Blockchain group Ambrosus developing marketplace concepts
The company is developing a business-to-consumer platform targeting the organic sector. “Organic farmers will be able to sell high quality products directly to consumers,” Radoslav Dragov, a business development executive at Ambrosus, explained.
Blockchain technology used in the online marketplace will provide quality safeguards for consumers and manufacturers alike, while “smart contracts” will ensure frictionless transactions, Dragov explained.
Entering into a smart contract, suppliers are guaranteed payment if the contractual conditions are met, while buyers are guaranteed a rebate if they are broken. According to Dragov, a smart contract “renders transactions irreversible and trackable” and, because it is data driven, it provides additional security by taking “people out of the decision making process”.
The marketplace will also allow producers to “tell a story” about themselves in order to develop their brands and “build trust” with consumers, Dragov noted.
The group is also looking at a peer-to-peer marketplace for commodities, Dragov told FoodNavigator at the Ingredients Show tradeshow in Birmingham last month. “It is something we are working on. It is the same system but with larger quantities.”
'Ensuring trust in a complex world'
Ambrosus is experimenting with these concepts in order to stay at the forefront of innovation efforts as it looks at possible future avenues of growth. Nevertheless, the group’s core business remains centred on providing food manufacturers with blockchain technologies within their own supply chains.
Dragov explained: “The overall problem we are trying to solve is how to ensure trust in a complex world… We as a company have our focus and functions. But we are also trying to explore other possibilities.”
While the company is looking at additional ways blockchain tech can be utilised by food makers, the overall business development drive at Ambrosus therefore continues to focus on delivering its “end-to-end solution to optimise the supply chain”.
Ambrosus believes blockchain tech, which uses IoT sensors to track items and monitor conditions in the supply chain, can tackle food fraud while improving product quality, traceability and supply chain efficiency.
“Everyone in the supply chain can benefit from blockchain,” Dragov argued. “What can blockchain do for you? It is very easy to link different parts of a supply chain in a network. If you are a food manufacturer you can trace and track a product as it goes through the supply chain. If something goes wrong, you can identify it very quickly.
“The biggest selling point is trust. We give an extra level of protection for your goods.”
