DURIO Expands Blockchain Integration Into Other Areas of the Food Sector

SALT LAKE CITY, August 8, 2018 (Newswire.com) - The DURIO token, the brainchild of DURIO Technologies Inc., aims to digitize agriculture assets through blockchain technology to increase transparency throughout the durian supply chain, thereby building trust and increasing value between consumers, regulators, and all other participants involved.

DURIO Technologies CEO Silvan Schär, has recently announced the upcoming collaboration of DURIO’s blockchain technology into 2 other areas of the food sector;

DURIO Technologies CEO Silvan Schär, has recently announced the upcoming collaboration of DURIO's blockchain technology into 2 other areas of the food sector;

Silvan Schär, CEO

Food Safety through Chain Interoperability

The industry recognizes blockchain technology as the solution to food safety issues, but could end up with multiple blockchains that are minimally useful and unable to communicate with each other. In the event of large-scale food contamination, the available systems might not be up to the task of rapidly identifying the source.

DURIO technologies aims to develop a blockchain interoperability network that will enable different food blockchains to communicate among themselves. To achieve chain interoperability, these different food blockchains will be able to communicate at a higher, more semantic level through shared vocabulary and industry terms.

Agriculture Finance

Microfinancing is the notion of offering small, low barrier loans to businesses or individuals who would be otherwise shut out by their region’s traditional bank lending practices. The major problem of microfinancing is that loans often go for subsistence, not necessarily for growing businesses. As a result, borrowers might be further burdened with loan repayments.

By offering transparency, automating processing using smart contracts, and speeding up money transfers, DURIO can significantly lower costs for the lender, which could lead to better terms being offered to borrowers, who then can take on larger loans to drive business growth beyond subsistence.

Conclusion

DURIO is dedicated to utilizing its resources for the development of promising blockchain innovations that could disrupt the agriculture landscape. These solutions will ultimately translate into improved food safety measures for consumers, greater accountability for businesses, and increased cashflow for farmers.

Source: DURIO Technologies Inc.