Tomatoes are Next Product to Experience Blockchain Revolution
A Blockchain startup is looking apply the technology to the tomato supply chain.
As tomatoes hit the headlines for the wrong reasons recently, Blockchain startups are adding immutability to the fruit’s international supply chain. The brainchild of ex-Wells Fargo banker Raja Ramachandran and Nasdaq executive Phil Harris, one such startup is aiming to reimagine the market despite facing criticism.
Project manager Caroline Myran told Bloomberg Thursday:
“There’s a lot of fraud in food origins, especially now that it’s hot. People say ‘this is local,’ or ‘this is organic,’ or ‘this is grown using certain practices.’ With this system, you can prove it.”
Italy recently gained significant negative publicity after an investigation revealed mass exploitation at tomato plantations in the country’s south. Through provision of immutable tracking, the industry could soon gain the kind of reputation upgrade Blockchain is currently offering coffee and agriculture.
Liz Reitzig, founder of NourishingLiberty told Cointelegraph:
“Getting paid for labor is a big challenge in the farming world, and Blockchain can alleviate part of that.”
While still in its initial stages, however, the concept is attracting naysayers who consider Blockchain to be of limited use in the field. Paxos CEO Charles Cascarilla expressed concern about overuse of Blockchain:
“[Blockchain] is a tool, and you have to apply it to the right set of problems. What it tends to be very good for is knowing who owns what and when. It’s not a magic bullet.”