PROCUREMENT INSIGHTS
at ? What types of processes need to be applied ? All these parameters are recorded alongside the deal and we have a convenient user interface giving an overview to the participants of what happened to the product .
“ Plus , if you ’ re delivering a batch of meat to a restaurant , but it hasn ’ t been stored in the correct conditions for a couple of hours , the restaurant may reject it for not meeting its standards . However , if the meat is still safe to consume , you , as an intermediary supplier , have a perishable product you need to get rid of . Here , we would have what we call a fall-back function where a secondary client
“ Due to global inefficiencies there is a distressing amount of food waste , so we ’ re seeing how we can apply our solution to significantly decrease it while creating new streams of revenue for participants ”
– Angel Versetti , CEO Ambrosus is , by default , ready to purchase that meat at a specified discount and immediately that contract can be transferred to the new client allowing you to recover some of your costs .”
Versetti sees any commercial transaction involving the actual transfer of value working in this way and this disruption is sure to provide competition for traditional incumbents on the supply chain : “ Because it ’ s a blockchain you can transfer both the cryptocurrencies as well as tokenised currencies and they are coupled with smart contracts , so you have the quality assurance .” Ambrosus is currently working to make its blockchain compatible with norms and regulations . “ If your business is in a particular area where parameters of quality in your product must be proved , instead of spending on assessors or carrying out other random checks you could have the transparency of all the necessary processes recorded on the blockchain ,” Versetti adds . “ Then this information can be easily shared with governmental authorities and other entities .”
Versetti concedes that though the building blocks are in place
20 January 2018