Corporate Finance News

Jeudi 27 Juin 2019

EY helps Bofrost Italia to build one of the first blockchain platforms to trace frozen foods in supply chains

Bofrost Italia, a leading global company in the door-to-door sale and distribution of frozen foods to consumers, has selected EY to provide a blockchain solution based on the EY OpsChain platform. The company will implement the EY OpsChain traceability application to help trace its products in every step of the supply chain, starting with two of its best-sellers: fillets of Northern cod and artichoke heart wedges.

The technology helps customers use their smartphones to scan the QR code on the packaging – or enter the code manually – which takes them to Bofrost Italia's web page that details the products' story, from their origin through the various steps of the supply chain, until they arrive at the customer's table.

The EY OpsChain platform consists of a set of tools and methods for designing and deploying enterprise solutions on a private or public blockchain, as well as a set of business applications specific to business areas such as supply chain and procurement, traceability, contract management, asset management, public financial management and tax.

The EY OpsChain traceability application in Bofrost Italia's blockchain will help Bofrost Italia's customers trace products at every stage of their journey, from harvest to point of sale. As of July 2019, Bofrost Italia will enable customers to use smartphones to scan a QR code on the package to see the product's history. Customers will be able to follow the history of a single package of frozen fish, from the moment it is caught – including the name, fishing method and location of the fishing vessel – to its storage and packaging, temperature and data on quality controls and certifications.

For vegetables such as the frozen artichokes, customers can see details such as the supplier, cultivation area and storage temperature. For both items, information on the products' laboratory tests will be available, along with suggested recipes.

Paul Brody, EY Global Blockchain Leader, says:
"The decision by Bofrost Italia to go with EY OpsChain is a further endorsement of the efficiency and scalability that comes with public networks. No suppliers will be forced to join a proprietary, closed blockchain network."

Gianluca Tesolin, Bofrost Italia Managing Director, says:
"Launching our blockchain for customers is part of our strategic initiative to further our relationship with current and prospective customers as a trusted supplier that now offers a way to ascertain and certify product quality. Digital innovation is revolutionizing the food supply chain and, in this case, the key word is blockchain, which works as a 'virtual notary' to record every step of the production chain in an unalterable manner. All Bofrost Italia's data is accessible and totally transparent, and by scanning the QR code on the package, customers can see the history of the product directly on a smartphone. As a result, consumers will be able to make informed purchasing choices, based on verifiable information regarding the origin, quality and safety of our products."

The blockchain that EY teams developed for Bofrost Italia uses the standard ERC (Ethereum Request-for-Comment)-721 tokens to provide a token model to collect supply chain data and provide a mechanism for further evolution, such as automating procurement, order inventory and other processes.

Using the Ethereum public blockchain for the Bofrost Italia solution allows each of the players in the supply chain to record their information, without any possibility of altering the data from the outside.

Giuseppe Perrone, EY Global Limited, EMEIA blockchain HUB Leader, says:
"The Bofrost Italia blockchain, one of the first in Italy in the sector for the supply chains of frozen foods, shows how the EY OpsChain traceability application, with the ERC-721 token on Ethereum blockchain, gives Bofrost Italia a way to digitally verify the work of its suppliers, enhance supply chain controls and document the entire process – from raw materials to the delivery of the product to the end customer."

Tesolin says: "We started with fish and vegetables because they represent two fundamental categories for Bofrost Italia and they're two of our most popular products in our 'natural' selections. The QR code is an easy and engaging way to offer Bofrost Italia customers a unique experience when purchasing these products."


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