TORONTO, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Graph Blockchain Inc. (“Graph” or “Company”) (CSE: GBLC) is pleased to announce that the company has been focused on creating blockchain solutions for the Global Food Supply Chain Management Industry (“Global Food SCM”), with the initial launch focused on global beef importation based on client needs. Graph will be expanding its scope from beef to focus on all foods as the need for a blockchain based eco-system for the entire industry is critical. This move to be more highly engaged in the sector with a blockchain platform for food safety was as a result of discussions with the Canadian government, as well as foreign governments and multi-national conglomerates that are party to the purchase and reselling of food products.
Graph has had conversations with multiple Canadian government representatives from both the Provincial and Federal levels, initially through an invitation to the Canadian Embassy in Seoul to discuss blockchain solutions for the safe and secure importation of Canadian Beef, as press released on November 7, 2018 (click here for more information). Most recently, discussions included provincial representatives including the Directors of International Trade and Investment as well as the Federal level Trade Commissioner and Investment Officers representing Canada in China.
Through these discussions, including those with multi-national clients, a key factor to using blockchain technology to make a fully transparent eco-system was centered around food safety, with Bovine Spongiform Encephalopathy, commonly known as mad cow disease, being a major point of concern. The benefits of blockchain solutions for Global Food SCM is well illustrated in a video of Walmart’s food safety solution which was published in 2017 (click here for video).
The solution Graph is building, utilizing IBM’s Hyperledger Blockchain, solves a massive problem for the global food industry: with globalization, it is not uncommon for a Canadian family to be eating food originating from 3 or 4 different countries in a single meal. Currently, when there is a safety concern, there is no efficient way to trace the origins of the product to the packaging facility and back to the farm. By implementing our solution, we will be able to provide a secure and efficient tracking method that will ensure people are safeguarded from potential harm, and provide information that will allow for quarantining the exact location of where the contamination would have occurred, saving millions of dollars in wasted food products, and stemming the public panic that ensues when large scale recalls are done on food.
Most recently, here in Canada, the issue of food safety management was forced into the spotlight, with the outbreak of E.coli contaminated romaine lettuce, as millions of dollars of produce were taken off the shelves and destroyed. By virtue of creating a permissioned eco-system through which data is recorded and shared, a trusted network is created as all stakeholders, from the farmers to the retail stores, have full transparency to the audit process. This acts as an insurance against the negative stigma for farmers who are a part of the blockchain supply chain eco-system, as the reputational damage due to one farm or processing plant, and the subsequent ripple effect, is mitigated, whereas the current situation for the lettuce farmers shows they will struggle to regain market share after this massive recall and scare, which could have been contained and the risk to the industry avoided.
Graph is continuing to build on the company’s expertise in the blockchain technology field and anticipates expanding its reach in the Global Food SCM field, as the company continues to foster new relationships in the area.
“It’s exciting to be a part of this growing area, and while the application of our blockchain technology to the Global Food Supply Chain Management seems obvious from a cost savings standpoint to producers and retailers, it really goes beyond that to benefit all involved in the food system, starting from the farmers, including resources spent by government ministries such as public health offices, right down to the consumer in keeping them safe,” says Peter Kim, CEO of the Company.
About Graph Blockchain Inc.
The Company develops leading-edge private blockchain business intelligence and data management solutions and is a pure play in the graph database technology space. Graph leverages their proprietary integration of the AgensGraph Database engine with IBM’s Hyperledger Fabric to create a transparent and immutable ledger with near real-time transactional data processing and intuitive data visualization. The Company’s powerfully unique solution has translated into a high growth trajectory, with the company securing multiple prototype development contracts with multi-national conglomerates, and the opportunity to sell across client subsidiaries as a full enterprise product.
Additional information on Graph Blockchain Inc. is available at: www.GraphBlockchain.com
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For further information, please contact:
Peter Kim – CEO Graph Blockchain Inc.
Phone: (416) 482-3282 ext. 229
Forward Looking Statements:
The information in this press release includes certain information and statements about management's view of future events, expectations, plans and prospects, including the potential expansion of Graph solutions across governments and multi-national entities, that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Although the Company considers these assumptions to be reasonable based on currently available information, the same may prove to be incorrect, and the forward-looking statements in this press release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, no assurance can be given that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.