The food industry is warming up to blockchain, thanks to the likes of Ambrosus. The Swiss startup was founded last year, but officially launched yesterday. An Initial Coin Offering (ICO) will begin in September.
According to Ambrosus' website, the company aims to use cutting-edge technology to improve the food supply chain: "Combining high-tech sensors, blockchain protocol, and smart contracts, we are building the world’s first publicly verifiable, community-driven ecosystem to assure [sic] the quality, safety, and origins of food."
The idea is to keep track of produce as it moves from farm to fork, with the blockchain ensuring the integrity of the data. Russia's ITcoin is doing something similar for the nation's beef products.
Ambrosus is built on the Ethereum blockchain, and Ethereum co-founder Gavin Wood's Parity Technologies is its core technology partner. Parity's co-founder Jutta Steiner joins Wood as a technical advisor for Ambrosus.
It's worth noting that Parity has been in the news itself recently. Just yesterday, the company reported a breach that compromised its crypto wallet, leading to the theft of $30 million in ether. The news threatens to cast a shadow on the supposed security of blockchains.
Despite the bad timing of this Parity news, Ambrosus co-founder Angel Versetti appears optimistic about the potential for his company's technology to push Ethereum into a largely untouched industry: “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.”
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.