- 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 agrifood value chain by tokenizing events such as the transformation of raw materials to finished products, thereby providing complete transparency and verifiable data for financiers.
As more and more real-world projects take a step towards tokenization, the HBAR foundation announced that the Fresch Supply Co (FSC), previously the largest user of the now-defunct Mastercard Provenance private blockchain, has now completely transitioned to the Hedera blockchain network for the 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 agrifood value chain, encompassing the entire process from producing and processing to distributing agricultural products, has been traditionally completely complex and opaque. This opacity has limited financiers to relying on balance sheets as well as the profit and loss statements during credit risk assessments.
FSCO is addressing this issue by tokenizing various events throughout the agrifood value chain. This includes the transformation of cow to beef, milk to cheese, as well as processes like shipping, customs, and fulfilling standing orders. These events are later linked and tracked with full transparency.
The @FreshSupplyCoAu (FSCO) supply chain application was the largest user of the now sunset Mastercard Provenance private blockchain ⛓️
Understanding the value of a public network, the team migrated to @Hedera for #RWA tokenization across the agrifood supply chain 🧵 pic.twitter.com/ELpamB7mdU
— HBAR Foundation (@HBAR_foundation) July 12, 2024
FSCO Tokenizing Assets At Scale With the Help of Hedera
By tokenizing assets and events at scale, FSCO is actively digitizing food production and trade, providing complete transparency and deep, verifiable data for financiers. This data allows financiers to analyze and validate the flow of goods and assets in and out of businesses, substantiating cash flows resulting from these events continuously.
These tokenized events also trigger conditional payments via 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 Continuity API, enabling the conditional minting 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. Previously available exclusively on Hedera’s Consensus Service, the updated Continuity API now also leverages Hedera’s Token Service (HTS), per the CNF update. This enhancement enables greater transparency and verifiability of payment transactions throughout the entire value chain. Users can capture the fulfillment of cash transaction prerequisites and mint essential transactional information as NFTs, which can then be transferred between wallets
This integration empowers financial institutions to make target=”_blank” rel=”noopener”>update, Hedera has been leading in blockchain developments and holds a bright future ahead.
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