable.
Major Insights
• The company has worked on a pilot project in collaboration with TraSeable Solutions, a Fijian ICT provider adept at BC implementations at the ground level. It has conducted a pilot project for WWF
for track and trace across tuna fish supply chain.
• Application programming interface (API) approach provides customization and integration to legacy ERP systems, which makes it a ready to deploy platform.
• The company plans to price the Viant (variable as per use case) and TraSeable (fixed cost) software platforms on a per month basis and has provided basic cost estimates for stakeholders that plan to
leverage their platform.
• The company has evidently not opted for the ICO route as they have defined specific applications such as in the food supply chain and also identified stakeholders that would invest in the launching
of such products.
• Viant is not specific to any industry and hence its Tracker component can be applied to provide asset tracking solutions in many industries such as healthcare, oil and gas, real estate, etc.
Major Insights
• TE-Food’s business plans for an extensive use of the TFD tokens is yet to take off. At present a partnership with Auchan (world’s 13th largest retailer) has taken off and has moved from a project
directed at traceability of pork sourced from Vietnam to the planned adoption of TE-Food’s platform in five countries including France, Italy, Spain, Portugal, and Senegal.
• Although this seems to be a good sign, there is not much appreciation in the value of the TE-Food token other than small bursts in the price of the token and the slight increase in the market
capitalization. However, the movement and activity of its token would serve as an indicator of its success in the near term.
• Revenue will be generated by supplying ID materials and from transaction fees, to the supply chain participants.
• Currently, the company handles 400,000+ transactions per day and revenue for 2018 was USD 350,000.
• The TFD-token also features in the ‘Blockchain Activity Matrix’ by Block'tivity that tracks activity of various BCs.
Major Insights
• Ripe.io plans to use its recent funding to increase its global presence and to serve the entire food industry.
• Currently, it works privately with organizations, however, they plan to evolve into an API, which will be beneficial globally.
• The company proposes to build a ‘data bridge’ to eliminate data and harmonization problems of agriculture and food supply chain actors. The company had an initial partnership with Analog Devices
(also working with ‘Consumer Physics’ focused on spectrometry) in a project titled ‘Internet of Tomatoes’, before focusing on the BC-based product that is currently being developed.
• Raja Ramachandran, CEO and co-founder of the company claims that the technology could help farmers to increase their sales and pricing, while big companies on the buyer side look at risk
management and providing more information to their consumers.
• The company’s strategy is steeped in integration and publishing of data leveraging IoT and BC and therefore has not been aggressive towards tokenization. According to the CEO, ICO isn’t going to
work for the company as there is an inherent issue with the token economics that are currently in place for agriculture or food applications or just any application in general.
Major Insights
• The software that supports immediate or instant digital payment to farmers is the BC-based technology platform developed by Stellar and through its associated cryptocurrency Lumen (XLM). The
application being linked to Stellar’s BC can also be used for transactions such as loan repayments, local taxes and other financial commitments connected to farmer’s other accounts apart from the
intended use for facilitating immediate payments to farmers.
• Bext360 is planning to use the funding into expand into new verticals, including cotton, palm oil, cocoa, nuts, seafood and timber.
• The company has not explored the ICO option so far although it had released a pitch document in September 2018 intended to showcase the value proposition behind the venture in the case it ever
opted for an ICO.
• The “BextMachine” can process ~50 kilograms of coffee a minute. Bext360 has spent 18 months on training the machine algorithms to analyze and identify cherry details.
• Bext360 tokens are used for transactions, payments, smart contracts, etc.
Major Insights
• Currently, WorldCover focuses on African countries and has invested over USD 1 Mn for research in Ghana. It aims to develop products for several cereal crops through the amount invested.
• WorldCover has raised USD 6 Mn Series A funding in 2019. With this funding, it aims to expand its crop insurance offerings to other emerging markets such as India, Mexico, Brazil, and Indonesia. In
the next 18 months, the company plans to launch its services in the Indian market.
• The company seeks investors and plans to directly link them to their insurance products and plans to execute their business by partnering with microfinance institutions, NGOs, governments, banks,
agri-businesses, and F&B companies, among others.
• WorldCover’s estimated revenue is USD 2 Mn.
• The company has provided access to simple and affordable crop insurance via smartphones for more than 20,000 farms in Ghana, Kenya and Uganda.
Major Insights
• Sofocle focuses on custom Supply Chain Industry solutions with a focus on the Food and Agriculture applications through its ‘SofoChain’ platform focused on the ‘Food Supply Chain’.
• It is also part of the Bosch accelerator/incubator program targeted at promoting disruptive innovations with an eye on aligning the innovations and the start ups with Bosch’s Business Units.
