What Is Blocery (BLY)?
Blocery Food is delivered to consumers through production, processing, wholesale and retail distribution. The network between its participants and processes is called the ‘Food Supply Chain’. Currently, the ‘Food Supply Chain’ is operated on a trust-based relationship. However, trust has been undermined by opaque and complex supply chains, irresponsible participants, immorality, and delayed settlements. Lack of trust among participants leads to supply chain inefficiency, food safety, and quality sustainability issues.
As a result, 1.6 billion tons or one-third of the world food production is wasted every year. This utilizes the distributed ledger data structure to provide a new generation of food supply chain ecosystem. Blocery allows participating producers, distributors, settlement service providers and consumers to exercise immutable data sovereignty. All food supply chain participants will be connected, and add values to a transparent and reliable value chain.
Blocery Storage Key Points
|Circulating Supply||458,916,663.38 BLY|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Inefficiency in Food Supply Chain
Globally, 1.6 billion tons of food (approx. $1.2 T) is being wasted every year in the process of production, storage, package, wholesale and retail distribution, and consumption. This is one-third of the world’s food production. While some participants in the food industry are applying new technologies and data structure to streamline the value chain, most do not have an accurate understanding of supply chains, such as supply and demand forecast.
Blocery This leads to inefficient time and stock management. According to the Boston Consulting Group (BCG) report, the application of supply chain technology could save up to $120 billion annually, and improved coordinates among participants can reduce the problem by $60 billion.
Trust among participants
Blocery According to a recent survey, 84% of consumers answered the production and distribution history, including where and how the product was made, affects their purchase decision process. Number of food fraud cases has increased by 60 percent over the past few year, including the infamous Chinese milk scandal with hazardous melamine in powdered milk. Generally, food frauds are caused by opaque and complex supply chains, participants’ moral hazards, costs, and etc. Participants in the food supply chain do not know other participants or processes.
Although the global food market is growing rapidly, there are a variety of problems behind the scenes that consumers are not aware. Distributors in the online food market have become big middlemen, setting high gross margin. According to Barclays reports, Amazon Fresh, a leading U.S. food e-commerce, has the merchandise gross margins per grocery order 21.5 percent approximately, which compares with Kroger’s 25 percent margin. Gross margin of agricultural products registered on the market is established in various participants in the value chain, including multiple distributors and retailers.
Online Food Market Growth
Blocery The online food market is growing rapidly worldwide. Based on the global online food market data surveyed by research firm Stasia, the global online food market continues to grow, reaching $104.5 billion in 2022, with an annual growth rate more than 10%. Experts predict that the spread of smartphones will allow access easier anytime anywhere which will further increase the volume.
Unreliable Online Food Market
For the active penetration of online agricultural products purchase, it is necessary to provide reliable information on the production history of agricultural products within the online platform. Blocery Unlike mature manufactured goods online market, online food market is still lagging behind in its maturity. According to Nielsen’s report, the main obstacle for consumers to buy agricultural products online is the reliability of products. In addition to difficulties to see the product itself, major concern was difficulties to buy safe and reliable food.