SINGAPORE, June 5, 2024 /PRNewswire/ -- The GrowHub Innovations Company ("The GrowHub") has unveiled its pioneering blockchain-powered food traceability platform to bring unprecedented transparency to Asia Pacific's (APAC's) agricultural ecosystem. By leveraging the immutability of public blockchain technology, this made-in-Singapore innovation provides farm-to-fork visibility, equipping consumers with the power to make informed decisions.
At the heart of The GrowHub's platform is its traceability solution, hosted on the robust Polygon network – which aims to transform the end-to-end tracking of food and other consumables. Every stage of the supply chain journey is meticulously recorded as an immutable digital ledger – from ingredient sourcing and production processes to distribution logistics and retail sales. Customers can scan the QR code on any product packaging to access real-time information such as the farm of origin, production methods, and transportation routes. The comprehensive data capture ensures the complete authenticity and provenance of food items.
"Consumers today are savvier than ever before and keenly interested in the origins and ethical footprint of the food they consume," acknowledged Lester Chan, Chief Executive Officer of The GrowHub. "They want to make purchases that align with their values. This heightened consciousness has exposed the lack of transparency that has permeated the food industry."
Added Alec Ngo, Chief Operating Officer at The GrowHub, "Our blockchain traceability platform is a reliable solution designed to bridge that gap, giving consumers the power to verify a product's origins, sustainability claims, and journey with absolute certainty. This level of visibility empowers buyers to make informed decisions that align with their values."
Traceability is just one facet of The GrowHub's blockchain solution. The platform also has robust anti-counterfeit capabilities, leveraging unique digital identifiers such as RFID and NFC tags, amongst other technologies, to validate product authenticity at every supply chain checkpoint. This virtually eliminates the risk of counterfeit goods infiltrating legitimate channels.
The GrowHub's commitment to sustainability is equally pivotal. Its carbon management tool enables companies to accurately track and mitigate their environmental impact, fostering more eco-conscious agricultural practices across the region.
"We are building an ecosystem of trust, where accountability and responsible stewardship are the norms, not the exceptions," Ngo explained. "Blockchain technology is the catalyst for this transformation, empowering stakeholders with invaluable data insights to drive more informed decision-making."
The GrowHub is actively exploring expansion opportunities in APAC outside of its current markets (Japan, Australia, Bhutan, Vietnam, and Indonesia) to capitalise on the growing demand for food traceability and transparency in the region. According to a report by KBV Research, the APAC food traceability market is projected to grow at a CAGR of 9.6% from 2023 to 2030, driven by greater awareness and demand for food safety in the fastest-growing region globally.
While its primary focus remains on APAC, the company also recognises the increasing prominence of food traceability in the United States and plans to establish a presence stateside.
"Our vision is to be the premier hub for a trusted network that spans entire supply chain ecosystems worldwide," stated Ngo. "With blockchain as our foundation, we're empowering every stakeholder to realise their full potential through the power of transparency and data-driven decision-making."
About The GrowHub Innovations Company
The GrowHub Innovations Company is a leading Singapore-based technological firm that provides cutting-edge solutions for transparent and sustainable supply chain management. As Asia Pacific's only Web 3-enabled plug-and-play ecosystem builder, The GrowHub focuses on traceability, data insights, and carbon credits. Leveraging blockchain technology and AI, the company ensures full traceability throughout the supply chain, empowering businesses with data-driven insights for a more connected and responsible future.
For more information, please contact:
Koh Yi Ting
Communication Executive, The GrowHub
info@thegrowhub.co
