Food starts from the production location, goes through processing, and then reaches the customer, through wholesale, and retail distribution. The network of all these participants, from the producer, to the retailer, is called the ‘food supply chain’. Currently, the network, is based on trusted individuals, so, they create, a trust-related relationship network. However trust, can be undermined, by big and complex, supply chains, irresponsible and immoral participants, and delayed settlements.
Blocery’s aim, is to use the distributed ledger data structure, to create a new innovative supply chain system. It allows, all participants, producers, distributors, settlement service providers, and consumers, to exercise immutable data sovereignty. This will create a trusted chain, with added value. It embraces, data generation and sharing, with the issue, of blocery token. The participants, get added value, by providing production history, distribution, and quality management. The use of the pre-purchase dApp, leads to better, financial services. Blocery tokens can be used for all contracts and transactions, in the ecosystem.
Globally 1.6 billions tons of food, is being wasted every year, because of errors, in the process of production, storage, package, wholesale and retail distribution, and consumption. This is about one third, of the food produced. As we can see, this is a great inefficiency, that blocery, wants to correct. Trust, is very important, as consumers, want to know, where and how, the product was created, for the final decision, to select a product or not. Online delivery of food is growing rapidly, so all this information, becomes, very important, as you are not in the front of the product, to see it, if you want to buy it.
There is an excessive gross margin, per grocery order. Big middlemen, make prices, go high, and the consumer, pays a high price, and the producer, gets, a very small fraction, of this price. There is an example of a big retailer, that bought cabbage, for $1.2 per unit, and sold it, at $6. This, is not fair, for the consumer, and the producer. Blockchain technology, removes middlemen, so there is a great field of applications, for the food supply chain. This, also, results in financial exclusion, of the small and medium sized participants, in the food supply chain.
To improve the food supply chain, Blocery proposes, the following solutions. With blocery, a secure, transparent, and traceable food ecosystem can be provided to the market participants. This can be done, with the blockchain, and big data engines. With the help of IoT devices, and a distributed, ledger database, a high quality control system, is created. This system, cannot be forged or altered. Blocery, provides modules, like Data Entry and Access, Trace and Certifications to maximize efficiency. All participants, are given the opportunity, to leverage, traceable and transparent data, to predict real-time supply and demand, through an automated process.
Blocery, has created MarketBly and Nicefood, which is a decentralized application, that enables complete Direct to consumers supply, to overcome, the centralized distribution. This service, is a peer to peer network. To grow, the online food market, the production history and sales information, should be provided transparently, to ensure the reliability from the products. The tamper proof, reliability of the blockchain, ensures accurate data. With the decentralized application, smart contracts, will be used, for orders, and settlement.
Wholesalers, and retailers, can pre-purchase, with contracts, from the producers. Blocery, registers, production history on-chain. Verifies production, and growth data, and registers, manufacturing data, on-chain. Records, all IoT data, automatically, on-chain. All other data, like expiration date, stock, storage and production, are automatically, stored on-chain. Production Identification, and certification, as reading other’s reviews and evaluations, of the product, is easy, as it is stored, on chain. All transactions, between participants, are secured, through smart contracts.
Total supply of the token, is one billion tokens (1,000,000,000). Pre-purchases, can be done through the bilateral escrow, of the BLY tokens. The data can create immense value, specifically, to credit and financial firms, research institutions, the government, manufacturing companies, etc. The token, is an incentive to drive participants, to publicly disclose their data. Consumers, can write reviews or answer questionnaires, from the producers. They will get rewarded with BLY tokens.
This is a very ambitious project, that will transform, the whole process, in the supply chain, to make an efficient, and transparent network, to increase the security, in the food supply.