Blockchain Intervention: FoodCoin & INS
I want to explore the ways that blockchain technology can help streamline one of the largest global industries, the food industry.
This one is definitely in need of a blockchain intervention.
Today I want to focus on two blockchain based companies that are focusing on doing just this.
FoodCoin and INS are similar in that they are addressing the issues that arise from the massive retailers having too much power in regards to dictating how manufacturers products reach their consumers. But here’s how their different:
This one seems to be focused more on liberating the agriculture market and local farmers. They will be using the Ethereum blockchain for their active platform that supports 1000 ecofarms. FoodCoin is also focused not only on the farmers but also the processors, distributors, restaurants, farmer’s markets and things like this.
This project is more focused on the broader market of food manufacturers both global and local. They will be providing a platform for both universally recognized brands and those who are local and are getting screwed over by the rules set forth by current retailers who force price mark ups and other requirements that small providers can’t quite handle.
In addition to providing a platform for these manufacturers and consumers to interact more directly, INS is giving third party distributers the chance to take full advantage and better capitalize on their resources for the benefit of all parties involved.
In a world where millennials are now forcing change in many different industries by wanting locally made/grown, and a customizable shopping experience, it looks like FoodCoin and INS are both very much aligned with these desires.
It certainly seems they are going to be providing services that will be very much in demand in the near future.
That being said, here is an interview with myself and one of the founders of INS, Peter Fedchenkov.
INTERVIEW QUESTIONS:
(If you want to hear the answers you'll have to check out the video ;) )
Your team has a background with retail, and with the food industry in particular, how long did it take for you to want to take action and create a system that removes retailers from the equation?
Was there any situation or incident in particular that inspired you to pursue this venture?
Another issue that occurs with grocery retailers is that of waste. Food expires on the shelves and becomes useless for the retailer, so they have to throw it away. How can INS help with this issue?
What does the online grocery industry look like now? How many people actively use this to get their groceries? Is there an area or country where this is most popular? Which area do you see this technology having trouble gaining popularity?
How easy will it be for small, local producers to use your platform?
Aside from Amazon, are there any other online grocery services that you see as competition?
Where do you plan on having your first distribution centers?
What is the medium that the manufacturers will use to directly interact with and promote their products to the consumers? App, website chat, email? Is this something that you think consumers will want?
Are you working on having INS added to any exchanges? If so, which ones?
There will be 20% of the tokens created from the ICO to be set aside for the use of referral rewards. How will this reward system work?
How does the INSP promo token work and how can someone attain it? How would someone use it?
P.S.
For those Steemians who are in the Cape Town area or near Kommetjie:
You must check out VeggieVors, the best tasting vegetarian sausage I've ever had (And I'm not even a vegetarian!). They are made with love by the now new Steemit user: @oceanelement. She's a woman of many, many talents, and cooking is certainly one of them! You can find her and taste her delicious sausages at the many farmers markets and vegan fairs in the Cape Town area. Totally worth it.
Additional Reading/Sources:
FoodCoin Website
FoodCoin White Paper
FoodCoin Twitter
Blockchain truly is the future. This new technology is helping so many people in so many different ways, ending many injustices. Peter Fedchenkov seems like quite competent, and he definitely knows what he's talking about. I can see INS having a great futur.
Really enjoyed this info Heidi, thanks for the insight!
Nice post! What will happening, if someone resteem your post?
I love when heidi travels (@heiditravels), you always give the best panorama and with a taste of cryptocurrencies! hehehe
I agree that blockchain is going to change our live..thank you for explaining about Foodcoin and INS
Some of these are going to be very interesting as we progress forward when you look at foods and agriculture. Blockchains are opening up a massive world of possibilities.
nice
Good post!!!
Thanks for sharing!!!
Especially the worldwide foodcoin could potentially bring so much in countries where people have low food supplies and they suffer from hyperinflation. Sounds really good!
Excellent post. I appreciate your work!
Funny thing you are the 3rd 'whale' on steem who write about INS and though no one of you has shadow of doubt regarding this project which is weird, because it is very obious grocery industry does not need blockchain what we can check very simply with following chart - from the hyperledger team.
Not sure what field you work in @whd but as @heiditravels mentioned, I make Veggiwors, a homemade vegan, healthy sausage (I've had absolutely no food production and selling experience, except making dinner and persuading people they want to eat it) and I'm wondering if this wouldn't open up the market for small scale producers like me.
Each month I have to bulk buy supplies from multiple sources (and multiple countries) to get the best value I can. It's insanely time consuming and because I'm a small-scale producer I'm not even able to access some of the markets. I think I'd benefit from a shared common database where I could source all the products I need from one place. And allow me, and my suppliers, to better negotiate the supply chain and help reduce costs. At the same time, it could open up sales channels to consumers wanting to buy my product.
And as a small-scale producer I sell a lot at markets and have met so many other producers who face the same challenges as I do. We'd love to scale up but there's a real need for a network to help us to do that sustainably. That network currently does not exist.
If there were a network that allowed me to have direct access to the farms growing the ingredients I use or the manufacturers processing them it would revolutionise my business.
I'm very new to the blockchain philosophy so I may be missing something glaringly obvious but I really like the idea of Foodcoin from not only a practical but ethical viewpoint. I would love to support producers without having to go through the middle-man. The middle-man has grown so huge that their bargaining power is less bargaining and more steem-rollering. Why do you think you have so much mass produced/processed food on the shelves? It's because the 'middle-men' have so much power in the whole supply chain that small-scale producers simply can't meet their margins and to make it onto the shelves (and make a profit) production has to be on a massive scale.
I also think there's a growing movement of people wanting greater transparency in food production as they want to know what they're really consuming.
Perhaps there's no a need for it to use blockchain technology but interested to hear your thoughts.
wow thats a huge reply!
I think I'd benefit from a shared common database where I could source all the products I need from one place.You would benefit from a shared common database but it does not need to be decentralized in that case.And allow me, and my suppliers, to better negotiate the supply chain and help reduce costs.Sure you can negotiate with your suppliers to reduce costs, but tell me which suplier would like to make his all deals public? I dont know such supplier, deals 100% must be private, so other buyers wont see your deal details such as amount discount etc.
Also i don't know how 'small' is your business, but here in my small european country i see a lot organic food producers who handle everythig very well.
I guess valid points. Especially when it comes to making deals public, which of course everything would be but in an idea world wouldn't that be a refreshing idea!
And I'm based in Cape Town, South Africa and growing everyday whilst juggling my 'day-job' as a TV director and spending way to much time getting sucked into the concepts and ideas of crypto!
Good Work!!!
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