• The company has not opted for the ICO model as it has already focused its efforts on enterprise BC solution development. As the company is targeting several industry sectors other than agriculture
and food, the timeline of specific product development or launch related to this industry segment is as yet unclear.
• Currently, Sofocle is focused in India and APAC region, in the future, the company is looking forward to expand in the MENA and African markets.
• The company is working on the product scalability and adding new features and enhancing the team.
• Awards won by the company include: Best accelerated BOSCH DNA 2.0 Start-up award for 'Certum (SofoChain)'‘, Technoviti Awards 2019 for ‘Insurra’, Most Innovative BC Solution for 'Certum
(SofoChain)'‘ and Fintech Valley BC Startup Challenge 2017 ‘SofoCap‘.
Major Insights
• ChainTrade’s platform will provide equal access to all traders worldwide, i.e., no special advantages such as co-located servers or better fees for the biggest players.
• All trades are proposed to be recorded on the public Ethereum BC, while non-trade related data will be recorded on a separate delegated proof of stake chain.
• The platform is currently focused on food and agriculture commodities linked futures and options contracts only and plans to include other non-food commodities as adoption increases.
• The ICO closed with mixed results and the project had last split into two - one focused on exchange for crypto currencies called Nebula (further trying to explore the ICO route by swapping with CTT)
and the other called ChainTrade Physical (trying to go the equity route), started with a focus on trading other assets (non-food/agricultural). Total supply of CTT tokens is 42,034,200.
• The company has been inactive for well over a year and has failed to find partners from the intended industries. They are facing difficulties in convincing professional investors to support their initial
vision. The token also seems to be inactive in trade and has nil market capitalization.
Major Insights
• Blocksyte business model involves hardware integration in the form of hubs and tags associated with truck fleets and shipment-associated tags to a custom BC platform that the company would
provide as per requirement.
• Apart from traceability, containment of food bore illnesses, fraud and theft prevention it is claimed that compliance to customer demands and regulatory parameters can be achieved by leveraging
the platform developed by the company.
• The company is a bootstrapped bottom-up start up that has not sought funding either through the ICO or Venture Capital placements as it develops custom solutions for specific supply chain
applications.
• The company aims to take its product to enterprises which are small and medium and sell its offering to provide a competitive edge to them, Blocksyte’s estimated revenue is USD 4.4 Mn.
• In May 2019, Blocksyte launched an enterprise version of its SaaS-based BC application for supply chain industry.
BC Solutions BC Backbone BC Type Funding Type ABN Amro, BNP Paribas, Citibank,
Crédit Agricole CIB, Gunvor, ING,
Corporate
Trade and Commodity Finance Ethereum Private Platform Koch, Macquarie, Mercuria, MUFG
Bank, Natixis, Rabobank, Shell,
Funding Raised
• Komgo has developed an Ethereum-based BC powered open platform for commodity trade finance. The platform SGS, Societe Generale
USD 15 Mn
offers federated context with ‘privacy by a design’ feature. This ensures participants of the transaction, that
entities who are not involved with the transaction, cannot access this permissioned data.
• The company uses data transfer system known as Kite, which allows data sharing between transacting parties Lead Investors
without Komgo seeing the details of the transaction. This data cannot be misplaced or manipulated. Funding from companies of the
• The company has developed a protocol, which ensures interoperability with other industry platforms. consortium
• The company makes data secured and transparent by time-stamping the data ensuring its immutability.
Major Insights
• Komgo’s focus is to improve letter of credit and the auto-match function and to add letters of indemnity. The auto-match function identifies any discrepancy between the documentation and the
letter of credit and will automatically trigger human intervention to review the discrepancy.
• At present, the company is focused on the energy sector. Once matured, it plans to focus on commodity sectors.
• The company is planning to target crowded agribusiness sector, where its predecessor Easy Trading Connect has already executed the first BC transaction for soya beans with Louis Dreyfus Company.
However, the sector has a lot of problems to solve, creating opportunity for new competitors.
• Further, Komgo has geographical advantages as it is based out of Geneva, which is home to 35% of the world oil trade, 50% of the trade in sugar and coffee, and 35% of the world’s cereals, oilseed
and rice trade. Also, Switzerland has corporate tax advantages and the region claims to have 40-60% of the world’s trade finance activity.
• The company is working on the second round of funding this year. According to Souleïma Baddi, CEO of the company, nine (out of 15) of the existing stakeholders will reinvest in the latest funding.
Major Insights
• Ambrosus has worked with a number of pilot projects with a host of partners including some projects in the supply chain and logistics domain related to foods.
• The company has executed pilot projects with PREMIUM Goods and proposed case studies for Swiss Cheese’s premium label and olive oil traceability and quality assurance.
• The company currently also maintains a developer platform, a bridge to the Ethereum network for value transfers and a BC - Ambrosus Network operating with the Amber, an ERC-20 token.
