Ripe.io and its "Blockchain Of Food" provides 2.4 million loans

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A farmer uses a scanner to inspect the tomatoes at Wards Berry Farm in Sharon, Massachusetts, United States, Tuesday, October 24, 2017. An ex-banker in Wells Fargo & Co. and a former executive of Nasdaq Inc. have decided to quit finance to start Ripe.io, which uses blockchain in agriculture, and has great aspirations to weave it through the food chain. Photographer: Adam Glanzman / Bloomberg [19659002] Ripe.io wants to use blockchain technology to transform the food industry, and has just received a large influx of money to do so The agro-technological start-up has just secured $ 2.4 million in funding from investors such as Maersk Crescita, the venture capital arm of the Danish container conglomerate Maersk and Relish Works a center of food innovation based in Chicago.

Co-founder and president Ripe.io agency Phil Harris has high hopes for this recently secured funding round: "[it] takes a small business and allows [us to realize all of] to our great ambitions. "

Both Harris and his co-founder and CEO Raja Ramachandran came to the food industry from the financial world – Harris of Nasdaq and Ramachandram of an industrial consortium called the R3CEV – first & nbsp; join & nbsp; form Ripe Technology, Inc. or, as & # 39; s & nbsp; become known, Ripe.io.

"One of the things we saw at the beginning was that blockchain could [be applied] over [the] financial [industry] ", says Ramachandran of & nbsp; the beginnings of the company.

The two decided the food because they saw a sector & nbsp; afflicted by & nbsp; a series of problems, between which "food fraud, food security, [how to determine] what constitutes quality and also things like the management of deterioration." Furthermore, food is obviously personal, explains to Ramachandran, "[it gave us the opportunity] to look at something that it affects daily, not only ourselves [but] our families [and] our communities. "

Blockchain technology is not new. Created in 2008 by & nbsp; the pseudonym inventor of Bitcoin, Satoshi Nakamoto, blockchain technology & nbsp; served (and still serves) as an immutable digital ledger for Bitcoin cryptocurrency. It works by verifying transactions through a consensus of computer systems. Blockchain is the basic technology that makes Bitcoin a " trustless " and transparent network of cryptocurrencies.

Experts soon realized that blockchain could be used in all types of industries, including finance, real estate and, it turns out, the food industry. One of Ripe.io's first food incursions was with the Internet of Tomatoes a collaborative project of Analog Devices Inc. & nbsp; and the fast salad franchise Sweetgreen Inc.

With & nbsp; the Internet of Tomatoes, Ripe.io & nbsp; has decided to use blockchain technology to compile a large amount of data from the farm and apply them to growing a better tomato. & Nbsp; Using farmers and sensor machines, the project gathered information on everything from temperature to humidity to chemical reading of a tomato.

It turns out that what consumers might think of as a relatively simple food, tomato, can generate a lot of information, with what Ramachandran describes as "hundreds and hundreds of data" elements that make up the reason why a tomato It reveals itself as it does. "

A sensor is located in a field of tomatoes at Wards Berry Farm in Sharon, Massachusetts, USA, Tuesday, October 24, 2017. An ex-banker in Wells Fargo & La Co. and a former executive of Nasdaq Inc have decided to leave finance to start Ripe.io, which uses blockchain in agriculture, and has great aspirations to weave it through the food supply chain CREDIT: Photographer: Adam Glanzman / Bloomberg

It's not just data, of course. Food industry, many food suppliers and manufacturers have internal mechanisms to verify food quality, taste and safety, but what they do not necessarily have is a way to share that information with the rest of their supply chain As Harris explains:

You have the laboratories, the distributors, the certification, the food safety, the restaurants … our observation was that they were not really connected in any way meanings vo [because] data were not shared [and there was] very little collaboration.

