a blockchain Internet of Things (IoT) platform dedicated to bringing transparency to the food and pharmaceutical supply chains, announced it has raised more than $30 million in its token presale. Following the public crowdsale in September, the project hopes to raise $100 million.

Govt-Backed Ambrosus Raises $30 Million Ahead of ICO

The platform, which has received financial backing from the government of the Swiss Canton of Vaud, aims to integrate blockchain technology, smart contracts, and cutting edge sensors to improve global supply chains and empower consumers with the knowledge of where products originate and whether or not they are what they claim to be.Ambrosus says its token presale, which is ongoing, has already surpassed $30 million. On September 13, the Ambrosus ICO will open to the public and has a hard cap of 100 million CHF (est. $100 million). Ambrosus Co-Founder and CEO Angel Versetti attributed the success of the presale to the value that this IoT system will bring to all participants in the global supply chain:

Our token sale participants, many of whom are early adopters of Ambrosus, see value in a platform that assures the quality, safety and origins of life-essential products. By combining high-tech sensors, blockchain technology and smart contracts, Ambrosus ensures the transparent and efficient recording of supply chain data to a blockchain that can be accessed by anyone.

Recent food scandals–such as the revelation that cheap fish is often passed off as a more-expensive species–has shown the public that food is not always what it claims to be. Moreover, the food production industry is rife with human rights abuses, so consumers need to know about the provenance of their meat and produce so they can make responsible consumption choices.Versetti adds:

Often inefficient, opaque and corruptible, the world’s system of commodity production and distribution has been slow to capitalise on the ground-breaking technological advancements of our time. Scandals, recalls and failures have plagued the global food and pharmaceutical supply lines for years, clearly demonstrating that this problem has become a moral issue, not just a practical one.

In addition to its food tracing mechanism, Ambrosus has also launched a P2P marketplace where buyers can connect with international food producers who utilize the supply-chain transparency platform.Several major organizations have lent their approval to Ambrosus. It is the first blockchain project to form an official partnership with the United Nations 10YFP, a global framework for sustainable production and consumption. The project has also received an endorsement from the Swiss Quality and Safety Association.

Companies Turn to Blockchain Tech to Secure Supply Chains

Ambrosus is not the only project looking to leverage the power of blockchain technology to secure global supply chains. The most high profile project is an IBM working group that includes members from some of the world’s biggest retailers and food producers, including Walmart, Tyson Foods, and Kroger. On a smaller scale, a group of Arkansas livestock farmers partnered to form the Grass Roots Farmers’ Cooperative, which utilizes blockchain tech to trace meat as it travels through the supply chain from farm to fork.