FoodLogiQ is teaming up with a select group of industry leaders to launch a blockchain pilot.
AgBiome Innovations, Subway/Independent Purchasing Cooperative, Testo, Tyson Foods and more will be partnering with the SaaS provider to test the application of blockchain to increase transparency within their own supply chains.
The project, set to kick off in the third-quarter of 2018 by FoodLogiQ Labs, the pilot group will research the opportunities and challenges oh the technology within the food industry.
"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.
Blockchain continues to be technology that companies are flocking to to gain security and transparency within their supply chains. While the technology seems promising within the food and beverage industry, there is much left to be tested and validated on its real-world application within the food chain.
"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."
The announcement comes shortly after the company's $19.5 million financing in March to help accelerate the company's rapid expansion across the industry.