The designers of a blockchain-based ecosystem for the food supply chain today introduced a P2P marketplace which allow transactions which record the price, quantity and quality of food.
Ambrosus combines high-tech sensors, blockchain technology and smart contracts to “change the dynamic of global food markets” with farmers and food producers “no longer subject to the control of big buyers and downward pressures on the price of their produce,” founder and CEO Angel Versetti said.
“Today’s quality conscious consumers are better informed and often prepared to pay more for high quality food. However, food producers who do follow ethical, healthy techniques have limited means to prove the quality of their products and get those products in the hands of consumers, not to mention the low prices at which they are forced to sell them.
“This is where The Ambrosus p2p Marketplace steps in, enabling consumers to choose the high-quality food they are searching for, while creating opportunities for food producers to earn reflective revenues for their produce.”
Buyers can browse food products from global producers. Because they are run on smart contracts, the buyer can track product quality and conditions at every stage. An escrow payment system is used so payments are reimbursed if conditions are not met. To prevent food waste a Dynamic Contract Rerouting system means rejected contracts can be sold to others at a lower price.
Sellers with the best reputations for quality can charge higher prices due to their reputation.
“As the marketplace is entirely open-source, additional versions can be created and adapted anywhere in the world by anyone looking to strengthen local commerce or create transnational marketplaces for quality food,” Mr. Versetti said.
“In a transparent, secure, fully digital food supply chain, farmers can easily provide authenticated proof of the quality and origins of their produce,” cofounder and CEO Dr. Stefan Meyer said. “On the Ambrosus Marketplace, farmers whose products are of verifiably better-quality ingredients and stem from sustainable agricultural practices can use our platform to demonstrate the additional value of their produce.
“Furthermore, with instant settlement of payments and instant discovery of problems, lengthy disputes and costly recalls can become a thing of the past.” Dr Meyer added.
Ambrosus is also the first blockchain-based platform to partner with the United Nations 10YFP Sustainable Food Systems Program. Run by Switzerland’s Federal Department of Economic Affairs, it unites leading programs and directs resources to programs promoting sustainability and food waste reduction.
“We are honoured to be the first blockchain project to be selected as official partner to the United Nations 10YFP Programme,” Mr. Versetti said. “Sustainable Development Goals is the largest development project in history, and the question of sustainability is one of the most pressing issues for the future of food. Ambrosus is driven by individuals who are dedicated leaders in their field, and this partnership further cements our promise to a safer, sustainable food ecosystem.”