TruTag Technologies, which provides custom product authentication and brand protection solutions, announced a partnership with PwC Australia, a provider of industry-focused assurance, advisory and tax services. The alliance will come to fruition via TruTag’s “edible barcode” technology as it gets incorporated into the PwC Food Trust initiative.
Improving The Supply Chain In The Food And Beverage Industry
The partnership seeks to address a variety of challenges brought about by the globalization of supply chains, such as the loss of visibility and control.
Additionally, it is seeking to rectify several misfortunate happenings in the food and beverage industry, such as food misrepresentation, diversion, adulteration and counterfeiting, which have ultimately led to billions of lost revenues.
PwC Australia and TruTag have thus forged an alliance to amend these issues by providing security and traceability to global food supply chains.
Trent Lund, the Lead Partner of Innovation and Ventures of LwC Australia, credits blockchain technology with the ability to improve supply chain visibility. Nonetheless, Lund believes that this technology must provide a link to the physical world and that is where TruTag comes in.
The Lead Partner said:
“Blockchain technology offers brand owners a new means of sharing information and improving supply chain visibility. However, these systems are still reliant on ensuring a secure link or crypto anchor between the physical and digital world. TruTag’s covert edible barcodes act as a perfect crypto anchor offering unrivalled security and a unique ability to directly mark foods and food-contact packaging.”
The Food Trust Platform And Beyond
PwC Australia has developed the Food Trust Platform, which produces holistic, anti-counterfeit technology solutions for the food and beverage industry. The platform strives to grant more confidence to manufacturers and consumers about the provenance of their food products.
Part of the goal of inspiring confidence is to construct visibility within the supply chain of food, so PwC Australia will integrate edible barcode technology from TruTag into its Food Trust Platform. This technology will also provide the missing link between the physical and digital world that Lund suggested.
PwC Australia and TruTag are already developing supply-chain technology programs with lead customers in the meat and wine industry.
They are also currently working to widen their focus onto other food and beverage applications.
Barry McDonogh, the SVP of Business Development at TruTag Technologies is content to be working with PwC Australia, as he believes the two have a unifying vision.
The SVP said:
“We are thrilled to be working with PwC Australia on this initiative. PwC brings a shared vision for food traceability, a highly complementary technology platform, and the resources to scale and deliver across multiple industry segments and geographies.”
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