- Fresh Supply Co (FSCO) has transitioned from the now defunct Mastercard Provenance private blockchain to the Hedera network for real-world asset tokenization across the agri-food supply chain.
- This move aims to address the traditional opacity of the agri-food value chain by symbolizing events such as the transformation of raw materials into final products, providing full transparency and verifiable data for financiers.
As more and more real-world projects take a step toward tokenization, the HBAR foundation has announced that the Fresch Supply Co (FSC), previously the largest user of the now-defunct private blockchain Mastercard Provenance, has now fully transitioned on the Hedera blockchain network. for real-world asset (RWA) tokenization across the agri-food supply chain. As reported by CNF, Hedera’s massive scalability makes it an ideal platform choice for such industries.
The agri-food value chain, which covers the entire process from production and processing to distribution of agricultural products, has traditionally been completely complex and opaque. This opacity has meant that financiers can no longer rely on balance sheets and profit and loss accounts for credit risk assessments.
FSCO tackles this problem by symbolizing different events in the agri-food value chain. This includes the transformation of cow into beef, milk into cheese, as well as processes such as shipping, customs and fulfilling standing orders. These events are later linked and tracked with full transparency.
The supply chain application @FreshSupplyCoAu (FSCO) was the largest user of the now sunset Mastercard Provenance private blockchain ⛓️
The team understood the value of a public network and migrated to @Hedera for #RWA tokenization across the agrifood supply chain 🧵 pic.twitter.com/ELpamB7mdU
— HBAR Foundation (@HBAR_foundation) July 12, 2024
FSCO tokenizes assets at scale with the help of Hedera
By tokenizing assets and events at scale, FSCO actively digitizes food production and trade, providing full transparency and in-depth, verifiable data for financiers. This data allows financiers to analyze and validate the flow of goods and assets in and out of companies, providing ongoing substantiation of the cash flows resulting from these events.
These tokenized events also trigger conditional payments through the Continuity API, which connects Hedera to ACH (bank-to-bank payments), the Mastercard network and Mastercard Payment Gateway Services (MPGS). The Hedera Token Service (HTS) is integrated with the Continuity API, enabling the conditional creation of fungible and non-fungible tokens within commercial workflows.
FSCO’s financial-grade Continuity API supports event-based payment automation, especially across the supply chain. The updated Continuity API was previously available exclusively on Hedera’s Consensus Service and now also uses Hedera’s Token Service (HTS), according to the CNF update. This improvement enables greater transparency and auditability of payment transactions across the entire value chain. Users can record the fulfillment of cash transaction requirements and collect vital transaction information as NFTs, which can then be transferred between wallets
This integration allows financial institutions to make an update. Hedera is a leader in the field of blockchain developments and has a bright future ahead of it.