Checking food wastage with Blockchain technology
The United Nations International Children Emergency Fund (UNICEF), with a view to solving global challenges using Blockchain technology, has picked 6 companies from development emerging economies to invest in. Out of the six companies, Hyderabad-based startup StaTwig is the only startup from India to be selected.
Hyderabad: The United Nations International Children Emergency Fund (UNICEF), with a view to solving global challenges using Blockchain technology, has picked 6 companies from development emerging economies to invest in. Out of the six companies, Hyderabad-based startup StaTwig is the only startup from India to be selected.
Founded in 2016, by Sid Chakravarthy, StaTwig's Blockchain cloud platform leverages Blockchain and IoT to deliver visibility, monitoring and tracking of products in your extended supply chain.
It abstracts the data from multiple sources including sensors and existing data stores, analyses it using machine learning techniques, and provides actionable insights. It enables customers to track products in the extended supply chain, continuously record product health information in a tamper-proof data registry, provide permission access to the information on-demand, and prevent third-party interference to data or contracts.
The solution helps users to meet their regulatory needs. Regulation is one of the key drivers for Blockchain Technology. Nearly 30% of the food goes to waste during its storage and transportation and the number is doubled when it comes to vaccines. 50-60% of vaccines lose their efficiency because of cold storage failure.
With a turnover of Rs 1.5 crore, StaTwig started off with their project against food waste in the late 2016, in 2017 a project collaborating with the University of California and government of AP to track fish from Antarvedi and other coastal cities to international markets of Dubai and Singapore "That's where we used our Blockchain technology for the first time," said Sid Chakravarthy, founder and CEO.
They have conducted and participated in programs around the world, Air maker program in Singapore, book camp in Hartford, Connecticut and ETC laps in Saint Francis. Using their solution distributes can track their material, to know if it comes from a genuine source. An insight on the products, a constant check on temperature and the path of the delivery can be checked with this solution.
"Problem with vaccines is that there is a lot of wastage, they get spoiled when they get exposed to high temperatures and they are a lot of expired vaccines in other supply chains. There is a high risk of children being infected if children get vaccinated with one of these products. We try decreasing this, to provide efficient and healthy vaccines and healthy food at the right time at the right place," Chakravarthy added.