• The platform also claims that it offers the capability to launch or support Security Token Offering for industrial data management solutions at present.
• Ambrosus launched AMB-NET along with IoT kits, SDK 2.0, Ambrosus Explorer (AmberEx) and Ambrosus Token Bridge in Apr-May’19.
• The company is one of the first BC projects and became an official partner of the United Nations 10YFP, which is responsible for the implementation of the Sustainable Development Goals.
• Officially, it is endorsed by EIT Food and Swiss Quality and Safety Association and has received financial backing from the government of the Canton of Vaud, Switzerland.
Major Insights
• Etherisc operates through a two-fold approach with an independent, not for profit foundation, The DI Foundation and a commercial entity, Etherisc Holding AG.
• Crop insurance is a highly promising use case for BC that offers an extensive opportunity for a variety of stakeholders including governments, NGOs, financial institutions and even insurance
companies. Etherisc addresses these challenges related to only index-based products by introducing the possibility of utilizing a variety of other oracles or sources to assess crop damage and extreme
events/disasters through satellite imagery, weather forecasts, 3rd party information/data providers, multiple weather bureaus or government agencies (as demonstrated in a Sri Lankan pilot project
executed in partnership with Aon and Oxfam).
• The company has also partnered with insurance companies, technology providers, and integrators that have considerable exposure to the insurance industry highlighting the capability of this
protocol to platform to launch certain successful industry.
• Etherisc has plans to venture into various types of insurance like Hurricane Insurance, Crypto Wallet Insurance, Social Insurance which will all be decentralized BC insurances.
Major Insights
• The company has been recognized as a member of the Enterprise Ethereum Alliance and had an estimated revenue of USD 2 Mn for 2018.
• The company has proposed a token-based business model for data creators, data holders, and node operators who would be a part of the ecosystem and utilize tokens for leveraging the platform or
database that would be built by using this protocol, and also for the use of the ODN that could be based on IOTA, Ethereum, or NEO.
• The company has worked on some interesting projects including tracking of products such as wine and has also formed an alliance (Trace Alliance) with its members being enterprises in food and
other industries, various service providers and app developers, etc. and certain research institutions both active in agriculture/food as well as other segments.
• It has received support from the Chinese food tech accelerator program Bits x Bites in deploying a pilot program with Yimishiji, a Chinese online farmers market to help 1.4 Bn Chinese consumers to
track and trace their food.
• IBM has 4 patent families related to application of BC in food and agriculture segment. These patent references are covered for US (5) and
as PCT Application (1).
• US20180276600A1 discloses the use of BC in tracing adulteration and contamination in the food supply chain, especially for edible oils.
US20180174094A1 discloses the product identification and verification using a unique code based on BC that comprises product details, to Consortium
manage the food-product shelf life and aligns with the product and service offerings of IBM in the BC segment. • IBM Food Trust
• US20180096360A1 discloses the use of BC smart contracts including regulatory and legal terms for food-based enterprises, and patent
publication US20190056726A1 discloses establishment of secure communication protocol with a drone by employing a BC controlled
identity lookup service.
• AWS has only 1 patent family (US - 1, PCT Application - 1) related to application of BC in food and agriculture segments.
• US20190026685A1 discloses an interface for verifiable tracking of an item (includes any food item) through a supply chain using a
distributed electronic ledger and aligns with the product and service offerings of AWS in the BC segment.
Consortium
• None
• Microsoft has 1 patent family related to application of BC in several segments of food and agriculture. The patent family covers US (5) and
PCT Applications (5).
• The patent publication US20190013934A1 discloses a system providing a record storage system and facilitates a proof of custody, proof of
chain of custody, and proof against tampering for a record based on BC that aligns with the product and service offerings of Microsoft in Consortium
the BC segment. • None
• Accenture has 3 patent publications related to application of BC in several segments of the food industry. The geographical coverage of
Accenture patents includes US (5), Australia (2) and Europe (1).
• The US10115068B2 patent discloses the use of BC in food supply chain management wherein it includes the BC-based product
identification and verification at the first and terminal destination of the food product in the supply chain. It aligns with the product and Consortium
service offerings of Accenture in the BC segment. • Consortium of AB InBev, Accenture, APL, Kuehne
• US10298585B1 discloses a system for asset transfers among BC of differing distributed ledger technologies using interop circuitry wherein + Nagel and the European customs organization.
the asset can be food or fruit shipments.
• US20190017982A1 broadly discloses the application of BC in agriculture and farm waste management.
Patent Insights
• Intel has 3 patent publications related to application of BC in food and agriculture segments. The geographical coverage of Intel patents
includes US (3) and PCT (1).
• US20180183573A1 discloses cryptography accelerator system based on BC for agricultural crop field and environment monitoring.
