ROME, Oct. 5, 2021 /PRNewswire/ -- Italia Olivicola, the largest organization of olive and olive oil producers in Italy, in cooperation with Euranet, is working to develop and implement an innovative supply chain solution utilizing the open, public Algorand blockchain. This model was developed employing Euranet's ChoralChain platform and can be applied to the whole olive oil production chain to ensure the highest quality standards and make product information regarding their origin, processing, and preservation accessible and transparent.
For Italia Olivicola's members--representing more than 250,000 people across 15 Italian regions--this innovation will empower the olive and olive oil traceability system, protect certified productions, support local producers, and motivate consumers to make conscious purchase choices by issuing Non-Fungible Tokens (NFTs) on Algorand for each significant transaction.
This blockchain-based system goes far beyond the current manual or semi-manual collection of information which is very time-consuming and vulnerable to tampering attempts. Utilizing the advanced encryption and decentralization of Algorand technology, the system is shared and immutable, producing a digital register where the data are managed, stored, and made available to buyers and sellers, packers, and final customers, allowing anyone to retrace the production path of the product any time.
Italia Olivicola has chosen to partner with Euranet to develop this blockchain-based technology for the olive oil sector. Euranet is one of the first players in the field of technological compliance and a leader in recognizing the intrinsic value of the blockchain as a source of potential for digital transformation for both companies and their processes, leading to the development by Euranet of ChoralChain, a SaaS supply chain traceability solution based on the Algorand blockchain.
"We are enthusiastic to partner with Euranet and introduce the power of blockchain to such a storied industry" said President of Italia Olivicola Gennaro Sicolo.
"Algorand technology enables our supply chain traceability software to be secure, scalable, and sustainable, and will help Italia Olivicola realize its mission of supporting Italian olive growers long into the future" said Gianpaolo Sara - Managing Partner of Euranet.
"It is amazing to see an organization like Italia Olivicola, representing such a vital industry in Italy, recognizing the transformative power of blockchain for its sector via the use of Euranet's CoralChain traceability solution," said Pietro Grassano, Business Solutions Director for Europe at Algorand. "Algorand technology is open-source and designed to be transparent, secure, and fast – key components for any modern supply chain."
About Italia Olivicola Italia Olivicola is the first organization for Italian olive production. There are more than 250,000 members in 15 Italian regions for a total of 56 OPs (Producer Organizations) across the territory. The organization's mission is to improve the life of Italian olive growers by increasing the value of the marketed production of our POs and cooperatives, improving income for olive growers, building a cohesive and modern national olive production chain, and defending Made in Italy through increased transparency and fighting against counterfeiting. www.italiaolivicola.it
About Euranet An international consulting firm specialized in technology compliance management, Euranet was founded in 1997. An early player in the field of technology compliance, Euranet is also a leader in recognizing the intrinsic value of blockchain as providing the potential for digital transformation for both companies and their processes. This has led to the development by Euranet of an advanced blockchain technology called Choralchain. For more information, visit www.choralchain.com
About Algorand, Inc. Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit www.algorand.com