OpenSC Blockchain Startup Secures $4 Million in Funding for Supply Chain Management
A blockchain startup for ethical practices in supply management recently raised a total of $4 million in the form of seed funding.
OpenSC which is a joint venture between World Wide Fund—the environmental protection group-and the Boston Consulting Group released a joint statement announcing that it had managed to raise four million dollars in seed capital from Christian Wenger, a renowned blockchain investor.
The platform makes use of blockchain technology to track merchandises for purposes related to ethical malpractice. The money raised as seed capital will be used to assist in further developing supply chains based on the blockchain technology.
This includes supply chains such as human rights violations and overfishing. This is according to an interview with Markus Mutz, the incoming OpenSC CEO held with CoinDesk. After the funding round was completed, Mutz resigned as a director at BCG Ventures in order to become a full-time CEO.
The seed capital funding round is one that has come after the successful conclusion of a joint project with Austral Fisheries. This was an international pilot project conducted with one of the biggest seafood companies in the world. OpenSC assists the seafood company to monitor the Patagonian Toothfish fishing process.
The fishing company is able to gather data from the GPS systems installed in its fishing boats. Information obtained from the fishing locations is then fed into the blockchain platform through the use of an automated algorithm.
Customers and retailers in the supply chain, therefore, get an opportunity to learn and glimpse information on where the fish are caught. Mutz added that it was also possible for them to know who caught the fish by using a QR scanner to scan the codes placed on the products.
It is expected that the use of this blockchain platform will go a long way towards increasing transparency between customers and suppliers throughout the whole chain. This will make it easier for all involved to track as well as monitor what is happening in the blockchain.
Mutz finished his interview by adding that they would also be getting into a partnership with Nestle. The partnership would see them track the milk products manufactured by the company. Tracking would involve following the milk products from the New Zealand farmers to the time the products are delivered to clients in the Middle East.