Excess and wastage is prevalent in our current society. We are consuming and replacing everyday items at staggering rates. It is commonplace for people to replace their cellphones every year, while placing their ‘old’ phone away in a drawer, never to be seen again. This mentality finds itself in the food industry as well. We think nothing of the mass amounts of food being wasted, because our supermarket shelves are always full. We prioritize convenience above all else.
In addition to convenience, we demand that our food be safe to consume, fresh, and healthy. Although these are all reasonable concerns, it is not easy to achieve each. Any given product may have begun its life in the far reaches of the globe, only to find itself sitting on a shelf in a corner store of a developed country. In finding its way there, that product would have changed hands many times and crossed multiple borders. When dealing with supply chains such as this, inefficiencies find their way in, as data is hard to create and procure from the various stages. Blockchain is revolutionary in that a product is able to be traced back to its origins, via every step of its journey.
Delicia is a new company striving to minimize food wastage, while increasing efficiency within the food industry. Founded by Naresh, Rahul, and Chandra, each of these leaders have lofty goals for their company. They estimate that food wastage results in a loss of over $18billion yearly. Their primary goal is to create a platform to connect appropriate consumers with retailers. The idea is that retailers –who are often forced to throw out items due to regulations- will have the ability to share their expiring inventory with consumers of many sorts. Whether this be private consumers, or restaurants, they will be able to view available goods from stores that they frequent. This reduces the need of consumers to go and search for deals on food. Delicia saves the retailer money by reducing lost revenue on wasted product, while the consumers not only save money on discounted goods, but help to maximize efficiency within the system.
When shopping for your weekly meals, it is normal to consume products with international origins. You won’t find avocados in Canada in the winter. To have access to them, they must be shipped in from foreign countries. This process involves a very difficult to track supply chain; It is inefficient, and outdated. By implementing blockchain and AI, the process can be streamlined allowing for more effective tracking of true supply vs demand. It will also allow for greater efficiency while adhering to regional regulations. We can only expect that many countries will follow the lead of France, and enforce stricter regulations on waste – making solutions such as the one proposed by Delicia even more important.
By providing a platform that opens more effective avenues of distribution between retailers and end consumers, Delicia looks poised to capitalize on a huge global market.
Look to their whitepaper for full details on the functionality of their platform.