FSCO Migrates from Private Mastercard Blockchain to Public Hedera Network – Cryptopolitan
Fresh Supply Co (FSCO), the largest user of Mastercard Provenance and a partner of the Commonwealth Bank, has migrated from the private Mastercard blockchain to the public Hedera network. The move is expected to provide complete transparency and deep, verifiable data for financiers by tokenizing assets and events throughout the agrifood supply chain. The migration will leverage the Hedera Consensus Service (HCS) and the Hedera Token Service (HTS), which will allow proof of quality, specifications and sustainability for parties throughout the chain.
This transparency enables financiers to analyze and validate that goods/assets are flowing in and out of the business, enabling them to substantiate cash flows as a result of these events on an ongoing basis.
Digitization of food production and trade for complete transparency
The value chain for agricultural food has traditionally been complex and opaque, which makes it difficult for financiers to gain insight beyond the balance sheet and result when assessing credit risk. Through the migration to Hedera, FSCO is actively digitizing food production and trade, which will enable full transparency in the entire value chain. By tokenizing events throughout the value chain, FSCO links them and tracks them with complete transparency.
These events include transformation of cow into beef, milk into cheese and other processes such as shipping, customs, fulfillment of standing orders and so on. From a systems perspective, this allows proof of quality, specifications and sustainability for parties throughout the chain.
Conditional payments and low fixed costs with Hedera
FSCO will retain functionality that allows engagement with the Mastercard ecosystem while writing to the Hedera ledger. The ability to trigger contingent payments is among the features that FSCO will retain. The low fixed costs of Hedera, as well as the ecosystem’s goal of making ESG reporting credible across industries, are among the reasons why FSCO decided to leverage Hedera. FSCO is migrating all of its existing operations to Hedera and plans to integrate with Hedera Guardian in preparation for working with government institutions.
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, empowering and funding the builders who develop these communities. The foundation’s six funds – focused on the crypto economy, Metaverse, Sustainability, Fintech, Privacy and Female Founders – each support communities within these areas, and the interconnection allows applications to participate as part of a larger ecosystem. The collective power of these funds enables entrepreneurs, developers and businesses of all sizes to tackle some of the world’s biggest problems and create and control their own economies, all built on the Hedera public network.
FSCO and the HBAR Foundation are collaborating to create a Ledger-centric infrastructure
The move to Hedera is the first step in a series of developments that FSCO intends to create with the HBAR Foundation. FSCO is building the blockchain-centric infrastructure for commerce, credentialing, tokenization, and funding of food systems. The foundation expects FSCO’s supply chain management and payment automation platform for agricultural products to drive the industry forward at a time when rising costs for producers and supply chain disruptions require increased transparency and capital optimization through innovative solutions.
Conclusion
FSCO’s migration from the private Mastercard blockchain to the public Hedera network will provide complete transparency and deep, verifiable data for financiers by tokenizing assets and events throughout the agrifood supply chain. The move will leverage the Hedera Consensus Service (HCS) and Hedera Token Service (HTS), which will enable proof of quality, specifications and sustainability for parties across the chain. The low, fixed costs of Hedera and
