Have you ever heard of the food industry being integrated into Blockchain. Well TE-FOOD has just made that possible through their introduction of the TFOOD utility token into the world of CRYPTO.
TE-FOOD is a livestock and fresh food traceability solution, currently implemented in Vietnam, the third largest country in Southeast Asia with 94.5M people. Considering that this is already a running idea that can be verified on ground, I will really consider this on my top ten ICOs as it is not just a fly by night idea driven by the selfish motive of just realising an unbaked token with silly idea.
TE-FOOD enables companies in the fresh food supply chain in managing logistics and food safety related data through their operations. Identification tools of various technologies are applied to livestock, transports, and fresh food packages to follow the items throughout the whole supply chain. Easy tracing back of fresh food products can be done their origins together with food safety related information.
So what’s the catch with this particular ICO where numerous ICOs are just sprouting up like mushrooms?
TE-FOOD is introducing a utility token by the name TFOOD, blockchain protocol, and smart contracts for the creation of a reliable transaction ledger to incorporate consumers, supply chain participants and authorities into one ecosystem.
Currently TE-FOOD traces 12,000 pigs per days, 200,000 chickens per day and 2,500,000.00 per day with planned extensions to include in the tracing bracket fruits, vegetables, arable crops, cattle, fish, seafood and animal antibiotics.
Current TE-FOOD Adoption Statistics
· 3,100 farms
· 3,400 livestock agents
· 70 slaughterhouses
· 35 food producers
· 25 veterinary companies
· 30 wholesale markets
· 190 wholesale distributors
· 2,600 retailers and markets
Achievements so far;
6,000 business customers
10,000 people trained in one year
30 million people with fresh food traceable information.
Given the numbers above, this project has already passed the early stage of adoption as it is tried and tested already hence the introduction of the complimentary utility token — TFOOD
So whats the mission / drive behind this unique project;
To improve the transparency in the food industry through the use of #blockchain
Make access to food related information a common property
Authorising technology — by letting technology having authority over data
Lessen the scale and consequence of rampant and food frauds in developing countries all around the globe
Teach people through incentivizing mindful consumer behaviour
Help small to medium farms to be more competitive
Some of the social problems to be tackled
Food Safety — Between 1 and 0 people are infected by foodborne diseases each year and About 400,000 people mostly children die due to lack of food safety processes.
Overuse of antibiotic drugs Common overuse of animal antibiotics caused the emergence of antibiotic-resistant infections, which totals $20 billion in health care costs each year only in the U.S. By 2050, antimicrobial resistance (AMR) can cause low-income, developing countries to lose more than 5% of their GDP and push up to 28 million people into poverty.
Economic inequality heavily affects the food sector Workers in agriculture amongst the lowest paid.
Migration caused by climate change — The agricultural sector is heavily negatively impacted by climate change.
Corruption in the public sector takes out up to $2 trillion yearly from the global economy through bribes.
More about the social problems and TE-FOOD’s solution can be found on https://medium.com/te-food/how-to-fix-food-supply-chains-with-blockchain-based-traceability-5af2a7047a3c.
Blockchain Structure
The blockchain will serve two perposes;
Token transaction legder — using TFOOD, an ERC20 token, the token payment system solution will be implemented on a public network
Traceability transaction ledger — food related and transaction information will be stored on a private blockchain driven by an internal technical token called the Transaction toke,
Supply chain companies will have at their disposal aTFOOD wallet on the public network, accessed directly or through the TE-FOOD mobile app and a transaction wallet on the private network accessed by the TE-FOOD B2C mobile app.
Token Supply
1 Billion tokens will be generated before the token sale
· Public token pool: 500 million tokens will be in the public token circulation (400 million offered in the public sale, 100 million to marketing, proof-of-care, advisors, cafeteria pool). General reserve: All remaining 500 million TFOODs will be held in a General reserve.
Why TE-FOOD needs blockchain?
· Because the data provided by the supply chain members must be unmodifiable. Data will be kept privately unmodified but publicly available. Due to the significant distrust and suspiciousness among consumers, supply chain companies, and authorities (caused by several food frauds and corruption), only technically unalterable logistics and food quality data can provide credibility.
· Because the data in the system is a common property of all participants. It must be stored in a shared, distributed ledger to provide transparency. Transparency is key to this project hence the accessibility of a shared environment between participants all parties involved.
· Because the food safety related data all over the world is a property of all us, and data accessibility must be public and democratic. Through publicising data to the public, this will enhance the quality of fresh food distribution as the general public/consumers will have access to data about different supply chains and the food quality they offer.
· Because the economic inequality is one of the largest social problems and we need a technology which helps to create a fair access to data, know-how, and income.
· Because corruption is a global economic problem, and the food sector in emerging countries is one of the most affected sectors. Incorruptible food history information leads to transparent food supply chains, which can make a difference in public health, and literally save lives. The use of #blockchain will promote an incorruptible pool of cumulative data on the whole blockchain hence this will improve the whole fresh foods supply chain across the globe
If you are seriously looking for ICO portfolios for long term investments with bankable ideas and good and sound project team then TE-FOOD is your partner. Make the move and be part of the crowdsale.
more info on https://ico.tefoodint.com/