With the tremendous growth of Crypto and Blockchain, the technology has now covered the Food Industry too. Ethereum technology is used to develop Food Ecosystem. One of the best examples for Blockchain ecosystem is FoodCoin ecosystem.
FoodCoin ecosystem is a Blockchain ecosystem to create a global marketplace for food and agricultural products. The whole ecosystem is based on Ethereum technology. The ecosystem is built on the active platform of 1000 EcoFarms. It is going to be implemented as the universal trading platform for all the business related to Food. The deal will only take place by the use of smart contracts. Also, the transaction will only accept proper currency called FoodCoin. FoodCoin is also abbreviated as FOOD. By implementing this, the middleman will be removed. Hence, the price will be reduced. As a result, you can enjoy your favorite Spanish food at less price.
Application and Usage
FoodCoin ecosystem is for any kind of agricultural businesses. These businesses include trading Blockchain ecosystem for farmers, food coops, processors, distributors, restaurants, caterings, farmer markets, buying clubs, etc.
How does it work?
FoodCoins is directly linked with Ethereum (ETH). So the amount of FOOD you brought may vary on your account as per the current rates of Market. Although, once the coins are distributed to contributors the rates can be locked. You can log in into the official FoodCoin account by going to foodcoin.io and hit the LOCK button. The system will auto pick the favourable rate and lock it. You can only lock the rate once.
Now, when it comes on the working method, FoodCoin has created various functions for low-cost transfer. These are as follows.
- Database in a distributed ledger. Here you can get details of all required things.
- The next step is to own a Cryptocurrency called FOOD.
- For transactions, they have multi-functional wallet called Wallok.
- For Payments, they have their own payment system called DiPay (DP).
- When it comes to security and protection, They have remote user verification called DIGID.
- For smart contract multisign, they have Smaco system.
- For Genuine products, they have product authentication Product Origin ID (PRORID)