OwlTing offers mobile commerce options to consumers through their technology company, which also includes map, blockchain, and AI. However, on May 21st, 2018, their reach spanned a little further with the launch of the OwlTing Traceability Platform. The platform is the newest effort from the company, which helps to expand the Taiwan-based blockchain, as a result of a large investment from the Japanese financial services group called SBI.
The platform helps multiple industries at the same time, including better transparency with food production, agriculture, and similar supply changes. However, their efforts will also go towards the foundation of the technology to ensure that it remains stable within the product companies.
Through the years, transparency has been a major missing piece with both agriculture and food production, which is why the establishment of OwlTing is so important. This is a matter of having authenticity and truth in the supplies that consumers bring home, and reliable businesses can prove how honest they are. Good intentions can finally be seen with ultimate transparency for each transaction and change in the brand.
Yo-Kai Express is one startup that is majorly affected by the change. According to Any Lin, the founder of the gourmet food startup, said,
“As customers enjoy a hot gourmet meal from our smart vending system, we want them to have visibility into the efforts we put into our foods. OwlTing’s blockchain platform is a great vehicle for that.”
The role of OwlTing is to help businesses demonstrate their transparency, which is performed with the use of a blockchain that supports end-to-end traceability. Essentially, consumers are able to see exactly the path that the user takes from the start of the production to the moment they take it home.
Another company involved with this brand, No Denial Foods, has released a statement about the benefits of OwlTing with their brand as well. Debbie Wood, a representative of No Denial Foods, said,
“Customers are increasingly conscious of what they eat, and OwlTing gives us the tools to show them exactly how our products are made and where they come from.”
The Origins Of OwlTing
OwlTing began in 2010 as the creation of Darren Wang. The intention behind this product is to make the consumer experience more inclusive. Originally, it functioned as an e-commerce hub, helping Taiwanese families to have increased safety and healthier products from those who made them – the sellers.
Blockchain technology has expanded the options for OwlTing for better business solutions and increased technology.
SBI Group Speeds Up Global Expansion
SBI Group showed interest in the way that OwlTing is revolutionizing the industry, which is the cause of their eight-figure investment. In exchange, they required 20% of the equity from OwlTing. This relationship will be a major strategic move in the future, considering the potential innovations that the platform can make for blockchain and cryptocurrency as a whole.