Another patent publication US20190102837A1 discloses a data buyer node network wherein the transaction in the network are through Consortium
BC and the seller is any data collection or infrastructure such as agriculture automation system. • SAP Blockchain Initiative
• WO2019005104A1 discloses tracking the provenance of goods wherein the goods can be perishable products such as the agricultural yield
from the farmer/breeder and aligns with the product and service offerings of Intel in the BC segment.
• BC technology although is in infancy, the • Startups that have projected the development • The players other than startups active in the
possible use cases developed around the Agri- of protocols and platforms at best are yet to Agri-Food domain include Fabric Providers, IT
Food industry has garnered significant attention. prove their business models and scale them. infrastructure and Architecture Developers,
A new generation of startups are out to leverage However, startups that have targeted Implementation Experts from the tradition IT-
BC in the Agri-Food industry and capture value development of specific applications for farmer industry as well as certain strong parties in the
of all the stakeholders, attention of developers support, track and trace, supply chain and value chain like retailers, food processing or
and trying to attract investments through a mix logistics are expected to hit success earlier. The packed foods industry, commodity traders,
of ICO and private investment approaches. token economics of ICO crowd-funded projects banks, financial institutions as well as insurance
have not taken off or shown sufficient promise players. However, this segment has depended
in the short term. on creation of consortiums to roll-out BC-based
innovations or platforms for only process
improvement or integration to legacy systems
that they are rather successful at rather than
startups that have emerged.
• The penetration of BC in the Agri-Food industry • The end-user categories that will most likely
will heavily depend on BC interoperability, clarity adopt BC solutions in the Agri-Food industry is
on the utility and asset tokens in many of the expected to be the retailers for track and trace,
developed token-based solutions, regulatory retail customers (B2C) in light of sustainability
and policy support environment globally for BC- preferences, food product processing or
based solutions in terms of acceptance and manufacturers for food safety and recall, supply
validation. chain participants as a mandatory integration to
existing legacy systems to establish chain of
custody. Commodity trade finance, insurance
are some other segments that will see
continued interest, adoption and push from
industry leader of those segments.
Start-ups'
Solutions +
Agri-Food Legacy Solution
Organizing the
Industry Interoperability
unorganized
Ecosystem Start-ups'
Food Supply Venturing Towards stakeholders
Value Chain Protocol or
Chain + IT
Infrastructure
Platform
Solutions +
Creating Value & Stakeholder
& Service
Industry- Developer or Infrastructure for Empowerment
Providers Stakeholder
Specific
Consortiums + Participation Digital Inclusion BC-enabled
Start-ups or IT
Infrastructure Agri-Food Industry
& Service
Providers
• Startups are expected to remain focused on developing Start-up Good • Start ups and innovators create and maintain IP
open source projects and has drawback of lacking a strong
Scenario Practices • Fiercely guard against patent trolls or other such actors that
IP portfolio or strategy.
can severely handicap the industry and its adoption
• The funding rush has been observed to be typically driven
by institutions not wanting to miss out on the BC disruption • Create dependable, cohesive and collaborative IP
wave, but not having in-depth knowledge of the frameworks to achieve enforcement and not choke the
technology. landscape the way other industry ecosystems such as
semiconductor, telecom, etc. have
• The emergence of smart contracts, dApps and even BC-
based market places has fueled the expectations and drives • Investor awareness combined with due-diligence and
the strategies of the industry at present while squarely handling of IP among the various projects
turning the focus on money-making.