According to Harris, the food industry has not gone through a significant digitization event "the kind of technological development that completely transforms an industry." Let's take, for example, the change that eventually allowed for consumers to be able to buy a spare part in seconds on the smartphone, Harris says you can see it in a number of areas:

[It & # 39; s] what he did internet for information sharing – what we have seen companies like Apple, Amazon, Netflix, Spotify and Pandora for music, books and television. [Digitization takes] interaction with consumers on another level.

Blockchain technology & nbsp; could potentially be used to create a new level of transparency in the food system. "Data [which & # 39; have now] have been included in all the different silos in the supply chain [food] [can be brought] in this og magical jet we designed called a food package ", explains & nbsp; Harris.

That "food package" – or a bundle of food data – can be shared with & nbsp; all the participants in the blockchain, which could be a cattle breeder in Texas or a buyer of beef & nbsp; for & nbsp; Wal-Mart. "If you are able to get the participation and collaboration of all farmers, distributors, people who play a role in all this, " Ramachandran explains, "[you’ll] have better ways to show that food. "

With partners like Maersk now on board, Ripe.io is trying to take & nbsp; their & nbsp; " blockchain of food " & nbsp; global . Unlike financial services, says Harris, "food does not have a center of gravity". Ripe.io & nbsp; hopes that blockchain can serve & nbsp; companies in all & nbsp; the food system. "We designed … Ripe.io and its platform, the & nbsp; " blockchain of food, " & nbsp; to serve the entire food industry, says Harris. & Nbsp; [1945906] "F from the farm to the table, to the companies of the ingredients [like] meat, fish, dairy products, pork, fruit and vegetables."

The potential within the system food seems without limits. & nbsp; In & nbsp; this millennial -obsessed & nbsp; the age of marketing, the most obvious application is & nbsp; greater transparency for consumers, of course, as blockchain offers to producers a way to go beyond food labels such as & nbsp; "sustainable" or "natural" & nbsp and provides a whole new level of food details that & # 39; is about to buy.

But & nbsp; technology & nbsp; can be used to increase collaboration & nbsp; & Nbsp; & nbsp; same food system. Explains Ramachandran, "a & nbsp; lot of information [-sharing takes place] inside the walls of trucks, warehouses [and] refrigeration units. " & nbsp; And Ramachandran was & nbsp; surprised & nbsp; from how eager & nbsp; food producers had to share information. & nbsp; "T hese companies [you might think] would like to keep those doors closed, it is actually quite the opposite."

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A farmer uses a scanner to inspect tomatoes at Wards Berry Farm in Sharon, Massachusetts, United States, Tuesday, October 24, 2017. An ex-banker at Wells Fargo & Co. and a former executive of the Nasdaq Inc. have decided to leave finance to start Ripe.io, which uses blockchain in agriculture, and has great aspirations to weave through the food supply chain. Photographer: Adam Glanzman / Bloomberg

Ripe.io wants to use blockchain technology to transform the food industry, and just received a large influx of money to do so. The start of the up has just secured $ 2.4 million in funding from investors like Maersk Growth, the venture arm capital of the Danish container conglomerate Maersk, and Relish Works, a center of food innovation based in Chicago.

Co-founder and President of Ripe.io Phil Harris has high hopes for this round of financing recently secured: "[it] takes a small business and allows [us to realize all of] to our great ambitions."

Both Harris and his co-founder and CEO Raja Ramachandran came to the food industry from the financial world – Harris of Nasdaq and Ramachandram of an industrial consortium called R3CEV – before joining together to form Ripe Technology, Inc. or, while is known, Ripe.io.

"One of the things we saw at the beginning was that blockchain could [be applied] over [the] financial [industry]," says Ramachandran of the early beginnings of the company.

The two decided for food because they saw an industry afflicted with a number or problems, including "food fraud, food safety, [how to determine] what constitutes quality, and even things like deterioration management" . Furthermore, food is obviously personal. Explains Ramachandran, "[it gave us the opportunity] to look at something that affects us every day, not just ourselves [but] our families [and] our communities."

