Member - Penta Network

Penta’s mission is to bring businesses and blockchain developers together to solve real world problems with the shared values of transparency, social and economic inclusion, environmental sustainability, and fair labor practices. To date, our most successful blockchain project is Blockchain Rice, a traceability project that tracked rice from 13 million acres of farmland in northeastern China to consumers, who purchased the rice through JD.com (China's second largest retailer). Moreover, consumers in China paid 3-4 times more for rice with blockchain traceability, as tainted rice is an ongoing problem affecting China's food supply. Our learning experience with Blockchain Rice was profound, as we recognized the importance of bringing transparency and visibility to supply chains. Currently, Penta is offering blockchain-based traceability and product authentication on four continents to companies large and small, and products as diverse as coffee, apples, luxury goods, and pharmaceuticals. We approach supply chain problems such as food waste, contamination, counterfeit products, etc. as data problems. With blockchain technology we can bring data transparency to supply chains. So doing, this solution empower supply chain stakeholders, as well as retailers, consumers, and regulators, who all benefit from access to reliable and auditable data. Currently we are looking to scale up the commercial penetration of our product by approaching retailers, FMCGs, shipping companies, and other partners interested in smart supply chain technology. With blockchain-powered, fully transparent supply chains, we can achieve significant reduction in food waste, greater visibility into food-borne pathogens, enhance detection and tracking for counterfeit and tainted products, empower farmers and combat exploitive labor practices, and reduce the carbon footprint of the global supply chain.