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TE-Food ICO Review

Usecase: Blockchain for Supplychain

How many of us know that there is a huge untapped usecase for blockchain in the supply chain network?. The traditional supply chain mechanism is heavy on data but the trust factor between the whole supply chain processes (Farming, Processing, Distribution, Retailing)is not at par. Mistrust between organizations, including fear that information might be passed on to a competitor has stopped organizations from sharing data. Even if when information is shared, it’s often not fully visible to all parties and not trusted across them. Bringing blockchain into supply chain network can help to digitally track and authenticate food products across the whole value chain. 

source IBM

Why TE-Food?

Based out of Vietnam, TE-Food has more than 10 years of experience in the development of item traceability solutions in different industries, and 20+ years in software / hardware development. They  already has a working solution implemented in Vietnam, including B2B and B2C apps that currently serve to trace and display every step of produce and livestock from farm to market. Their current solution supports tracing 12,000 pigs, 200,000 chickens, and 2.5 million eggs per day. According to their whitepaper, TE-FOOD existing solution is used by 6,000+ companies, managing more than 400,000 transactions each day, reaching 30 million people. 

Roadmap For Coming Years

  • Quarter 1 2018: TE-FOOD International Ltd. is founded.
  • Quarter 2 2018: Produce, and cattle tracking will be launched, along with expansion into 2 additional target countries. They have have detailed roadmap to launch TE-FOOD in 17 countries within 5 years. 
  • Quarter 3/4 2018: Traceability ledger implementation with blockchain technology, TE-FOOD marketplace to be launched with seafood tracking, animal antibiotic tracing, pandemic forecasting and alarm system.
  • Quarter 1/2 2019: Food safety sensors with blockchain along with auto-logging features and expand logging functions, animal face recognition etc

Proven Usecase

  • Project name: TE-FOOD
  • Token symbol: TFOOD
  • Token type: ERC20
  • Total coins issued: 1,000,000,000 (100%)
  • Sold in token sale: 400,000,000 (40%)
  • Token sale volume: US$16,000,000
  • Token sale starts on February 22, 2018.
  • Early contributors can get discounts up to 30%
  • Conversion rate: 1 TFOOD = $0.05
  • Maximum market cap of ICO on a fully diluted basis: $37 million
  • Countries excluded: USA
  • Timeline: Please refer to their website for the most up to date information
  • Token distribution date: Immediately
  • Medium Blog Link: https://medium.com/@te_food
  • Telegram: https://t.me/tefood
  • Website Link: https://ico.tefoodint.com/index.html
  • White paper Download: https://ico.tefoodint.com/te-food-white-paper.pdf

Core Team Members

They have 21 members as of now, with below core members:

1. Dr. Trung Dao Ha- Co-CEO: Over 20 years of strategic leadership, marketing and sales experience in Asia and Europe such as being honorary consul at the Austrian Consulate in Vietnam, and his most recent experience being co-Founder of Thien Minh Group.

2. Erik Árokszállási- Co-CEO: Over 20 years’ experience as CEO of Erba 96 Ltd., which is a small business of 30 software experts.

3. Marton Ven- CMO: Over 20 years’ experience as IT project manager at Erba 96 Ltd. 

4. Istvan Szukacs- DevOps Blockchain Team: He has over 15 years of experience with various Fortune 500 companies and startups. He has managed changes in large scale infrastructures without downtime while customers were actively using the system. He also has experience in managing onshore & offshore software teams and delivering mission critical systems.

Conclusion

Supplychain blockchain is a hot usecase with IBM already in play. According to Allied Market Research, Global food traceability market will reach $15.1 Billion by 2021.  The only risk is my concern about the ability of the TE-Team's ability to become an international player. If they are able to do that, TE-Food can become a long term player in supplychain market.  I would suggest a 50% flipping of coin on listing day and rest with a "wait and watch mode" approach.
IBM provides only the blockchain protocol, while TE-FOOD is a top to bottom solution with ledger, back office, and client apps. TE-FOOD’s primary focus is livestock and fresh-food traceability, emerging countries as potential markets, and beside logistics data, TE-FOOD focuses on food quality data as well. In this regard, IBM is not a competitor, but a potential partner.- TE-Food Whitepaper

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