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SourceTrace & AgNext create food-safety & fair-trade platform for businesses
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Wednesday, 15 July, 2020, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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SourceTrace and AgNext have teamed up to create food-safety and fair-trade platform for agriculture and food businesses.
Now SourceTrace is a globally leading name in traceability and has already implemented solutions across diverse sectors such as fruits and vegetables, organic cotton, vanilla, aquaculture, flavours and fragrances, spices, honey among others Its Datagreen platform helps companies track their produce from global locations across all stages while maintaining complete transparency and assurance of quality.
AgNext solves the problem of quality by bringing the best of the technology for agribusinesses. Using computer vision, spectroscopy and IoT (Internet of Things), it has created the singular platform Qualix, through which trade quality and safety parameters for multiple commodities could be assessed in a minute. This enables agribusinesses to leapfrog their procurement and operations processes, optimise costs, provide traceability, use blockchain to ensure fair-trade practices with farmers.
Helping businesses ensure the quality of food right from the farm gates to the consumers, AgNext has partnered with key nodal institutions in multiple commodities and has also been working with leading corporates in each of the segments.
Following the inking of a pact, AgNext and SourceTrace have created a technology platform: TraceNext, which can provide complete value chain traceability with an assurance of quality from the farm gates to the consumer.
The benefits of TraceNext are that it helps to trace the food origin, monitor ethical and sustainable practices used in growing the food, complete value chain traceability from farm to consumer.
Further it also allows legal and compliance norms, instant quality testing on trade and safety parameters, enables instant trade decisions without any delays and dependencies and ensure Blockchain and Fair-Trade practices in commodity supply chains.
As per FAO, the value of trade in food is US$1.6 trillion per year. The estimated cost of food safety incidents for the economy of the United States is around $7 billion per year. Similarly, food fraud and safety scandals have cost over US$8 billion every year in APAC alone. The health, sustainability and economic impact of such a solution cannot be underestimated.
TraceNext fills that gap, providing a seamless solution catered to agriculture and food businesses that they always desired but never had as a single platform, ensuring complete control over quality and guarantee safe food to their consumers.
Venkat Maroju, CEO, SourceTrace, said, “In the coming years, traceability is going to be the most critical technology to ensure food safety. TraceNext is the only solution that can provide food businesses, regulatory bodies and consumers all the information they need to ensure food safety. It will also change how food businesses and consumers interact and what information is exchanged. We are looking at a complete transformation of the food ecosystem.”
“Leveraging the best of technologies and principles of agriculture practices, we are joining hands to solve the greatest needs of the times, solving issues for farmers, agribusinesses and consumers alike. TraceNext fills the exact gap that is needed for providing a one-stop seamless solution for food origin and quality for effective trade, procurement, production and consumption of food. The potential to transform value chains is limitless,” said Taranjeet Bhamra, CEO, AgNext.
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