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Blockchain-Based Ecosystem Tackles Food Supply Chain Deficiencies, Sets Token Sale

Last Updated March 4, 2021 4:58 PM
Lester Coleman
Last Updated March 4, 2021 4:58 PM

Ambrosus, which bills itself as the first blockchain-based ecosystem for the food supply chain, has announced a token sale in September 2017. Combining high-tech sensors and smart contracts, Ambrosus is designed to tackle the deficiencies of global food supply chains.

Angel Versetti, Ambrosus CEO and co-founder, said:

The funds secured through our crowdsale will fuel the creation of our vibrant, community-driven ecosystem ready to build a better future for the global food markets. The combination of the maturity of the technology and the brainpower and creativity of participating actors provides a unique and clear opportunity to build a bridge between Ethereum and the food sector.

Ambrosus utilizes Parity Technologies (Ethcore) to provide a verifiable, community-driven system to assure the safety, quality and origins of food.

Food Supply Chain Deficiencies

The global system of food production and distribution doesn’t adequately serve the needs of society, according to Versetti.

He said:

With little trust amongst 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.

An ecosystem with complementing technologies developed within the Ethereum ecosystem, Ambrosus provides a new way for how the global food supply chains and markets can operate, he said.

The system has interconnected quality assurance sensors that record the entire history of food from farm to fork. Smart contracts can enable automatic governance of food supply chains and manage the commercial relationships among the different supply chain actors.

Founders Bring Extensive Backgrounds

Ambrosus was co-founded in 2016 by Versetti and Dr. Stefan Meyer. Prior to co-founding Ambrosus, Versetti, held roles at the World Resources Forum, United Nations’ Trade and Investment Division and Department of Technology and Industry, and Bloomberg.

Meyer, Ambrosus’ CTO, brings more than 20 years of R&D experience in food analysis, data encryption and ultrasound sensors at companies such as Nestlé, Vitargent Biotech and MHM Microtechnique. Meyer was also the founding managing director of the Integrative Food and Nutrition Center at the Swiss Federal Institute of Technology.

Dr. Gavin Wood, the co-founder of Ethereum, and Dr. Jutta Steiner, former chief of security for the Ethereum Foundation, serve as technical experts for Ambrosus.

Versetti said:

Given Ambrosus’ emphasis on the integration of next-generation sensors with smart contracts, Parity’s contribution will help craft new best practices for the global IoT industry. Parity will also provide support as Ambrosus looks to integrate key aspects of blockchain into existing supply chains.

Wood added:

Parity was created to solve the thorniest and most complex problems. 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.

Also read: Ethereum-based Swiss blockchain startup readies tech for the food supply chain

Global Endorsements

Ambrosus has been endorsed by EIT Food and the Swiss Quality and Safety Association, and has the support of global organizations such as the United Nations, the Crypto Valley Association, Swiss Federal Institute of Technology, and the backing of the government of the Canton of Vaud, Switzerland.

As the official partner of the 10YFP Sustainable Food Systems, Ambrosus showcased its blockchain solution at the Global Food Conference of the United Nations in Pretoria, South Africa on June 21, 2017.

Featured image from Shutterstock.