Italia Olivicola, the largest organization of olive and olive oil producers in Italy, in cooperation with Euranet, is working to develop and implement an innovative supply chain solution utilizing the open, public Algorand blockchain. This model was developed employing Euranet’s ChoralChain platform and can be applied to the whole olive oil production chain to ensure the highest quality standards and make product information regarding their origin, processing, and preservation accessible and transparent.

For Italia Olivicola’s members–representing more than 250,000 people across 15 Italian regions–this innovation will empower the olive and olive oil traceability system, protect certified productions, support local producers, and motivate consumers to make conscious purchase choices by issuing Non-Fungible Tokens (NFTs) on Algorand for each significant transaction.

This blockchain-based system goes far beyond the current manual or semi-manual collection of information which is very time-consuming and vulnerable to tampering attempts. Utilizing the advanced encryption and decentralization of Algorand technology, the system is shared and immutable, producing a digital register where the data are managed, stored, and made available to buyers and sellers, packers, and final customers, allowing anyone to retrace the production path of the product any time.

Italia Olivicola has chosen to partner with Euranet to develop this  blockchain-based technology for the olive oil sector. Euranet is one of the first players in the field of technological compliance and a leader in recognizing the intrinsic value of the blockchain as a source of potential for digital transformation for both companies and their processes, leading to the development by Euranet of ChoralChain, a SaaS supply chain traceability solution based on the Algorand blockchain.

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“We are enthusiastic to partner with Euranet and introduce the power of blockchain to such a storied industry” said President of Italia Olivicola Gennaro Sicolo.

“Algorand technology enables our supply chain traceability software to be secure, scalable, and sustainable, and will help Italia Olivicola realize its mission of supporting Italian olive growers long into the future” said Gianpaolo Sara – Managing Partner of Euranet.

“It is amazing to see an organization like Italia Olivicola, representing such a vital industry in Italy, recognizing the transformative power of blockchain for its sector via the use of Euranet’s CoralChain traceability solution,” said Pietro Grassano, Business Solutions Director for Europe at Algorand. “Algorand technology is open-source and designed to be transparent, secure, and fast – key components for any modern supply chain.”