According to the USDA estimates, food waste in the US ranges from 30 to 40 percent of the food supply. In 2010, food waste amounted to $161 billion worth of food.
For decades, there was no credible logistics solution that could reduce this enormous food waste that exacerbates the problem of hunger, destroys the environment (as 94% of the food waste goes to landfills or combustion facilities, according to the EPA), and dramatically increases the retail prices of food.
TrackLoop – The Game Changer
Blockchain logistics technology is now providing a breakthrough to solve this complex problem. This is where TrackLoop Analytics Corp. (TOOL.C) is leading the change with its cutting-edge IoT and blockchain based supply chain management solutions for the food and cannabis industry.
TrackLoop’s technology is generating enough excitement in the market with large food companies, including Wal-Mart (WMT), Save-On-Foods, BC Ferries, and Spud.ca already having signed up as partners.
TrackLoop recently went public, and is commanding a market cap of $4 million with 40,502,661 shares outstanding.
One of the most powerful tech assets of TrackLoop at the moment is ChainTrack’s logistics technology. ChainTrack’s products are used in companies such as Volta Air that retrofit cargo vehicles to enable refrigeration in transit.
ChainTrack also provides real time dashboard analytics and GPS systems to allow the operators to monitor and manage the delivery process in real time.
In addition to providing tracking services to its current clients, ChainTrack is now pursuing new cold chain tracking contracts within the food industry. The company also plans to extend its SaaS tracking platform and services to large grocery chains. The company’s current customers and technology partners include Sustainable Produce Urban Delivery (SPUD.ca), Save-On-Foods, BC Ferries, Canadian Blood Services, and BYD Motors (SZSE: 002594, SEHK: 1211) the world’s largest electric vehicle company, whose largest shareholder is Berkshire Hathaway (BRK.A).
While the acquisition of ChainTrack is set to transform the company’s business goals and direction, Trackloop intends to continue to consolidate its existing product lines, including its P2P lending platform, digital assets exchange solution, and credit risk analysis applications for the digital assets industry.
Opportunity in Cannabis Logistics
One of the key challenges facing the marijuana industry is that cannabis plants often show up dead on arrival. Cannabis, like any other natural food, needs to be preserved in temperature regulated environments to retain its freshness.
According to Trackloop’s CTO Zayn Kalyan, many companies in the cannabis delivery industry continue to depend on paper-based documentation, and there is no integration with the ERP systems.
Using ChainTrack’s technology platform, Trackloop can solve this problem, resulting in cost efficiencies and savings across the cannabis supply chain. Trackloop is actively seek partnerships in the cannabis industry, and may take a major position as soon as a suitable opportunity presents itself.
Although Trackloop is still in its early stages of growth, its adoption of innovative technologies such as blockchain, IoT, AI, cloud, and big data is set to revolutionize the food logistics industry in the US and worldwide.
To learn more about Trackloop check out the following pieces:
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