28.04.2017 Food Blockchain XYZ, a startup based at the EPFL Innovation Park, has secured the financial support of the Canton de Vaud. The company is building the Food Supply Chain 2.0 using a combination of secure sensors, blockchain technology and smart contracts.
Food Blockchain XYZ is the first startup in the world to assure quality and safety of food through sensor systems connected to Ethereum Blockchain, with own sensor systems as well as smart contracts and token Foodcoin currently in development. As the CEO of the company, Angel Versetti, explained to Startupticker.ch, the system enables a reliable and comprehensive overview of all aspects of quality, safety and tracing of food from A to Z, that any party can verify via blockchain or let smart contracts control the assurance processes.
Food Blockchain XYZ is a comprehensive solution for food supply chains, allowing verifiable quality and safety control of food from farm to fork. Through the combination of blockchain, sensors and smart contracts, it achieves an unprecedented level of transparency and trust between different actors in the food sector. Their token Foodcoin allows buyers and sellers to enter into commercial relationships where quality, safety and origins of food are key determinants. The company aims to build a new community marketplace for food, where the quality of food and sustainability of the methods of production will be influencing price, allowing the markets to reward the best manufacturers and not those who hold the biggest power.
The startup was co-founded in 2016 by Dr. Stefan Meyer, the Founding Managing Director of the Integrative Food and Nutrition Center at the Swiss Federal Institute of Technology (EPFL) and Member of the Swiss Federal Office for Agriculture. The team includes industry veterans from Food Quality Control, Food Reassurance and seasoned Blockchain developers who have founded several startups. Their advisors include two top-tier VC partners and an executive from Samsung and former CFO of Lockheed Martin.
Blockchain XYZ system solution has received the endorsement from Dr Xaver Edelmann, President of the Swiss Association for Quality and Management Systems (SQS) and has secured financing from the Government of the Canton of Vaud through its Department of Economic Affairs as well as SparkLabs Global Ventures from Silicon Valley. This support will enable the startup to expand its business operations and R&D projects.
Food Blockchain XYZ has a very busy schedule for the next months. The company will be presenting the Ethereum-based demo powering its Food Supply Chain 2.0 at the Pioneers Festival in Vienna. It will also be finishing its sensor prototype for the beginning of the coming Summer with the objective to have a fully functioning system in September.
You can find more about Food Blockchain XYZ at www.foodblockchain.xyz.
Source: Eugène Schön . Startupticker