Yahoo Finance BUREAU VERITAS launches Origin, the world's first blockchain-based complete food traceability solution
Bureau Veritas launches Origin, the world`s first blockchain-based complete food traceability solution
Neuilly-sur-Seine, France, February 28, 2018 - Bureau Veritas launches Origin, the world`s first traceability label to give consumers a complete end-to-end proof of a product`s journey, from farm to fork. This solution will be presented to an international audience on March 5th 2018 in Tokyo, at this year`s Global Food Safety Conference.
Origin, built on blockchain technology, offers a smart and practical way for consumers to access information on each stage of a product`s journey. Shoppers flash a QR code in-store to see the full history of each product, and make informed purchase decisions.
Food industry players throughout the value chain also benefit from this cost-effective solution. Brands and retailers are able to better control supply chains, through better visibility as well as real time management of product recalls.
Projects are underway with a number of Bureau Veritas clients, and the technology is now ready to be launched to the wider market.
Vincent Bourdil, Vice-President Food at Bureau Veritas, said:
"The launch of Origin follows two years of work by Bureau Veritas to develop blockchain applications that increase confidence in transactions. Origin is a win-win solution not just for consumers, but also for retailers, suppliers, processors and manufacturers, as it adds value to the final product. With Origin, product recalls can be managed in real time, enabling the brand to preserve its reputation."
The use of blockchain makes Origin technologically innovative and resolves key challenges that have made full food traceability elusive until now. Built in partnership with Worldline, a leader in securing digital transactions, it is first solution of its kind to leverage the technology.
Olivier Stuckens, Managing Director Mobility & e-Transactional Services at Worldline, said:
"Blockchain offers unique advantages for a product such as Origin: it is secure, open, transparent, and does not require a controlling entity. Using blockchain technology revolutionizes how transactions are verified, thereby increasing reliability of information. This feature means that while Origin has been developed with the food industry in mind, it can be used for any sector."
Food verification schemes have traditionally relied on third party inspections and sampling at each stage of the food production process. By contrast, a blockchain-based solution enables continual and complete verification, by demanding that all the players share records and validate transactions each time they occur. At the same time, sensitive data remains confidential, with each party awarded different levels of access to information.
About Bureau Veritas |
Contact | |
Analysts/Investors: | Press: |
Laurent Brunelle: +33 (0)1 55 24 76 09 | Véronique Gielec: +33 (0)1 55 24 76 01 |
Florent Chaix: +33 (0)1 55 24 77 80 | Hélène Riba: +33 (0)1 55 24 76 92 |
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Source: BUREAU VERITAS via GlobeNewswire
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