There has always been a trust issue whenever we buy food from any eatery, be it at a simple stall or a five-star hotel because we do not know what happens at the kitchen. Not only at restaurants but the whole process from being harvested to our plate.
According to Global Corporate Sustainability Report, 66% of consumers are willing to spend more on a product if it comes from a sustainable brand. But how is it possible? Let’s take pizza, for example, the ingredients may come from more than one state or even country.
So, there comes SUKU to the rescue, as a food safety and security blockchain platform that aims to become the universal symbol of truth for consumers and brands, making commerce more transparent and efficient.
Since large corporations are struggling to provide the transparency that conscious consumer wants, SUKU steps into the picture and aims to help brands connect with the consumers and empowers them to find truthful, transparent, and verified products.
A Bit About SUKU
SUKU was actually started by ex-Deloitte blockchain leaders as they find the food security is a serious problem at a global level.
Its CEO Yonathan Lapchik, a blockchain specialist with a strong business and technology background understood the potential of blockchain in 2013 during a finance class which made him obsessed with it and spent most of his free time learning about the technology.
“I truly believe that blockchain has the potential to disrupt almost every single industry in the next decade and bring new capabilities which will increase trust, efficiency and simplicity. There is also the potential to create networks to provide financial access to the majority of this world who currently don’t have such tools available”. Yonathan Lapchik
When asked about why was SUKU created, Lapchik stated that consumers are demanding companies to source ethically and sustainably, to be more transparent, and to help customers give back as the sustainable market for fast-moving consumer goods is valued at 2.5 trillion USD, which includes an untapped market opportunity worth $1 trillion.
“What makes us different is that we are not just creating a product, but an entire ecosystem in the supply chain. We want to be a global directory for verified transparent products — think of it as the “Yelp” for product verification. By having a verified universal symbol, this will allow businesses to be able to sell more and better engage with the conscious consumer”. Yonathan Lapchik
SUKU has come a long way in a short time and we are seeing the real-life applications of SUKU being implemented by some of the largest organizations.
So far SUKU has partnered with Cencosud to bring transparency to food supply chains, and have launched the SUKU scanner that verifies the provenance of goods from origin to final product, allows participants to track and access the archive of information, and includes a wallet function to pass on rewards to intermediary players along the supply chain.
Apart from that, SUKU has also partnered with Smartrac Technology Group to assign physical items a digital identity, enable tracing throughout the entire supply chain, embrace ‘goods’ as varied as meat, vaccines and consumer technology products.
Finally, talking about entering Malaysia, Lapchik mentioned that the solutions that SUKU has actively implemented so far can be easily replicated in Asia to tackle the alarming level of fake food, where it is reported that counterfeit products traded worldwide had an estimated value of $509 billion in 2016.
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