OpenSC – A blockchain startup for ethical supply chain management raised $4 million in seed money.
OpenSC, a joint enterprise of the Boston Consulting Group and environmental safety group the World Wide Fund, announced immediately $4 million in seed funding from investor Christian Wenger. OpenSC makes use of blockchain technology to track goods for ethical malpractice.
The capital might be used to additional develop blockchain-based provide chains such as overfishing and human rights violations; incoming OpenSC CEO Markus Mutz reported in an interview. With the funding, Mutz left his role as a director at BCG Digital Ventures to be the full-time CEO of OpenSC.
The funding spherical got here on the heels of its worldwide pilot project with Austral Fisheries, one of many world’s largest seafood corporations. OpenSC helps Austral monitor the fishing process of its Patagonian Toothfish — extra generally known as the Chilean sea bass.
The fishery firm collects information from fishing boats’ GPS and put the fishing locations within the blockchain platform via an automated algorithm.
Retailers and prospects all through the supply chain can be taught the place the fish are caught and who catches them by scanning the QR code on the merchandise, Mutz said. The blockchain platform will improve transparency between suppliers and customers all through a provide chain so that it will be simpler to watch the whole process.
Mutz mentioned the company might also work with Nestlé to trace the food company’s milk merchandise from farmers in New Zealand to customers in the Middle East and palm oil sourced in the Americas.