IT Infrastructre
• Digital Assets: Files like images, videos, and presentations that contain information can be classified as digital assets
• Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement between buyers and sellers, directly written into the lines of the code. A distributed BC network contains
all the code and agreement regarding the smart contract. A Smart Contract allows anonymous, disparate parties to carry out trusted transactions and agreements, all without the need for an external
enforcement mechanism, or a central authority or legal system. A BC network, more importantly, makes a transaction transparent, traceable and irreversible
• Node Management: A node is a device on a BC network, that is the foundation of BC technology, allowing it to survive and function efficiently. Nodes are responsible for carrying out several tasks on a
BC network, and are thus distributed across the network. Any electronic device which has an Internet connection and an IP address can be classified as a node. A node supports the network by
maintaining a copy of the BC and in some cases, to process transactions. Activities related to setting the strategy, organizing and coordinating for these nodes for their efficient functioning, is called node
management
• Consortium: An association of several companies coming together to achieve a common objective
• Pilot Project: Before a product or a service is commercialized, it is test run within a limited geography with limited people having access to it, to get the first-hand feedback so that the product can be
improved
• Ray Battrick, “FoodLogiQ Blockchain Pilot to Help Industry Leaders Enhance Food Traceability”, Business Blockchain HQ, July 7, 2018, https://businessblockchainhq.com/business-
blockchain-news/foodlogiq-blockchain-pilot-to-help-industry-leaders-enhance-food-traceability/ news/foodlogiq-blockchain-pilot-to-help-industry-leaders-enhance-food-teability/
• Kate Clark, “Indigo raises $250M, launches marketplace to help farmers get paid for quality grain”, Tech Crunch, https://techcrunch.com/2018/09/18/indigo-raises-250m-launches-
marketplace-to-help-farmers-get-paid-for-quality-grain/
• “Research Partners”, Agro Indigo, Accessed May 2019, https://www.indigoag.com/for-growers/indigo-research-partners
• Unknown, “Indigo Agriculture and Anheuser-Busch Partner to Meet Sustainability Goals for Rice Production”, AP News, March 11, 2019,
https://www.businesswire.com/news/home/20190311005271/en/
• Leonardo Gottems, “Indigo - most valuable agtech startup in the world begins operations in Brazil”, AG News, April 12, 2019, http://news.agropages.com/News/NewsDetail---
30060.htm
• “About”, Agro Indigo, Accessed May 2019, https://www.indigoag.com/
• Unknown, “Indigo Agriculture Raises $250M in Series E Financing”, FinSMEs, September 18, 2018, http://www.finsmes.com/2018/09/indigo-agriculture-raises-250m-in-series-e-
financing.html
• Mauricio Nicocelli Netto, “A Look at Indigo Ag’s Successful Entry into the Brazilian Market”, Precision AG, May 9, 2019, https://www.precisionag.com/digital-farming/a-look-at-
indigo-ags-successful-entry-into-the-brazilian-market/
• “Case Studies”, Provenance, Accessed May 2019, https://www.provenance.org/case-studies
• “Partners”, Provenance, Accessed May 2019, https://www.provenance.org/partners
• “Find Raise”, Provenance, Accessed May 2019, https://www.provenance.org/news/us/fundraise_2017
• “News” Provenance, Accessed May 2019, https://www.provenance.org/news/us/unlocking-financial-incentives-reward-sustainability-supply-chains
• Unknown, “Provenance: Blockchain Innovators”, Impactt, 24 April 2018, https://impacttlimited.com/provenance-blockchain-innovators/
• Yessi Bello Perez, “How Provenance is Channeling the Blockchain for Social Good”, Coindesk”, December 17, 2015 , https://www.coindesk.com/provenance-channeling-blockchain-
social-good
• Unknown, “The story of Provenance”, Unicorn Hunt, https://unicornhunt.io/jobs/head-of-engineering-at-provenance
• “About”, Viant, Accessed May 2019, https://viant.io
• “About”, Traseable, Accessed May 2019, https://www.traseable.com
• Peter Newman, Ayoub Aouad, “DIGITAL HEALTH BRIEFING: Viant, GSK partner for blockchain in pharmaceuticals - CMS moves to increase the use of digital health solutions -
Hospitals to save big from teleservices”, Business Insider, January 5, https://www.businessinsider.in/DIGITAL-HEALTH-BRIEFING-Viant-GSK-partner-for-blockchain-in-
pharmaceuticals-CMS-moves-to-increase-the-use-of-digital-health-solutions-Hospitals-to-save-big-from-teleservices/articleshow/62386117.cms
