73% of top olive oil brands fail to meet the standard test to carry ‘Extra Virgin’ in the label. There were over 95 seizures of counterfeit extra virgin olive oil cases in Italy alone. Imagine what you place trust on might be a fake product and you might be paying premium for a fake. TE food will ensure what you are eating.
You might be paying premium for a fake.
Similar stories surround organic beef, organic green tea, etc. etc.
Consumers do not have an authentic way to verify that what they are paying for is a genuine product or not, and businesses cannot curb the middle men from switching their products with fake ones.
Counterfeit is a big problem.
Especially in fresh, health and specialty food area. Because of the nature of the problem, blockchain technology is placed in a unique place to offer solution. Since this is such a vast problem area, there have been more than one solution that emerged in the blockchain space. One of them is a favorite of ours, VeChain. However, this article is not about VeChain, it is about TE-Food that is specifically targeting to track and trace food from “farm to table”.
- Business Partnerships
- Marketcap and token economics
- Competition and caveat
- Product: TE Food is a farm-to-table food trace-ability solution. “TE-FOOD covers all logistics and food quality activities and data management of the supply chain. It provides cost effective software and identification tools to make livestock and fresh food supply information transparent.”
There are many blockchain products in the supply chain management including Wabi, Waltconchain, Ambrosus, Modum, etc.
While most of these projects have great teams and/or hype in the market, their products are still waiting to be developed, launched or adopted. In other words, most of these projects entered into ICOs to raise capital to ‘start’ the blockchain technology solution.
TE Food is different. They got into ICO to ‘expand’ their existing business model that has been in operation since 2015 (parent company was established in 1996).
Key term is here is ‘expand’. TE Food has already showed its mettle in offering a solution in the supply chain ecosystem. They are moving their current working model onto blockchain to offer even more immutability to their tracing and tracking solution.
Moving onto a blockchain platform will also change TE Food’s existing centralized business model into a decentralized one, in addition, they are going to add features such as food safety sensor tools, animal face recognition (!) and fresh food marketplace to the existing business model. Below chart shows a quick snapshot of what ICO proceeds will help TE Food with.
TE Food already has B2B and B2C mobile apps and have trained over 10,000 people in a single year to use the app at various source points. While most of the existing platforms are targeting business or consumers or both, it aims to bring farmers, supply chain vendors, government authorities and consumers onto single platform.
In addition, it is looking to integrate and share the deep learning data back with Farmers, producers, vendors and other entities. One such step is already initiated where it is going to share the Deep Analysis data back with Farmers so that they can increase their production by 20% without any additional cost.
TE Food aims to bring farmers, supply chain vendors, government authorities and consumers onto single platform.
Advantages of this Deep Analysis system are listed below.
Many existing blockchain platforms that are aiming supply chain industry are heavily focused on helping businesses and/or vendors. There are few (like Wabi) that are focusing on consumers. However, it is an end to end solution that is targeting everyone in the farm-to-table ecosystem, including consumers. Consumers can get extensive data from the app, listed below:
This data is absolutely essential but currently inaccessible for anyone who cares about their and their loved ones health. TE Food promises to make this information accessible by simply scanning a QR code from within App.
This data is absolutely essential but currently inaccessible for anyone who cares about their and their loved ones health.
Here is a quick snapshot of TE Food compared to other existing blockchains in the supply chain space.
2.Team: What TE food has on its road map and the competition that it has to deal with takes a lot of expertise.
The founding company behind it, Erba 96 Ltd has previous experience in various projects, including:
- Utility cheque payment solution
- Airport fast track payment solution
- Road Tolling solution
- Loyalty Card solution
TE Food’s team includes two CEOs, Dr. Trung Dao Ha and Erik Arokszallasi. Both have extensive business experience in founding and running successful companies. They have a combined experience of over 4 decades.
They have food safety experts, blockchain experts and infrastructure experts on their team.
3.Business and partnerships: Each of the listed partnerships of TE Food serve a specific purpose.
It already has an existing business relationship with 6000 companies. They have trained over 10,000 individuals in a single year to help greater adoption and have been serving over 34 million consumers. Their site shows multiple existing partnerships and their Medium blog is constantly updated with more updated partnerships (look at sources section at the end).
