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Europe: Firms use blockchain in combating food fraud

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PwC highlighted that food fraud costs the global economy in excess of US$40 billion a year.

This equates to an additional US$5 per week on the price of an average weekly shop which, in a rising food price environment, which is unacceptable.

While research from the World Health Organisation shows that almost one in 10 people worldwide get ill from eating contaminated food every year.

Advanced Research Cryptography (arc-net) has developed a cloud based platform that utilizes the power of blockchain to enable food producers and retailers to assure customers of the provenance and authenticity of their products.

Now, the company and PwC Netherlands will use the arc-net blockchain platform, which is a host for product data, and provides access to a toolset that unlocks strategic product and supply chain insights.

Kieran Kelly, CEO of arc-net, says that this collaboration will provide global food brand owners with the ability to deliver on product and brand security whilst delivering supply chain mapping and compliance.”

“PwC have a rich track record in providing leading edge expertise and insights to manage change, navigate complexity and unlock value for their customers.”

“We are extremely confident that this partnership will allow both the arc-net platform and PwC to deliver on our joint commitment to enhance the security and integrity of the food we eat.”

“The arc-net platform offers a proven solution based on the power of blockchain that gives ultimate transparency on safety, quality and integrity of food,” says partner sustainability and food integrity Hans Schoolderman.

“The partnership allows us to bring ARC’s breakthrough solution to our clients helping them solve the important challenge of bringing high quality, safe and transparent products to the market and improve the trust we have in the food we eat.”