Genuine Way, a software company that creates ready-to-use digital solutions for small and medium-sized companies that want to digitize their physical products through the use of smart labels and connectivity tools, has launched the certification of Made in Italy through blockchain for SMEs.
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Genuine Way is one of the few operators in the blockchain sector targeting SMEs
Genuine Way, based in Lugano and with offices in Milan, was created in 2019 and has been active for six months in Italy and Switzerland. The startup has already received a first round of financing of $337,500 (€300,000) and a subsequent grant of $50,000 (€44,400) from EOS VC, the largest investment fund in blockchain.
The company Genuine Way was born from an idea of some young entrepreneurs with digital skills, mostly applied to the agrifood sector. Leading a team of 10 people, between web developer and commercial network, is Walfredo della Gherardesca, a young entrepreneur with a passion for e-commerce and a deep knowledge of the dynamics of retail in the food&wine sector. In 2015, he also founded the e-commerce lorenzovinci.com, together with Federico Pastre, which enhances Italian food and wine excellence.
The startup has developed a B2C platform dedicated to the best Italian food and wine products, which provides small niche productions with a highly innovative sales and communication channel. The platform is now owned by a Swiss fund, after a seed investment by Siamo Soci, Club Italia Investimenti 2 and Nana Bianca, and a couple of crowdfunding equity campaigns, the last one on BacktoWork in 2018.
Genuine Way is one of the few operators in the blockchain sector that mainly targets small and medium-sized companies, with the declared mission of making this type of technology accessible to them as well. The startup is a technological service provider, specialized in the development and distribution of accessible blockchain solutions for small and medium-sized manufacturers in the agri-food, fashion, cosmetics, design and pharmaceutical sectors. It helps to increase the transparency and traceability of the supply chain and product quality, in a simple and economical way, designed especially for SMEs.
Among the companies that have adopted it to certify their products are the vegan jackets manufacturer Matchless and Fratelli Corrà, the oldest delicatessen in Trentino Alto Adige.
“Our typical customers at the moment are young entrepreneurs who are familiar with digital tools and understand the potential of the blockchain. On the consumer side, there is still little awareness of these instruments in Italy, with opening rates of 10%, compared to 15% of the US average and 20% in Asia,” said co-founder Walfredo della Gherardesca.
The startup has created ItemX, a solution based on this technology, ready to use and able to guarantee the traceability of the supply chain, with a limited investment, within the reach of SMEs. Through a customizable dashboard, companies can, on the one hand, upload information and documents certifying the quality of their products and, on the other, profile users by sending special promotions or surveys.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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