EZ Lab’s best-known platform is called AgriOpenData. It was awarded at Smau in 2016 and applies blockchain technology to record, at every stage of the process, the data related to the development of food (from the field to the final sale), storing them safely and unalterably. Among the “products” that have chosen EZ Lab traceability to stand out, are cases such as the Pachino tomato, Asiago, Riso Chiaro or Valpolicella Della Cantina Volpone.
Discover all the latest breaking business headlines in crowdfunding. Browse the Born2Invest mobile app complete collection of articles and commentary on crowdfunding.
A new success was achieved by the SMEs
The innovative SMEs has achieved a new success a few days ago: the equity crowdfunding campaign on Mamacrowd, launched on February 18th, is having impressive results and has exceeded $111,000 (€100,000) in a week, equal to half of the minimum target set at $222,000 (€200,000) in 60 days, expiring on April, 20th (the maximum target is $555,000 (€500,000)).
A milestone on a growing path: founded in 2014 in the university incubator Galileo Visionary District in Padua, Ez Lab has now two offices abroad, in the Thrive incubator in California and in Reims, France, and has carried out about 40 traceability projects on supply chains such as wine, beer, cheese, rice, soy, and pumpkin.
EZ Lab partnership with IBM Food Trust
EZ Lab is also a business partner of IBM Food Trust, IBM’s blockchain platform for the retail sector, and is involved in testing digital technology at 5G in L’Aquila, thanks to a project with Wind Tre. “Our activity consists in making the value of a product visible. We are among the first to have successfully applied the blockchain to the real economy, establishing a direct relationship of trust between producer and consumer,” explained the founder Massimo Morbiato.
The company employs managers, agronomists and oenologists, computer scientists, communication and marketing experts. In the agri-food sector, the acquisition of data begins in the field (or breeding), continues in the phase of processing the raw material up to the phase of packaging, transport, and delivery. Thanks to a QR code on the packaging, anyone can trace the history of the product.
“Let’s take some practical examples. such as the case of Asiago milk. First of all, the system traces the data relating to the breeding of cows, from the origin to the living conditions of the animals. From there, it goes on to the cheese processing and the sale phase. The same applies to wine: the platform contains information on the identity of the company, the production regulations, the agricultural land, the development time of the cultivation, the treatments applied, the collection and the subsequent stages of processing,” explained Morbiato.
The whole mechanism is based on self-certification. The blockchain is, in fact, comparable to a large digital register, a shared database to which data can be added and which everyone can access, but which cannot be modified and whose security is guaranteed by encryption. “Reputation is the value that sustains the entire system,” explained Morbiato. Precisely because it is irremovable, the system makes the information entered verifiable even over time.
Ez Lab aims to expand towards other sectors
If in the agri-food sector in Italy, Ez Lab has a leadership position. The crowdfunding campaign will allow expansion towards other sectors: textile, energy, real estate, insurance, but also logistics, supply chain, manufacturing and legal. The business plan presented to investors foresees the subscription of 7 joint ventures in as many sectors within three years. Three of these will be underwritten by 2020.
Participation in the crowdfunding campaign is open to everyone, with a minimum investment set at around $277 (€250) which gives the right to a tax deduction of 30%.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in 24 ORE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
First Closing of €95M for Bio, Indaco’s New Fund Dedicated to Biotech and Pharma
Indac's new fund, Indaco Bio is focused on Italy, but will not lack significant room for investments abroad, particularly in...
The French Fintech Company Lemonway Grows 65% in Q1
In 2020, Lemonway was named among the fastest-growing FinTech startups (CB Insights 250 FinTech List) and among the 28 most...
New Government Budgets Feature Significant Increases in Tech Allocations
The magnitude and the depth of technology services that governmental entities rely on is staggering, and the significant increases in...
WeedFest Hemp Fair to Take Place in Warsaw on May 28-29
After the huge success of the previous two editions, the Hemp WeedFest Warsaw Festival returns to host enthusiasts of the...
Able Opens a €750,000 Round to Achieve CE Marking
There are currently five million people with spinal cord injuries worldwide and this figure is increasing with half a million...
Cannabis2 weeks ago
The Global CBD Gummies Market Will Reach $12 Billion by 2028
Featured2 weeks ago
Understanding the Fed’s Rate Hike: the Long Term Goal of 2.0% Inflation
Cannabis2 weeks ago
Why the Cannabis Market Has Growing Investment Prospects
Featured2 weeks ago
Latin America Prepares for Its Second Fintech Revolution