• Aliesha Duffin, “From Bait to Plate on Ethereum’s Blockchain”, Cryptoslate, May 23, 2018, https://cryptoslate.com/from-bait-to-plate-on-ethereums-blockchain/
• Viant company information on Business Blockchain HQ, https://businessblockchainhq.com/blockchain-business-applications/viant/
• Bubba Cook, “Blockchain: Transforming the Seafood Supply Chain”, WWFNZ, http://awsassets.wwfnz.panda.org/downloads/draft_blockchain_report_1_4_1.pdf
• “Revenue” “Employee number”, “Funding Details” Crunchbase database: https://www.zoominfo.com/c/blocksyte-inc/463324286
• “Revenue” “Employee number”, “Funding Details” Linkedin database: https://www.linkedin.com/
• Unknown, “Blocksyte Announces Enterprise Version Of Its Saas-based Blockchain Application For Food Industry Supply Chain”, PR Distribution, May15, 2019,
https://www.prdistribution.com/news/blocksyte-announces-enterprise-version-of-its-saas-based-blockchain-application-for-food-industry-supply-chain/4445126
• Obiter Cryptum, “Blocksyte: Putting the Granite State on the Blockchain Map, Blockchain SEO, February 16, 2019, https://blockchainseo.net/blocksyte-blockchain-solutions/
• “Solution”, Blocksyte, Accessed May 2019, http://www.blocksyte.com/solution.html
• “White Paper”, TE-Food, Accessed May 2019, https://ico.tefoodint.com/te-food-white-paper.pdf
• “About”, TE-Food, Accessed May 2019, https://tefoodint.com/index.html
• Unknown, “TE-FOOD and Ambrosus comparison”, Medium, December 12, 2017, https://medium.com/te-food/te-food-and-ambrosus-comparison-edf1fc5d95ff
• Unknown, “Token Economy of TE-FOOD”, Medium, April 13, 2018, https://medium.com/te-food/token-economy-of-te-food-b617efe17115
• Unknown, “TE-FOOD’s achievements in 2018, and plans for 2019”, Medium, January 3, 2019, https://medium.com/te-food/te-foods-achievements-in-2018-and-plans-for-2019-
3572ca58373d
• Unknown, “European Retail Giant Auchan Implements Blockchain Based Food Traceability on International Scale”, Medium, November 28, 2018, https://medium.com/te-
food/european-retail-giant-auchan-implements-blockchain-based-food-traceability-on-international-scale-5bd958b68192
• TE-Food, Token Information: https://blocktivity.info/
• “About”, Ripe.Io, Accessed May 2019, http://www.ripe.io/
• Nicholas Say, “Ripe.io Receives $2 Million+ to Develop Blockchain of Food”, BLOCKONOMI, September 19, 2018, https://blockonomi.com/ripe-io-blockchain-of-food/
• Unknown, “Future of Agriculture – Blockchain and the Internet of Food With Raja Ramachandran of Ripe.Io”, Farm & Rural Ag Network, http://www.farmruralag.com/future-of-
agriculture-blockchain-and-the-internet-of-food-with-raja-ramachandran-of-ripe-io/
• Unknown, “Freshtec Exhibitor Spotlight: Ripe.Io”, United Fresh Produce Association, October 01, 2017, https://www.unitedfresh.org/freshtec-exhibitor-spotlight-ripe-io/
• Kara Phelps, “Taste the Blockchain: IoT, Blockchain, and the Food Supply”, DZone, December 19, 2017 https://dzone.com/articles/taste-the-blockchain-iot-blockchain-and-the-food-
s
• Unknown, “Ripe.io to pilot food traceability with National Pork Board”, Ledger Insights, https://www.ledgerinsights.com/blockchain-food-traceability-national-pork-board-pigs/
• Unknown, “Ripe.io Announces Partnership With FlavorWiki To Understand How Consumer Preference Can Impact Our Food Supply”, PRNewswire, March 25, 2019,
https://www.prnewswire.com/news-releases/ripeio-announces-partnership-with-flavorwiki-to-understand-how-consumer-preference-can-impact-our-food-supply-
300817429.html
• “Blog”, Ambrosus, Accessed May 2019, https://blog.ambrosus.com/
• “Documents”, Ambrosus, Accessed May 2019, https://ambrosus.com/documents/
• “Technology”, Ambrosus, Accessed May 2019, https://tech.ambrosus.com
• “Explorer”, Ambrosus, Accessed May 2019, https://explorer.ambrosus.com
• Unknown, “Blockchain supply chain platform Ambrosus raises $30M in ongoing presale”, EconoTimes, August 31, 2017, http://www.econotimes.com/Blockchain-supply-chain-
platform-Ambrosus-raises-30M-in-ongoing-presale-876305
• Unknown, “Ambrosus, the Blockchain-Powered IoT Network for Next-Generation Supply Chains”, Blokt, April 23, 2019, https://blokt.com/interview/ambrosus-the-blockchain-
powered-iot-network-for-next-generation-supply-chains
• Unknown, “Ambrosus Partner With NDS And Mega Mart To Track Premium Quality Beef”, Payment Week, October 9, 2018, https://paymentweek.com/2018-10-9-ambrosus-
partner-nds-mega-mart-track-premium-quality-beef/
• Daniel Jones, Tessa Thorburn, “Using Blockchain to Unblock the Supply Chain”, Bext360, March 4, 2018, https://www.bext360.com/using-blockchain-to-unblock-the-supply-chain/
