(LONDON)

A tech company that uses ‘blockchain-backed software’ to increase integrity in the food and drink industry has attracted major investment.

Provenance enables food and drink products to be digitally tracked from ‘origin to supermarket’ on a blockchain. The company plans to use the $800,000 of private investment to introduce a new standard of trust to the food industry and support 1000 businesses become more transparent by 2025.

Jessi Baker, CEO of Provenance, said: “Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce. This funding will help us develop our tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact.”

The emerging trust economy depends on each transacting party’s reputation and digital identity—and that’s where blockchain comes in.

“Provenance technology helps make local and global supply chains transparent so that retailers, suppliers, farmers and workers can all benefit,” added Dan Viederman, who co-leads impact investing as Managing Director at Humanity United – the foundation that spearheaded the funding initiative.