Together with a group of companies that includes sandwich giant Subway, FoodLogiQ, a SaaS supply chain service for the food industry, on Monday announced a pilot initiative to test how the application of blockchain technology can raise transparency.
FoodLogiQ is partnering with Subway, AgBiome Innovations, Testo, Tyson Foods and others in the project, which is set to kick off in Q3 of this year.
Led by its innovation arm, FoodLogiQ Labs, the pilot group aims to research the opportunities and challenges of this emerging technology within the food industry. The company said that, while the shared permanent ledger of blockchain holds promise on raising transparency in the food industry, there is still much to be tested and validated on real-world applications within the food chain.
“Over the years, input from our customers and partners has been invaluable in helping us make critical improvements to the features and functionality of FoodLogiQ's products, and the same will be true with our blockchain pilot,” says FoodLogiQ CEO Dean Wiltse, in the statement. “As a technology pioneer with a legacy of success in enhanced traceability for the food industry, FoodLogiQ will be taking the lead on blockchain exploration within the food space.”
“Virtually everyone has heard the claim that blockchain will revolutionize business and redefine companies and economies, but it is in its infantile stage within the food supply chain,” says FoodLogiQ Chief Technology Officer Charles Irizarry. “We are finding that companies are jumping into blockchain pilots without first understanding their business problems. We look forward to working with current and future blockchain pilot partners to help them navigate this complex landscape and collaborate on how blockchain can support their unique business.”
FoodLogiQ said its cloud-based supplier transparency and traceability solution helps unlock value across food company supply chains. It claims it has captured and tracked more than 10 million traceability events through the platform. The company recently announced a USD 19.5 million financing to accelerate its expansion across the food industry, backed by strategic investors including Testo, a global provider of HACCP (Hazard Analysis and Critical Control Points) solutions and IoT technology, and Tyson Ventures, the corporate venture subsidiary of Tyson Foods.