• “Press Release”, Bext360, Accessed May 2019, https://www.bext360.com/press-release-bext360-and-coda-coffee-release-the-worlds-first-blockchain-traced-coffee-from-bean-to-
cup/
• Robert Hackett, “This Blockchain Startup Ties Coffee to Crypto”, Fortune, September 29, 2017, http://fortune.com/2017/09/29/national-coffee-day-starbucks-blockchain/
• Alex Knapp “This AgTech Startup Just Built A Coinstar For Coffee”, Forbes, Jul 14, 2017, https://www.forbes.com/sites/alexknapp/2017/07/14/this-agtech-startup-just-built-a-
coinstar-for-coffee/#5362ccca43e5
• Ben Schiller, “These Blockchain-Enabled Kiosks Make Coffee Farmers More Money–And Let You Verify Your Beans”, Fast Company, December 4, 2017,
https://www.fastcompany.com/40405379/these-blockchain-enabled-kiosks-make-coffee-farmers-more-money-and-let-you-verify-your-beans
• Erica E. Phillips, “Bringing Blockchain to the Coffee Cup”, The Wall Street Journal, April 15, 2018, https://www.wsj.com/articles/bringing-blockchain-to-the-coffee-cup-1523797205
• Unknown, “Bext360 Closes $2.15M Seed Funding Round”, FinSMEs, June 1, 2017, http://www.finsmes.com/2018/06/bext360-closes-2-15m-seed-funding-round.html
• Unknown, “Bext360 and Coda Coffee Release The World’s First Blockchain-traced Coffee from Bean to Cup”, Globe News Wire, April 16, 2018,
https://www.globenewswire.com/news-release/2018/04/16/1472230/0/en/bext360-and-Coda-Coffee-Release-The-World-s-First-Blockchain-traced-Coffee-from-Bean-to-Cup.html
• Bext360, ICO Presentation on ICO.org: http://www.ico.org/documents/cy2017-18/Presentations/bext360_Daniel-Jones.pdf
• “Revenue” “Employee number”, “Funding Details” Owler database: https://www.owler.com/company/origintrail
• “Awards”, Sofocle, Accessed May 2019, https://www.sofocle.com/awards-recognition/
• “Use Cases”, Sofocle, Accessed May 2019, https://www.sofocle.com/how-can-blockchain-streamline-the-fragmented-agricultural-ecosystem/
• Peter Lee, “Sofocle: Demand Driven Blockchain Solutions for the Supply Chain and Insurance Industries”, Big Publishing Blog, April 3, 2018
https://blockchainindustrygroup.org/sofocle-demand-driven-blockchain-solutions-for-the-supply-chain-and-insurance-industries/
• “Revenue” “Employee number”, “Funding Details” CB Insights database: https://www.cbinsights.com/company/sofocle-technologies-funding
• “Tracxn Research - Blockchain Report, May 2017”, presentation on Slideshare: https://www.slideshare.net/Tracxn/tracxn-research-blockchain-report-may-2017
• “Products”, Etherisc, Accessed May 2019, https://etherisc.com/#products
• “Blogs”, Etherisc, Accessed May 2019, https://blog.etherisc.com/
• “White Paper”, Etherisc, Accessed May 2019, https://etherisc.com/files/etherisc_whitepaper_1.01_en.pdf
• Unknown, “Blockchain technology brings crop insurance to paddy field farmers”, Aon Plc, October 29, 2018 , http://aon.mediaroom.com/news-releases?item=137772
• Matt Sheehan, “Aon, Etherisc and Oxfam partner on joint micro-insurance program in Sri Lanka”, Reinsurance News, November 2 2018, https://www.reinsurancene.ws/aon-
etherisc-and-oxfam-partner-on-joint-micro-insurance-program-in-sri-lanka/
• Etherisc, Token information: https://icodrops.com/etherisc/
• Etherisc Company Information: https://icobench.com/ico/etherisc
• “About”, OriginTrail, Accessed May 2019, https://origintrail.io/
• “White Paper”, OriginTrail, Accessed May 2019, https://origintrail.io/storage/documents/OriginTrail-White-Paper.pdf
• “Alliance”, OriginTrail, Accessed May 2019, https://alliance.origintrail.io/
• OriginTrail Token information: https://icodrops.com/origintrail/
• Marie Huillet, “Nestle: IBM Food Trust Blockchain Set to Expand to New Suppliers, Consumers in 2019”, Cointelegraph, January, 28, 2019 https://cointelegraph.com/news/nestle-
ibm-food-trust-blockchain-set-to-expand-to-new-suppliers-consumers-in-2019
• Unknown, “Major Blockchain Collaboration with Wamart and Others to Address Food Safety Worldwide”, Supply Chain 247, October 17, 2017,
https://www.supplychain247.com/article/major_blockchain_collaboration_to_address_food_safety_worldwide
• Unknown, “PR: AWS announces general availability of Amazon Managed Blockchain”, Crypto Reporter, May 5, 2019, https://www.crypto-reporter.com/press-releases/aws-amazon-
managed-blockchain-9077/
• AWS Use Case: https://www.farmobile.com/data-store/
• “Blockchain”, SAP, Accessed May 2019, https://www.sap.com/blockchain
• “News”, SAP, Accessed May 2019, https://news.sap.com/
• “Product”, SAP, Accessed May 2019, https://www.sap.com/products/leonardo/blockchain.html
• “Cloud Platform”, SAP, Accessed May 2019, https://cloudplatform.sap.com/capabilities.html#2.13
