The global ethical food market is expected to grow to $728 billion by 2025. One company, TrustBix, is using blockchain technology to monitor and encourage food to be sustainably produced. Read about their innovations here.
The global ethical food market is expected to grow to $728 billion by 2025. One company, TrustBix, is using blockchain technology to monitor and encourage food to be sustainably produced. There are two platforms used, BIX, which is the blockchain, and ViewTrak, which is the software. The company has been in business since 2014 and has had over six million livestock pass through its system.
A blockchain based data management platform that puts the #trust in sustainable food supplies
Sustainable food systems (also known as ‘ethical food supply’) are those that deliver food security and nutrition for all without compromising economic, social, and environmental issues. This means farmers, processors, retailers, and consumers all play a part to ensure food becomes a sustainable resource. The goal is to ensure sustainable food is produced using methods that protect the environment and the welfare of the people producing them.
The global ethical food market is expected to grow from $542.84 billion in 2020 to $727.86 billion in 2025, at a CAGR of 6%.
Today’s company has developed a blockchain-based platform to monitor and encourage food to be sustainably produced and to bring trust and transparency into the agri-food industry supply chain.
The company is TrustBIX Inc. (TSXV: TBIX | OTCQB: TBIXF). TrustBIX has two platforms – One is called BIX which stands for ‘Business InfoXchange’, and the other platform is called ‘ViewTrak’.
BIX is designed to create trust without compromising privacy through innovative, blockchain-derived use of technology and data. Essentially it traces food from farm ‘Gate to Plate®’ to ensure that the food is sustainably produced.
TrustBIX describes some examples of their business by stating:
“TrustBIX provides information services via the BIX platform to Cargill as part of their ongoing
sustainable–sourcing program for their customers like McDonald’s Canada. ….. The BIX platform has over 1,500 producers registered and who track cattle as part of Strategic Sourcing through Cargill for McDonald’s Canada and other restaurants. Since 2014, over 6 million animals worth an estimated $21 billion at retail have been tracked in the system.”
Food retailers and quality producers both benefit as the public is informed that their product is verified to come from operations that meet sustainable standards. Consumers and the environment also benefit by receiving a sustainable food product with a traceable source.