Product Trust Is At The Core Of New ORGANO Vertical Markets EcoSystem Model
Hong Kong and New York, NY /PRNewswire/ -- ORGANO announced it has joined IBM Food Trust, a blockchain-enabled global ecosystem for the food industry. Using the solution, ORGANO is building verifiable trust into every ORGANO product. The announcement of the platform, coined "ORGANO Products Trust" came with an introduction to the first batch of 5 top selling ORGANO products from multiple product families to be piloted, tested and launched on the Platform. The Platform is expected to scale by an additional 5 products by the end of the year covering multiple market verticals including beverages, skin care and dietary supplements.
By joining Food Trust, ORGANO is implementing a traceability strategy by selectively sharing key information about ORGANO products with interested stakeholders, such as consumers, supply partners, commerce partners, distribution partners and more, all in a highly secured and permissioned way on the blockchain. By enabling this greater level of transparency, ORGANO can collaborate more efficiently and effectively with its stakeholders across market verticals, ultimately building trust into every ORGANO product and creating new market and commerce opportunities for itself and supply partners within the ORGANO global supply chain.
"Treating trust as a product ingredient and prioritizing trust as highly as any other ingredient of our products creates new opportunities for ORGANO around the world," said ORGANO Managing Director of Global Strategy, Leonard Chin. "Unlike other consumable product ingredients, trust does not have an expiry date. The ORGANO Products Trust platform allows our stakeholders to scan a product to interact with detailed information, including product source, quality assurance, logistics, inspection reports, supplier data, commerce platforms and more. We are pioneering an entirely new relationship between our supply chain and consumers based on our new Vertical Markets EcoSystem Model," said Chin.
A blockchain-based information-sharing platform, Food Trust securely connects supply chain data across the ecosystem with trust and transparency. In addition to providing provenance insights, members of the network are realizing benefits such as optimized supply chain processes, increased freshness, improved food safety, minimized waste and fraud, and more.
Built on Hyperledger Fabric-based open source technology, Food Trust uses a governance model to ensure companies can set rules about who can see the data they upload to the solution and for how long, and that they maintain control of their data even after it has been uploaded to Food Trust.
"Blockchain technology has the potential to transform any industry, especially when we have multi-stakeholder environments, businesses and organizations such as in supply chain," said Raj Rao, General Manager, IBM Food Trust. "Working with ORGANO and its ecosystem of stakeholders including supply partners, distribution partners and others, can help address some of the pain points of the markets ORGANO operates within."
About IBM Food Trust
Food Trust is one of the largest and most active non-crypto blockchain networks in production today, and has conducted more than 9 million transactions. To learn more, visit ibm.com/food.
Founded in 2008 and formerly known as Organo Gold, ORGANO is one of the world's leading producers and marketers of healthy, convenient and affordable food, nutrition and beauty products. ORGANO specializes in proprietary food and nutrition products, specialty brewed beverages, personal care products and cosmetics. ORGANO provides superior quality, taste and nutrition in all of its consumable products and produces and markets advanced beauty products based on proprietary botanical formulations. The company currently operates in five continents.
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "believe," "will," "anticipates," "believes," "estimates," or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different from those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
To learn more about ORGANO, please visit http://www.organogold.com.
SOURCE: ORGANOCopyright 2019 PR Newswire. All Rights Reserved