Matís and Advania want to boost trade in agricultural products with a solution based on blockchain technology. The solution will promote traceability so that consumers are informed about the origin and journey of the product.
Matís and Advania have agreed to use the revolutionary blockchain technology to create a platform for trading in Icelandic agricultural products. Blockchain is the technology on which Bitcoin e-currency trading is based. One of its main advantages is to show almost unquestionable traceability. Therefore, the technology is very suitable in trade where the origin and travel of the product matters, such as in trade in agricultural products.
Consumers want to be informed about the origin of food and have long called for being able to trade directly with agricultural products with farmers. Advania and Matís therefore intend to create a new platform based on blockchain technology and will be available to the public this autumn. People are also given the opportunity to get an overview of lamb production from the website www.matarlandslagid.is which contains detailed information on the uniqueness of farmers and their cultivation. Consideration will also be given to utilizing the solution in the new food market in Hofsós.
The idea is to promote opportunities for innovation and specialization in agriculture. The forum also promotes transparency and honesty in the food trade. According to the agreement, Advania will provide a system based on blockchain technology that will be used to securely record information on farmers' products from the Matís database.
"It is exciting to use futuristic technology to promote new business practices in food production and increase the options for farmers and consumers. Advania's experts intend to build their first solution with a blockchain for this fun project and we intend to become a leading force in the use of this technology in Iceland, "says Ægir Már Þórisson, CEO of Advania.
"There is certainly a reason to focus on innovation in lamb production. It was therefore an obvious advantage when Advania proposed cooperation in the field of blockchain, as we believe technology can increase dialogue between farmers and consumers significantly, reduce the likelihood of food crimes and projects of this kind being a springboard for Icelandic food producers and technology companies ", says Sveinn Margeirsson CEO Matís.
In the later stages of the project, blockchain technology is being used to document sheep grazing and prevent overgrazing on land, but Landgræðslan has already begun work on preparing such a project in collaboration with sheep farmers.