Today, we’re excited to announce that Fresh Supply Co (FSCO), the largest user of Mastercard Provenance and a partner of Commonwealth Bank, has migrated from the private Mastercard blockchain to the public Hedera network.
Traditionally the agrifood value chain, covering the whole process of producing, processing, and distributing agricultural products from farm to fork, has been complex and opaque. This has left financiers with little insight beyond the balance sheet and P&L during credit risk assessment.
By tokenizing assets and events throughout the agrifood supply chain at scale, FSCO is actively digitizing food production and trade, enabling complete transparency and deep, verifiable, data for financiers.
Through FSCO, events throughout the value chain such as the transformation of cow to beef, milk to cheese, and other processes such as shipping, customs, fulfilling of standing orders, and so on, are tokenized, tied together, and tracked with complete transparency.
From a systems perspective, this allows proof of quality, specification, and sustainability for parties throughout the chain. This transparency into the whole value chain enables rich data for financiers to analyze and validate that goods/assets are flowing into and out of business, enabling them to substantiate cash flows as a result of those events on a continuous basis.
These events are also used to trigger conditional payments, functionality that FSCO will retain although writing to the Hedera ledger, while still allowing for engagement within the Mastercard ecosystem.
FSCO is migrating the whole of its existing business onto Hedera, leveraging the Hedera Consensus Service (HCS) and Hedera Token Service (HTS). In the future, FSCO plans to integrate with the Hedera Guardian in preparation for work with governmental institutions.
FSCO decided to leverage Hedera for three reasons, citing the maturity of the Governing Council, the ability for low, fixed costs, and the ecosystem goal of making ESG reporting credible that applies across industries.
“We are pleased to bring our technology stack, networks, and client base to the Hedera network where we’ll make ongoing contributions to the Hedera ecosystem,” said David Inderias. “This is the first step in a series of developments we intend on creating with The HBAR Foundation. FSCO are building the ledger-centric infrastructure to trade, credential, tokenise, and finance food systems - and we can’t wait to share what’s coming next!”
“We expect FSCO’s agricultural products supply chain management and payment automation platform to propel the industry forward,” said Sabrina Tachdijian, Head of Fintech & Payments at The HBAR Foundation, “at a time when rising costs for producers and supply chain disruptions call for increased transparency and capital optimization through innovative solutions.”
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem. The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org/.
About Fresh Supply Co
FSCO exists to revolutionise agribusiness. Their system goes beyond traditional funding methods by leveraging operational data and empowering lenders to make more informed decisions, supporting agribusinesses to claim better access to capital than ever before.
Their founders, David Inderias and Ben Lyons bring more than 40 years of combined industry experience. Using their technology and supply chain expertise, David and Ben have transformed funding methods and unlocked trillions in capital—previously unattainable due to underperforming data.
FSCO is driven to transform businesses’ capital access by changing the old industry narrative. They are backed by a senior leadership team with global and multi-industry experience as we continue creating positive change through fintech innovation.
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