Ripe.io Secures Over $2 Million for Food Blockchain Development

Ripe.io received a new infusion of funds from an exciting backer. The budding company just raised around $2.4 million USD from a variety of investors. This round saw Maersk Growth as a leading contributor, which bodes well for Ripe.io’s nascent blockchain-driven food monitoring system.

Implementing a 'blockchain-of-food' system could revolutionize the global food industry by enhancing safety and operational efficiency. Currently, many nations depend on a 'one up, one down' tracking approach, where each entity in the food supply chain is responsible for knowing only the immediate source and next destination of their products. This limited visibility means companies often lack comprehensive insight into the full journey of their food items.

Ripe.io has already introduced an initial platform for its food blockchain, designed to monitor tomatoes. Dubbed the 'Internet of Tomatoes,' this initiative was developed in partnership with Analog Devices and Sweetgreen, a popular salad chain. The level of transparency provided by this system for Sweetgreen serves as a remarkable benchmark and a springboard for larger scale projects.

Ripe.io Introduces Blockchain Technology to a Delicate Industry

Ripe.io’s Internet-of-Tomatoes project highlights the extensive data capabilities of a blockchain-based tracking system. This technology simplifies the documentation of the supply chain and seamlessly integrates with cost-effective IoT sensors. These sensors can document growth conditions and environmental factors impacting the food's journey to the consumer.

Phil Harris, Ripe.io's cofounder and president, explained to Forbes the necessity for transformation in the food sector,

“You have laboratories, distributors, certification bodies, and restaurants, all touching the food safety spectrum…but they’re often not connected in a significant way due to a lack of shared information and minimal cooperation.”

We often underestimate the crucial role of food safety systems. The large-scale operations involved in distributing food can complicate tracking down sources of contamination when issues arise, making it a cumbersome process. The 'one up, one down' model slows supply chain analysis, potentially leading to increased incidents of food-borne illnesses.

Blockchain Could Make Food Safer

Although it’s grim to consider, food-borne illnesses claim more lives yearly in the USA than terrorism does. In 2016, 98 fatalities were linked to contaminated food , which is 44% more than the death-toll from terrorism on U.S. soil where hazardous food items posed significant threats to public health. The challenge lies in the inefficient tracking of foods that might remain in circulation despite known risks.

Frank Yiannas, serving as Vice President for Food Safety at Walmart, discussed the challenges in tracing something as ordinary as a box of mangoes. He related a story to Forbes He initiated an exercise where a box of mangoes was placed in a meeting room, challenging his team with, “Your traceback exercise starts now.” The Walmart food safety team timed the process of backtracking the product details through the chain of stores, distributors, processors, and eventually farmers. The duration was not disclosed but was considerably lengthy for ensuring safety.

With a blockchain tracking system, Walmart could drastically reduce this time. Ripe.io aims to develop a monitoring system that not only saves money for companies but also empowers major retailers to withdraw unsafe foods in a flash.

Literally no Downside

Utilizing blockchain for food tracking means authorities and retailers could swiftly locate and quarantine any possibly contaminated product in almost real-time, significantly cutting down the investigative burden within complex distribution networks.

Beyond offering retailers comprehensive control, blockchain can also reassure consumers that they receive the quality for which they have paid. Alibaba is already employing blockchain to trace premium foods like Australian beef, showcasing the practical applications of this technology today.