- Nongshim Data System will be a sales and implementation partner of TE-FOOD.
- TE-Food’s technology will be utilized on two pilot projects in June 2018 by Halal Trails, a UK based company.
- GS1: “GS1 is a not-for-profit organisation operating worldwide, that develops and maintains global standards for business communication. GS1 barcodes are scanned more than six billion times every day”
- Telenorma: Telenorma AG is a trusted solution provider in the German retail sector. Telenorma will implement TE-FOOD’s traceability system in Germany for retail companies.
- Sankofa: Agricultural consulting and project management firm Sankofa Ltd. represents TE-FOOD’s livestock and fresh food traceability solution in the French-speaking countries of West Africa.
- Unisto: a Switzerland based international manufacturer of security seals. Unisto Malaysia manufactures TE-FOOD’s high quality seals.
- Zalo.me is a free messaging mobile application with 70 million users. TE-FOOD’s QR codes can be read by the Zalo app to view the food product’s history.
- Laurel is the largest retail technology solution provider in Hungary. They are a sales and implementation partner of TE-FOOD.
4. Marketcap and Token Economics: Thanks to the recent bear market, along with drop in ETH price, TE Food token has been selling at around 60% of ICO price, since price of TE was pegged in USD during ICO. This has put TE Food’s market cap below the ICO hard cap.
Token will have two economy models.
One model requires a valid license which is made up of certain number of tokens which varies by country. These licenses are then divided into sub-licenses. What this means is, for every one utilizing TE Food solution (which includes Farmers to consumers and everyone in between in the supply chain ecosystem) will need to have TE food tokens.
When the TE Food blockchain is fully implemented, their existing 6000 Companies and 34 million consumer base itself should contribute to a natural demand for TE Food tokens.
- 6000 Companies and future onboarding
- 34 Million existing consumer base and future additions
- Livestock agents
- Wholesale distributors
All of these players will have to get hands on a certain amount of TE Food tokens. Companies, at the forefront, will need to gain access to a bigger share of tokens to utilize the tracking services.
Second model of the token will be TFS which is their transaction token model. This is in concept and more details will be made available.
From a pure price perspective, TE Food is trading at 2.6 to 2.8 cents today, which is about 50% of the ICO price (ICO price was 5 cents). Another factor that adds to TE Food’s call is that it is not on any major exchange yet.
If TE Food were to hit 200th rank on Coinmarketcap at this bear market levels, it will need to grow 4 times. If it reaches top 100 rank, it will have multiplied 12 times. Remember, these are projections at the current bear market.
TE Food has already established in Vietnam and has started business in Italy and Africa. We expect to see a lot more expansion in the coming years and a natural increase in demand for its tokens.
Another factor that adds to TE Food’s call is that it is not on any major exchange yet.
5. Competition and Caveat: While there is no other project (not taking VeChain into consideration) with a farm-to-table end to end solution and a working product on the market, there are many existing players in the blockchain supply chain space.
While competition is fierce, if TE Food manages to convert its existing clientele and user base to make use of TE Food tokens, then that will be a fabulous start. Adding more clientele in the new expanded locations will help as well.
A turn off for most newbies in the crypto space is patience and for TE Food to show its full potential will need longer than 6 months or even a year (look at the HODL period). This might turn away the newbies that dream of riding crypto lambos overnight. For more veteran and learned crypto folks, TE Food showcases all the traits of a long-term HODL project.
Project: TE-Food (te-food.com)
Symbol: TFD (please always double check symbol)
Price Today: 2.5 cents
Trading on: IDEX
Buy price: visit QRIP page to view
HODL period: visit QRIP page to view
HODL gain anticipated: visit QRIP page to view
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About the author
RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.
RK Reddy is an ardent fan of Blockchain and Cryptocurrencies. You can see the excitement about this new blockchain technology in every article on Cryptotapas.com. Sometimes this excitement leads to an overly optimistic view. Guilty as charged. RK Reddy says “what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to a similar frame of reference.” Of course, that is just his opinion.