• “Blog”, Microsoft, Accessed May 2019, https://cloudblogs.microsoft.com/industry-blog/manufacturing/2018/09/25/buhler-will-track-crops-from-farm-to-fork-using-blockchain-
technology/
• “Documents”, Microsoft, Accessed May 2019, https://docs.microsoft.com/
• “Blockchain”, Accenture, Accessed May 2019, https://www.accenture.com/in-en/insights/blockchain/integration-ecosystems,
• “Services”, Accenture, Accessed May 2019, https://www.accenture.com/in-en/services/blockchain/circular-supply-chain
• Unknown, “Bringing traceability and accountability to the supply chain through the power of Hyperledger Sawtooth’s distributed ledger technology”,
https://sawtooth.hyperledger.org/examples/seafood.html
• Joseph Young, “How the Blockchain’s Potential is Being Demonstrated by SAP, Hyperledger and Intel”, Blockchain Business, April 17, 2017, https://btcmanager.com/the-blockchains-
potential-is-being-demonstrated-by-sap-hyperledger-and-intel/?q=/the-blockchains-potential-is-being-demonstrated-by-sap-hyperledger-and-intel/&
• “Blockchain”, Intel, Accessed May 2019, https://builders.intel.com/docs/select-solutions-blockchain.pdf
• “Blockchain”, Alibaba, Accessed May 2019, https://www.alibabacloud.com/products/baas
• Gianmarco Ebeling, “Alibaba will use blockchain to solve the problem of counterfeiting food”, Blockchain Flash News, May 21, 2018, https://blockchainflashnews.com/alibaba-will-
use-blockchain-to-solve-the-problem-of-counterfeiting-food/
• Danielle Long, “Alibaba launches blockchain technology to improve supply chain integrity and enhance trust in platform”, The Drum, April 30, 2018,
https://www.thedrum.com/news/2018/04/30/alibaba-launches-blockchain-technology-improve-supply-chain-integrity-and-enhance
• “Blockchain”, Komgo, Accessed May 2019, https://www.sap.com/blockchain
• “News Article”, Komgo, “SGS CO-LAUNCHES KOMGO, A NEW BLOCKCHAIN-BASED PLATFORM TO TRANSFORM COMMODITY TRADE FINANCE”, September 19, 2018,
https://www.sgs.com/en/news/2018/09/sgs-co-launches-komgo
• Nicky Morris, “Commodities trade finance blockchain komgo goes live. VAKT relationship clarified”, Ledger Insights, https://www.ledgerinsights.com/komgo-commodities-trade-
finance-blockchain/
• “Case Study”, Komgo, https://cdn2.hubspot.net/hubfs/4795067/komgo%20Case%20Study%20%5BClient%20Ready%5D%20-%20May%202019%20(1).pdf
• Damien W, “Komgo — Blockchain is getting real in commodity trading”, Medium, September 23, 2018, https://medium.com/@damienwursten/komgo-blockchain-is-getting-real-in-
commodity-trading-14a1b250528a
• Angela Scott-Briggs, “Innovative Use of Blockchain in Agriculture: Interview with Keith Agoada, CEO of Producers Token”, Tech Bullion, October 4, 2018,
https://www.techbullion.com/innovative-use-of-blockchain-agriculture-interview-with-keith-agoada-ceo-producers-token/
• Tim Lea, “b3 Blockchain Interview With The Founders Of Agriledger.com - The International Philanthropic Blockchain Application To Protect Third World Farmers”, LinkedIn, August
10, 2016, https://www.linkedin.com/pulse/b3-blockchain-interview-founders-agriledgercom-application-lea/
• Gautam Naik, “Companies use blockchain to track food products from farm to fork”, S&P Global, January 11, 2019, https://www.spglobal.com/marketintelligence/en/news-
insights/latest-news-headlines/49267094
• Unknown, “GS1 releases new position paper on the future of blockchain technology”, GS1, October 17, 2018, https://www.gs1.org/articles/2463/gs1-releases-new-position-paper-
future-blockchain-technology
• Unknown, “GS1 recommends use of existing data standards in enterprise blockchain implementations”, GS1, https://www.gs1.org/sites/default/files/docs/internet-of-
things/gs1_blockchain_external_messaging_a4.pdf
• Bilgin Ibryam, “The next integration evolution — blockchain”, Tech Crunch, https://techcrunch.com/2019/02/05/blockchain-as-integration-evolution/
• Unknown, “How Blockchain Can Help Streamline Supply Chain Management”, Hughes Systique, May 08, 2019, https://hsc.com/Blog/How-Blockchain-Can-Help-Streamline-Supply-
Chain-Management
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industry
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http://www.fao.org/3/ca2906en/CA2906EN.pdf
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WEB.pdf
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blockchain
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commodities-industry-with-blockchain-exclusive
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their-own-words-71f8398252eb
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