Imagine a world where consumers buy their groceries directly from manufacturers, cutting grocery stores and supermarkets completely out of the equation. That’s a future blockchain startup INS wants to enable.
And the company has just raised roughly $43 million (60,000 Ethereum) in a public token sale to make it happen. INS says seven of the top-20 fast-moving consumer goods companies in the world have shown significant interest in the platform; it cites Unilever and Mars as two examples.
Beyond the top-20, the company has also “gained a total of 500 manufacturers interested in listing or having signed memoranda of understanding expressing their strong commitment to the project once it goes fully operational,” a company spokesperson told VentureBeat. “The grocery industry in its current shape is inefficient and controlled by retailers.
For example, in the UK there are over 7,000 manufacturers and 25 million of households dependent on four key grocery retailers controlling 76 percent of the market. INS will adopt blockchain to cut the middleman – wholesalers and retail stores – to help consumers save up to 30 percent on grocery shopping,” the company said in a statement.
Manufacturers, meanwhile stand to save on the 17 percent of their revenue they currently spend on trade promotions and can replace those trade promotions with personalized, targeted promotions to end customers. Any manufacturer will be able to list and sell products in the “INS Ecosystem,” giving them complete control over product pricing, the company said. Read more from venturebeat.com…
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