Blockchain technology is not new. Created in 2008 by the pseudonym inventor of Bitcoin, Satoshi Nakamoto, blockchain technology has served (and continues to function) as an immutable digital ledger for Bitcoin cryptocurrency. It works by verifying transactions through a consensus of computer systems. Blockchain is the basic technology that makes Bitcoin a transparent and transparent cryptocurrency network.

The most observant observers soon realized that blockchain could be used in all types of industries, including finance, real estate and the food industry. One of Ripe.io's first forays into food was with the Internet of Tomatoes, a collaborative project by Analog Devices Inc. and the fast salad franchise Sweetgreen Inc.

With Internet of Tomatoes, Ripe.io decided to use blockchain technology to compile large amounts of data from the farm and apply them to growing a better tomato. Using farmers and sensor machines, the project gathered information on everything from temperature to humidity to a chemical reading of a tomato.

It turns out what consumers might think of as a relatively simple food, the tomato, capable of generating a whole lot of information, with what Ramachandran describes as "hundreds and hundreds of data elements that include the reason why a tomato it is revealed as it does ".

A sensor is located in a field of tomatoes at Wards Berry Farm in Sharon, Massachusetts, USA, Tuesday, October 24, 2017. A former banker of Wells Fargo & Co. and a former executive of Nasdaq Inc. have decided to leave the finance to start Ripe.io, which uses blockchain in agriculture, and has great aspirations to weave through the food supply chain. CREDIT: Photographer: Adam Glanzman / Bloomberg

It's not just data, obviously. In the food industry, many food suppliers and producers have internal mechanisms to verify food quality, taste and safety, but what they do not necessarily have is a way to share that information with the rest of their supply chain. As Harris explains:

You have the laboratories, the distributors, the certification, the food safety, the restaurants … our observation was that they were not really connected in any meaningful way [because] the data were not shared [and there was] very little collaboration.

According to Harris, the food industry has not gone through a significant digitization event "the kind of technological development that completely transforms an industry." Let's take, for example, the change that The end allowed consumers to buy a spare part in seconds on their smartphone, Harris says you can see it in a number of areas:

[It & # 39; s] made internet for information sharing – what we have seen companies like Apple, Amazon, Netflix, Spotify and Pandora for music, books and television. [Digitization takes] interaction with consumers at another level.

Blockchain technology could be potentially used to create a new level of transparency in the food system. "Data [which & # 39; have now] have been included in all the different silos in the supply chain [food] [can be brought] in this or magical object we designed called a food package, "explains Harris.

That "food package" – or a bundle of food-related data – can be shared with all blockchain participants, who might be a Texas cattle raiser or a Wal-Mart beef buyer. "If you are able to get the participation and collaboration of all farmers, distributors, people who play a role in all this, " Ramachandran explains, "[you’ll] have better ways to show that food. "

With partners like Maersk now on board, Ripe.io is trying to take their " blockchain of food "global . Unlike financial services, says Harris, "food does not have a center of gravity". Ripe.io hopes the blockchain can serve companies throughout the food system. "We designed … Ripe.io and his platform, " blockchain of food, " to serve the entire food industry, says Harris. " F from the farm to the table, to the companies of the ingredients [like] meat, fish, dairy products, pork, fruit and vegetables. "

The potential within the food system seems without limits. Obsessive marketing, the most obvious application is greater transparency for consumers, of course, since blockchain offers food producers a way to go beyond food labels such as "sustainable" or "natural" and provide a new level of detail on food that is about to buy.

But technology can also be used to increase collaboration within the food system itself, explains Ramachandran, "un [19659029] lots of information [-sharing takes place] inside the walls of trucks, warehouses [and] refrigeration units. " And Ramachandran was surprised by how eager food producers had to share information. " T hese companies [you might think] would like to keep these doors closed, in fact it is exactly the opposite. "

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