According to an article published by la Repubblica earlier this week, 300 Italian companies, 17 cooperatives, and 6 agricultural producers associations will be using VeChain over the next 3 years to track their supply chains. The project uses blockchain technology to prioritize fresh produce of traceable Italian origin in manufacturing.
Among the most notable signees are agricultural association “Coldiretti” and multinational “Princes Industrie Alimentari”. Coldiretti, founded in 1944, is the largest European agricultural association, boasting over 1.6 million members. Princes is a multinational Italian company, and the largest processor of tomatoes in Europe.
VeChain adoption in Italian agriculture
The three years pilot project was developed by Tokenfarm, an Italian startup born within Coldiretti that aims to introduce cutting edge technology such as Blockchain, Artificial Intelligence, the Internet of Things, and 5G networks to the agrifood industry. For its blockchain plans, Tokenfarm has partnered with VeChain.
Within the three years contract, Coldiretti and Princes signed an annual agreement to focus on the quality and national origin of the tomatoes. The agreement is meant to protect the Italian tomato value chain, and prioritize Made in Italy “from the field to the table” in the project’s own words. The initiative secures the farmers their highest remuneration in 22 years.
” This time we were ready and after the work of a year and a half we involved 300 companies, 17 cooperatives and six associations of producers who, within a three-year agreement very important for the price of the raw material, agreed to track all their supplies. Three million quintals (300 million kilograms) of tomato pass through the Princes plant every year. We are now in the process of being adopted by farmers, that we trained during the Covid emergency to use the app to insert the data which is then certified on the blockchain”Pier Luigi Romiti, executive director of Tokenfarm
Blockchain adoption in Italy – Supply chains
According to the same article, other multinational companies have also tested blockchain applications to track their supply chains within Italy. Barilla traces their Basilicum in partnership with IBM. Nestlé and Microsoft have partnered to combat the counterfeiting of their Italian chocolate brand “Baci Perugina”. EY Italy has studied an application for wines.
Supply chain is establishing itself as a prime domain for institutional blockchain adoption.
Follow us on Social Media and subscribe to our free crypto newsletter!
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.