The most well-known collaboration project about traceability so far is between Walmart and IBM. This pioneering project on the blockchain technology platform has made significant changes in the way that the America’s largest retail group and their suppliers update and handle their information. The new rule for Information traceability will be applied to all vegetable suppliers of Walmart in September.
A survey with over 100 suppliers of Walmart indicates the core issue of applying food traceability technology is balancing the production costs and rising costs due to this technology. Cost barriers are slowing down the speed of applying this project to the entire products of Walmart.
Opportunity for everyone
Food traceability market is going to grow well in the next 5 years, with a CAGR of 9% per year. The motivation behind this fast pace of growth is the warning for food safety after many scandals such as Walmart’s contaminated vegetables or pervasive unsafe food found in China’s big supermarkets in recent years.
Besides the big names such as IBM, Microsoft (USA); SAP-SE (Germany); VeChain (China); Provenance, ChainVine (UK); AgriDigital, BlockGrain (Australia), etc. The field of traceability, in particular, and the blockchain application technology market in general, now opens opportunities for startups, small and medium enterprises to research and make huge impacts with their own products.North America and Europe are currently the two most developed regions thanks to the foundation of strict food safety regulations with some large-scale practical blockchain-based application projects of local technology companies.
However, as experts predict, in the next few years, Asia Pacific will become one of the key markets of the traceability industry as well as the world blockchain ecosystem.
In 2016, there was 135 blockchain startup in Asia Pacific regions with a total investment of 545 million USD. In just one year, the number of invested companies increased by 50%, equivalent to 185 startups, and the capital of 1 billion USD.
|WOWTRACE’s representative exchanges name cards with the Klaytn Hackathon’s Organizers|
According to the report of Global Market Insights, one of the biggest reasons for this substantial breakthrough comes from policy changes of the government of some Asian countries such as China, Singapore, Thailand, is based on the changes of perception, the desire to anticipate and adapt to the trends in blockchain technology of the steering committees.
Moreover, the Asia Pacific middle class is projected to reach 3.5 billion by 2030; and accounts for 60% of the world’s juvenility. According to research in 2016 by the Consumer Technology Association, the proportion of consumers in Asian countries tends to adopt new technology much earlier than other countries in Europe and America.
These factors contribute to building a convenient environment and creating more potential for the development of blockchain startup.
Vietnamese start-up has made a great success at a Global Hackathon
According to LinkedIn, the human resources for blockchain have the fastest growth rate in the IT human resources field in Singapore, China, Japan, Korea, Hong Kong, and Vietnam. These blockchain human resources are mainly in technology developer positions, chief technology officer (CTO) and consultants. Most of them are working in million-dollar startups.
As a dynamic country for technology innovation, Vietnam also adapts this trend very early. Typically, WOWTRACE, a representative from Vietnam, has surpassed over 40 teams, and achieved the fourth-place at Klaytn Hackathon – an online hackathon to introduce the latest technology ideas, applications, and solutions.
“The WOWTRACE solution is the result of the continuous efforts of the research team with the passion and desire to apply blockchain to improve the lives of Vietnamese people.”- Mr. Nguyen Duc Phuong Nam, Managing Director of WOWTRACE said.
WOWTRACE is the technical solution using blockchain as the foundation for all transactions and information exchange in the supply chain, starting with agriculture. This solution allows consumers to quickly access the input information of the entire supply chain processes by simply scanning the QR code with whatever smartphone applications.
|Official announcement from Klaytn Hackathon|
Thereby, WOWTRACE enhances the transparency, quality, and safety of Vietnamese agricultural products, and further, extend the application to solve problems not only in the agricultural supply chain but also many other industries in Vietnam and around the world effectively and sustainably.
From the view of technology experts, it will take 3-5 years for the blockchain technology industry to become fully mature. Traceability technology based on blockchain platform is the same. And this amount of time is enough for Asian startups to complete their products and put them into practical applications.
On the other hand, a Vietnamese startup has made a memorable impression at a global blockchain hackathon is also opening a bright future for Vietnam’s blockchain industry.
► About WOWTRACE:
WOWTRACE is a comprehensive traceability solution based on the technologies: AI, Blockchain, Cloud, Data, providing sustainable development and supply chain transparency, helping consumers and stakeholders in the supply chain can access to the information flow efficiently.
► About Klaytn Hackathon:
Klaytn Hackathon is a virtual hackathon, designed to reach all developers around the world to join the event. This is Klaytn’s first blockchain hackathon where developers can create BApps (Blockchain Applications) on the Klaytn’s public testnet, Baobab. Klaytn allows developers to build service-centric, user-oriented BApps. Klaytn believes in an open-sourced community where interactive feedbacks among the mass can accelerate innovation in the blockchain industry. Organized by some big names in the Blockchain field such as Ground X, Hashed and Foundation X, Klaytn Hackathon offers 3 competitive rounds to find a blockchain application solution that can help solve real-life problems with 3 criteria: User benefits, the potential for mass adoption, impact on community life and business feasibility. The Klaytn developers, global crypto venture capitals and accelerators, as well as Klaytn’s initial service partners, will work together as judges to ensure quality in evaluating projects based on the following aspects: Technology, influence and business potential of the solution.
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