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I run a foodtech startup in China - http://infinite-food.com/ http://infinite-food.com/ - and previously designed a major cryptocurrency exchange. What's the s
by contingencies 9y ago
I run a foodtech startup in China - http://infinite-food.com/ http://infinite-food.com/ - and previously designed a major cryptocurrency exchange.
What's the state of the market? If you read, for example, the last annual general report of Yum! Brands (who run KFC, Pizza Hut, Taco Bell and some other chains in China + have EBITDA ~USD$0.5B/year+) they basically say "yeah, supply quality issues happen, but basically we can't prevent them even if we spend up big, so we just do periodic inspections, value win-win long term relationships with suppliers, and have reasonable levels of paranoia". That's the reality... and they have more money and lawyers to throw at the problem than the rest of us.
On the consumer side, they want to know there's low to no pesticide residue on their veggies and that the meat they're eating is free of hormones and is what it's supposed to be, but that's not something Blockchain necessarily has anything to do with as it actually needs a fairly constrictive government or private sector testing regimen which will cost money and (under user pays) will rapidly be ignored and sidestepped by the bulk of the market. The reality is that consumers can buy organic vegetables and imported meat already: they just don't because it costs more.
IMHO then, in the Chinese market this sort of stuff realistically most probably falls in to the 'marketing gimmick to make my brand appear more trustworthy' category ... and is likely quite effective.
- coldcode 9y agoExactly, no matter how reliable the proof in the blockchain is, it's no more reliable than the data that was encoded in.