FSCO Migrates from Private Mastercard Blockchain to Public Hedera Network
Fresh Supply Co (FSCO), the largest user of Mastercard Provenance and a partner of Commonwealth Bank, has migrated from the private Mastercard blockchain to the public Hedera network. The move is expected to bring complete transparency and deep, verifiable data for financiers by tokenizing assets and events throughout the agrifood supply chain. The migration will leverage the Hedera Consensus Service (HCS) and Hedera Token Service (HTS), which will allow proof of quality, specification, and sustainability for parties throughout the chain.
This transparency enables rich data for financiers to analyze and validate that goods/assets are flowing into and out of business, enabling them to substantiate cash flows as a result of those events on a continuous basis.
Digitizing Food Production and Trade for Complete Transparency
The agrifood value chain has traditionally been complex and opaque, making it difficult for financiers to get insight beyond the balance sheet and P&L during credit risk assessment. Through the migration to Hedera, FSCO is actively digitizing food production and trade, which will enable complete transparency throughout the value chain. By tokenizing events throughout the value chain, FSCO is tying them together and tracking them with complete transparency.
These events include the transformation of cow to beef, milk to cheese, and other processes such as shipping, customs, fulfilling of standing orders, and so on. From a systems perspective, this allows proof of quality, specification, and sustainability for parties throughout the chain.
Conditional Payments and Low, Fixed Costs with Hedera
FSCO will retain functionality that allows for engagement within the Mastercard ecosystem while writing to the Hedera ledger. The ability to trigger conditional payments is among the features that FSCO will retain. The low, fixed costs of Hedera, as well as the ecosystem’s goal of making ESG reporting credible that applies across industries, are among the reasons why FSCO decided to leverage Hedera. FSCO is migrating the whole of its existing business onto Hedera and plans to integrate with the Hedera Guardian in preparation for work with governmental institutions.
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, empowering and funding the builders developing these communities. The Foundation’s six funds – focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders – each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem. The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems and create and control their own economies, all built on the Hedera public network.
FSCO and HBAR Foundation Collaborate to Create a Ledger-Centric Infrastructure
The move to Hedera is the first step in a series of developments that FSCO intends to create with the HBAR Foundation. FSCO is building the ledger-centric infrastructure to trade, credential, tokenize, and finance food systems. The Foundation expects FSCO’s agricultural products supply chain management and payment automation platform to propel the industry forward at a time when rising costs for producers and supply chain disruptions call for increased transparency and capital optimization through innovative solutions.
Conclusion
FSCO’s migration from the private Mastercard blockchain to the public Hedera network will bring complete transparency and deep, verifiable data for financiers by tokenizing assets and events throughout the agrifood supply chain. The move will leverage the Hedera Consensus Service (HCS) and Hedera Token Service (HTS), which will enable proof of quality, specification, and sustainability for parties throughout the chain. The low, fixed costs of Hedera and
