BLOCKCHAIN BRINGS THE FIGHT TO THE $40 BILLION FOOD FRAUD ECONOMY

by Arthur · April 6, 2023

BLOCKCHAIN BRINGS THE FIGHT TO THE BILLION FOOD FRAUD ECONOMY

UNISOT’s new track and trace technology bites back in the fight against global food fraud

Oslo, Norway, 6 April 2023 /PRNewswire/ — In the wake of the recent controversy over falsely labeling foreign pork as British, the UK’s honey debacle and a host of other issues, the incidence of food fraud is at an all-time high. Reputable organizations have been affected by serious incidents of food fraud over the past decade. This “shadow economy” currently affects over 10% of the global supply chain and is costing industry 40 billion dollars annually, according to The Consumer Brands Association.

It’s not just the financial impact of food fraud, but also the potential health consequences and reputational damage to brands across the sector. According to NFU Mutual, 72% of consumers believe there is a food fraud problem in the UK and only 12% trust the European food chain.

Food integrity has been a growing concern for policy makers, food systems and consumers for many years. Traceability is essential to trace products from source to point of sale with information incorporated from multiple sources on origin, storage conditions and product quality. The decentralized nature of blockchain technology can enable the global interoperability that supply chain tracking requires to create far-reaching and much-needed changes in the industry.

Blockchain-powered track and trace solutions, built by companies such as European firm UNISOT, bring traceability and transparency to every step of the supply chain via Digital Product Passports (DPP). DPP provides information from raw materials, components, production sites, cold chain integrity, accreditation, certifications, carbon footprint, to recycling of waste – collected from the various actors across a supply chain – to both manufacturers and end users. Accessed by scanning a QR code, DPP helps consumers make better-informed purchasing decisions and gives suppliers the opportunity to demonstrate greater accountability.

UNISOT’s solution is powered by nChain blockchain technology, which not only makes this a reality, but allows UNISOT to conveniently roll out the application globally, due to its unique features: scalability, integrity, availability, efficiency and, most importantly , stability.

Stephan Nilssonco-founder of UNISOT commented:

“We felt the time had come to offer a blockchain solution to the food industry to help them verify products entering the consumer market. Food suppliers need to demonstrate transparency across the global supply chain, via a standardized system to track and authenticate products. Manufacturers and consumers have been asking for this for years, with DPP facilitating the ability to scan a label and view data via the application.”

The UNISOT platform enables manufacturers to meet legal and ethical requirements – compliance with EC Corporate Sustainability Due Diligence (CSDD) rules, Digital Product Passport (DPP) and EC Ecodesign for Sustainable Products Regulation (ESPR), proposed and committed by the European Commission to promote transparency. According to the EU, these regulations will affect the majority of European food businesses, as customers demand more sustainable and informed choices in the coming years.

To find out more about UNISOT and nChain, visit

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About UNISOT

Founded in 2018 and headquartered in Oslo, Norway. UNISOT builds Web3 Supply Chain Traceability & Sustainability solutions and Triple Entry Accounting & Auditing tools, using the public BSV Blockchain as a “Universal Source of Truth”. Their UNISOT Web3 platform and Smart Digital Twin technology enable companies of all sizes to seamlessly integrate their business processes, in ERP, manufacturing, transport and IoT systems, into a standard global data layer. They will allow them to monetize the information using nanotransactions, which incentivizes data exchange.