OAKVILLE, ON, Jan. 23, 2018 /PRNewswire/ - Romana Food Brands Corp. (OTC: RFBC) announced today that it is developing the next generation blockchain food traceability and control application.
According to the company, the food supply chain is the most complex and fragmented of all supply chains. Production is found all over the world both on land and in water. Many producers and intermediaries are difficult to identify and track. This creates uncertainty and risk. The next generation blockchain food traceability and control application is key in establishing reliable provenance and preventing fraud and counterfeiting. Romana's blockchain will include information on conditions at the production facilities, tracking of food items, and volumes in the supply chain, to name a few features.
The Food Traceability and Control market is said to grow to $16 Billion by 2022. The United Nation's Global Compact defines traceability as "the ability to identify and trace the history, distribution, location and application of products, parts and materials, to ensure the reliability of sustainability claims, in the areas of human rights, labor, environment and anti-corruption". The most well-known use case of blockchain technology is Bitcoin and other cryptocurrencies. However, the transaction capacity and the cost per transaction in Bitcoin is prohibitively high. In early summer 2017 the average cost was $4 per transaction and rising, and there has been no major increase in transaction capacity to date. However, the underlying technology driving Bitcoin and other cryptocurrencies has proven to be extremely valuable to society. Blockchain is the new emerging foundation for the digitization society and Romana is at the forefront of this new paradigm shift.
"Romana's development of the next generation blockchain for Food Traceability and Control is a true catalyst to sustainable shareholder value" said Morrie Fogelbaum, Chairman of Romana Food Brands Corp. "Romana's blockchain solution will not only provide our food operation a competitive advantage, but the licensing of our blockchain technology to some of the leading brands of the world will enable Romana to become a leader in the $16 billion application market.
About Romana Food Bands Corp.
Romana Food Brands Corp is an emerging leader in the authentic Italian Food sector. The Company is in the process of acquiring food processing plants specializing in Italian products. It is currently in the final stages of acquiring plants in North America and in Italy.
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For more information visit Romana's website at: http://romanafoodbrands.com
SOURCE Romana Food Brands Corp
