Walking into a grocery store today will leave you bombarded by a variety of brands all claiming to provide the freshest & quality ingredients money can buy, but how do you know they’re telling the truth? According to the Food Safety Magazine, 2016 saw a total of 764 food-related recalls in the United States alone this figure is a 22% increase since 2015. From that 764 recalls, 305 were related to undeclared allergen contamination such as Milk, Eggs, Peanuts and/or Wheat. So how can we utilize blockchain technology to ensure our food has the ingredients it claims to have without any contamination and stored at the correct temperature? Enter Ambrosus, the first community-driven ecosystem utilizing blockchain technology & smart contracts to assure the quality, safety & origins of products.
How does Ambrosus Work?
The Ambrosus ecosystem is powered by high-tech sensors that monitor every step of the supply chain. These sensors monitor everything from storage temperature to the food’s physical attributes to ensure no tampering and safe storage. The ecosystem allows for suppliers to trace every single step of the production process, including the transportation to & from grocery stores. Ambrosus will also use Ethereum smart contracts to allow suppliers to enter into commercial agreements with one another and will only execute if certain quality & storage requirements are met. Let’s have a look at one of their use case examples, a mother who wants to purchase the most nutritious & healthiest food for her baby.
The Team Behind Ambrosus
Ambrosus was founded in 2016 by Angel Versetti and Dr. Stefan Meyer. However, one notable name is their Technical Advisor, Dr. Gavin Wood, the co-founder of Ethereum and inventor of the Solidity programming language. After leaving Ethereum, Dr. Wood went on to found Parity Technologies, the company behind the development of the Ambrosus ERC20 Token, Amber. Although he is a very beneficial team member, it’s important to note the background of CEO, Angel Versetti, as well. The CEO has extensive experience, having previously worked with United Nations, World Resources Forum & Bloomberg. His connection with the United Nations has allowed the project to receive support from both the UN and the Government of the Canton of Vaud, Switzerland. They are officially sponsored by the SQS (Swiss Quality and Safety Association). See Also: Ambrosus Partners with TREK Therapeutics
Ambrosus (AMB) Initial Coin Offering in September 2017
The Ambrosus ecosystem uses an ERC20 token known as Amber (AMB) to transact throughout the system. The Intial Coin Offering will open on September 13, 2017 and close on October 13, 2017. Personally, I think the cap will be reached much sooner than October 13 for such a promising project.
The native token of Ambrosus, Amber is used to help trace food through its entire path from farm to fork, linking the information gathered to the records about the batch. Amber is also the fuel for the Ambrosus ecosystem, used to access the network services, interact with the sensor systems and to enter commercial agreements assured by smart contracts. The Core Technology Partner for development of the Amber token is Parity Technologies. Ambrosus
As a big believer of blockchain technology and cryptocurrencies, Ambrosus seems to have a very promising future in my opinion. Their platform has the ability to eliminate so many uncertainties in both the food industry, as well as, the pharmaceutical industry. Based on their team, they have the technical knowledge and experience to deliver their product. This is one project that I will definitely be keeping an eye on.
Discussion: What are your thoughts on Ambrosus?
Let us know in the comments below what you think of the Ambrosus project. Do you see it being widely adopted by suppliers and pharma companies?
Ambrosus Vision Paper: https://ambrosus.com/wp-content/uploads/2017/07/Ambrosus-Vision-Paper-V.2.3.2-EN.pdf
Ambrosus Official Website: https://ambrosus.com
Food Safety Magazine 2016 Food Recalls: http://www.foodsafetymagazine.com/enewsletter/a-look-back-at-2016-food-recalls/
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