The meals produced in farms travels miles earlier than it reaches our tables—being weak to quite a few dangers that pertain to local weather change and biodiversity loss.
With rising applied sciences, meals traceability has shifted to a data-driven method with the purpose to carefully monitor and hint merchandise. Equally, with the implementation of blockchain know-how in provide chain administration, an improved effectivity of services and products is predicted.
One such traceability platform is TraceX Applied sciences, that builds local weather resilient and sustainable provide chains to reinforce belief and worth for enterprise.
In an unique interplay with Analytics India Journal, Srivatsa Sreenivasarao, CEO and co-founder and Anil Nadig, co-founder of TraceX Applied sciences focus on how the platform implements blockchain powered traceability options.
TraceX Applied sciences is a blockchain-powered agritech platform that enhances provide chain traceability and transparency. Based in 2019, TraceX goals to construct clear, clear, and traceable provide chains throughout the meals and agriculture ecosystem.
Digitising the availability chain from begin to finish would imply that each one the stakeholders within the provide chain can add, view, and change knowledge in real-time. The info collected would act as a single supply of data that can’t be altered or tampered with.
CEO Srivatsa Sreenivasarao says that TraceX’s blockchain-powered traceability software is a cutting-edge answer for addressing provide chain challenges within the meals ecosystem.
“Traceability is a crucial software that addresses issues attributable to meals hazards, offers dependable product data and ensures credibility of the product. The farm administration system ensures high quality of the product with adherence to sustainable practices and the Recall administration helps in fixing issues of meals contamination within the provide chain.”
Jivabhumi, the genesis of TraceX
“Previous to TraceX, we had based ‘Jivabhumi’, a community-supported social enterprise that connects aware shoppers with native farmers. By way of our expertise with Jivabhumi, we had an intensive and in-depth understanding of a number of the points plaguing complicated meals provide chains. This was the genesis for TraceX,” says co-founder Anil Nadig.
‘Jivabhumi’ is a community-supported agriculture initiative that was born with the concept to attach the farmer and the aware shopper. Launched in July 2015, the enterprise is a farm-to-table mannequin to offer domestically sourced, wholesome, and sustainable meals for the patron with a way of satisfaction for the farmer. It gave the workforce a deep perception into the varied challenges that plague meals provide chains.
With traceability gaining relevance at present than ever earlier than, increasingly more shoppers are eager to know in regards to the origins and the processes of the meals they purchase. Anil Nadig believes that, because of the opacity in provide chains, shoppers at present haven’t any solution to hint and monitor the merchandise they purchase.
“Traceability within the supply-chain bridges the knowledge and belief hole amongst shoppers, agri-businesses, and farmers.”
The workforce believes that transparency builds belief and are on a mission to create credible, related, and sustainable provide chains for the world.
Position of traceable provide chain for meals security
In accordance with WHO, an estimated 600 million—nearly 1 in 10 folks—fall sick after consuming contaminated meals, ensuing within the lack of 33 million wholesome life years.
This being the state of affairs, Srivatsa Sreenivasarao emphasises on the necessity to improve meals traceability within the provide chains. He believes that such traceability is likely one of the foremost preventive measures to test the unfold of meals contamination and to attain most meals security.
“Meals corporations are accountable for the provenance of the meals they develop, distribute and promote. The tip-to-end visibility of provide chains with real-time traceability, monitoring of product move alongside the availability chain and a collaborative platform among the many stakeholders helps to construct a reputable and a safe meals provide chain.”
The blockchain-enabled proprietary platform offers finish to finish traceability decreasing tracing occasions from days to seconds and facilitating correct and focused product remembers.
Having acquired an amazing response from the constructive affect of their product, TraceX are working in the direction of additional enhancing it by leveraging Asset Tokenization (NFTs), AI, ML, IoT to offer digital empowerment to all of the members within the provide chain.
It goals to harness the ability of Web3 applied sciences to construct a big distributed autonomous provide chain community for meals and agriculture companies.
“Over the subsequent few months, we plan to increase our choices to embody carbon offsets and local weather motion objectives of corporations, together with aggressively scaling up operations in worldwide geographies reminiscent of Europe and North America,” says Anil Nadig.
Addressing challenges in provide chain
Meals and agriculture provide chains over the previous couple of a long time have been disrupted attributable to rising inhabitants, globalisation, and growing well being consciousness amongst shoppers.
When requested about initiatives to speed up know-how adoption within the business, Srivatsa Sreenivasarao mentioned that with a view to feed the rising inhabitants, agricultural processes ought to use know-how—making it productive and worthwhile to the smallholder farmers.
“The Sustainable Improvement Targets present a imaginative and prescient for international improvement, and know-how can speed up this course of. Blockchain powered traceability options are a recreation changer within the discipline of agriculture.”
Srivatsa Sreenivasarao additionally enumerates methods by means of which blockchain can addresses challenges in provide chains:
- Blockchain bridges the hole between stakeholders by offering unified knowledge with end-to-end visibility. This, in flip, will increase the operational effectivity of the availability chain.
- Blockchain-based provide chain programs present monitoring, tracing, and provenance—aiding straightforward product recall and discount of meals loss.
- The actual-time seize of information helps to seize analytics for higher insights and saving prices.
- Streamlining of actions like manufacturing planning and stock administration boosts productiveness and profitability.
- The digital identification given to a product ensures transparency and helps to ship a protected and sustainable finish product to the patron.
The B2B SaaS platform with its options improves effectivity, visibility, and compliance throughout agriculture and meals provide chains.
Pivot within the wake of tech improvements
The co-founders imagine that the platform offers a digital identification to each product—by enabling availability of real-time granular data of the product in its life cycle. That means, the time-stamped data can’t be altered—which facilitates a seamless switch of information among the many stakeholders with utmost belief and transparency.
TraceX’s Farm Administration Options and the Submit-Harvest administration captures the farm-to-fork story of the product together with its social and environmental footprint. It then shops them in digital ledgers.
“TraceX helps corporates and types to allow clear communication between producers and shoppers and facilitating decentralised marketplaces for the varied stakeholders within the worth chain. It additionally plans to foray into carbon administration options that relaxation on the foundations of belief and accountability to ship a sustainable future. The cloud platform allows higher knowledge safety, straightforward traceability, and improved interoperability,” says Anil Nadig.
He additional provides that the immutability characteristic of blockchain helps in non-alteration of information, as it’s saved in blocks which might be enabled cryptographically—making it unchangeable.
“Every of the blocks incorporates the hash worth of itself in addition to the earlier one and are retroactively coupled. The distributive and decentralised nature together with consensus mechanism ensures that originality of information is maintained.” This allows the auditability of captured knowledge and builds integrity into the whole ecosystem.
The meals traceability market faces challenges from handbook knowledge entries and record-keeping programs, fragmented provide chains, shifts in shopper buy and consumption patterns, together with stringent regulatory necessities.
Addressing these points, TraceX captures real-time knowledge in immutable ledgers, aids in recall administration, and assures meals security. A single supply of data helps to determine verifiable knowledge—guaranteeing product credibility and compliance.
