Ambrosus Opens P2P Food Market

On August 16, 2017, Ambrosus, creator of a blockchain-based food supply chain, announced the launch of a peer-to-peer (p2p) market.

The marketplace combines blockchain verification for supply lines alongside cutting-edge sensor systems which report on the conditions of foodstuff as it travels from farm to fork. Consumers have the assurance of being able to see metrics on food transport that are pegged to immutable blockchain-verified reports. Ambrosus co-founder and CEO Angel Versetti says the autonomous supply chain can "change the dynamic of global food markets," freeing food producers from "the control of big buyers and downward pressures of their produce."

He added:

"Today’s quality conscious consumers are better informed and often prepared to pay more for high quality food. However, food producers who do follow ethical, healthy techniques have limited means to prove the quality of their products and get those products in the hands of consumers, not to mention the low prices at which they are forced to sell them. This is where The Ambrosus p2p Marketplace steps in, enabling consumers to choose the high-quality food they are searching for, while creating opportunities for food producers to earn reflective revenues for their produce."

According to Ambrosus, "The p2p Marketplace enables buyers to browse a range of offers from food producers globally." Executable distributed code contracts (also called “smart contracts”) govern the interaction between parties, allowing the buyer to track quality conditions of their food at each production stage as well as when in transit. An escrow mechanism determines whether or not the food meets the quality desired; if it falls below acceptable parameters, the buyer is reimbursed and the contract is canceled. In an effort to reduce waste as much as possible, Ambrosus introduces a "Dynamic Contract Rerouting System" that allows rejected food to be purchased by a different buyer at a lower price. Reputation points for sellers allow small farmers who continually receive high marks for quality to garner more profits; they can charge more for their high-quality produce.

"As The Marketplace is entirely open-source, additional versions can be created and adapted anywhere in the world by anyone looking to strengthen local commerce or create transnational marketplaces for quality food," said Versetti.

Dr. Stefan Meyer, co-founder and CTO of Ambrosus, said that instant discovery of problems and settlement of payments can make lengthy disputes and costly recalls a thing of the past. He also said:

"In a transparent, secure, fully digital food supply chain, farmers can easily provide authenticated proof of the quality and origins of their produce. On the Ambrosus Marketplace, farmers whose products are of verifiably better-quality ingredients and stem from sustainable agricultural practices can use our platform to demonstrate the additional value of their produce."

Available now, a public demonstration of the marketplace has been launched on the Ethereum Kovan testnet. Users are invited to create a new market or join the existing one by entering this address: 0x66ca16ee93962df3a912397c3470571fe32268e1.

In addition to opening a p2p marketplace, Ambrosus is distinguished as the first such blockchain-based platform to form an official partnership with the United Nations 10YFP Sustainable Food Systems Programme. The program, created with support from the Federal Department of Economic Affairs of Switzerland, aligns initiatives while funneling resources to endeavors such as waste reduction and sustainable methods.

On the partnership, Versetti spoke of the importance of viable practices. "We are honoured to be the first blockchain project to be selected as official partner to the United Nations 10YFP Programme. The Sustainable Development Goals is the largest development project in history, and the question of sustainability is one of the most pressing issues for the future of food. Ambrosus is driven by individuals who are dedicated leaders in their field, and this partnership further cements our promise to a safer, sustainable food ecosystem.”