New Zealand based agtech cooperative LIC has announced it will invest in blockchain startup TrackBack to add value to New Zealand’s dairy farmers. The money comes from increased investments in LIC’s AgCelerator Fund, which aids companies in bringing innovations to the dairy industry.
TrackBack is an Auckland-based company that develops blockchain solutions that provide trust and transparency in agriculture’s supply chain. The products developed by the startup have gained significant value through the pandemic as food traceability increasingly becomes a factor in purchase decisions for consumers.
Consumer demand for food traceability is currently a factor in LIC’s growth strategy. Using the LIC data on animal health and implementing it on TrackBack’s blockchain platform will assure product quality. Furthermore, using blockchain to monitor the supply chain of dairy products will add value to the final product and create trust among farmers and consumers.
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