Italia Olivicola, the largest consortium of olive oil producers in Italy, will be implementing an innovative blockchain-based supply chain solution utilising the Algorand blockchain.
The plans – aimed at delivering transparency to the lucrative olive industry – will extend the benefits of indelible and transparent blockchains to olive and olive oil producers, and provide an open record of the origin, processing stages, and preservation details.
More than 250,000 members of Italia Olivicola from 15 olive producing regions will implement the new Algorand-based technology.
Speaking to Coin Rivet, Pietro Grassano – Business Solutions Director for Europe at Algorand – shared his excitement about the significant partnership which represents a huge use case for the blockchain.
“It is amazing to see an organisation like Italia Olivicola, representing such a vital industry in Italy, recognising the transformative power of blockchain for its sector via the use of Euranet‘s CoralChain traceability solution,” he said.
“Algorand technology is open-source and designed to be transparent, secure, and fast – key components for any modern supply chain.”
ChoralChain deliver industry digital compliance
The project is being led by EuroNet through its innovative and pioneering ChoralChain digital compliance platform.
ChoralChain’s compliance solution will utilise the Algorand blockchain to mint non-fungible token (NFT) certificates of authenticity for each stage of the olive oil process.
These NFTs will be tied to transactions on the Algorand blockchain producing a digital register where the data is managed, stored, and made available to buyers and sellers, packers, and final customers, allowing anyone to retrace the production path of the product any time.
Fraud in the Italian olive oil industry has become rife, pushing the industry to look at cutting-edge technologies such as blockchain-based digital compliance to ensure legitimacy.
Interestingly, reports suggest that the ‘Agrimafia’ in Italy accounts for 15% of annual mafia income, and the olive oil producer network is a prime target for crime involving lots of parties at different stages in the process.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.