INS, a new global project by the founders of Instamart, Moscow, announced an initiative to build a decentralized grocery shopping ecosystem based on blockchain technology.
"The grocery industry in its current shape is inefficient and controlled by retailers. For example, in the UK, there are over 7,000 manufacturers and 25 million households dependent on four key grocery retailers controlling 76% of the market. INS will adopt blockchain to cut the middleman – wholesalers and retail stores – to help consumers save up to 30% on grocery shopping," says Peter Fedchenkov, co-founder and CEO of INS.
INS builds a scalable blockchain-based platform enabling consumers to buy groceries directly from manufacturers. Online decentralized platform powered by a self-regulated community of shoppers and suppliers eliminates the retailers from the purchase process. Smart contracts help both parties facilitate trade and reduce risks and costs. Any manufacturer can list and sell products, gain customer feedback and institute loyalty reward programs.
The first memoranda of understanding is signed with Unilever, Englewood Cliffs, N.J.