The new global project INS from the founders of Instamart products delivery service provides an opportunity to save up to 30% on everyday shopping. Blockchain technology and smart contracts eliminate the intermediate link of retailer, so that consumers get the product directly from the manufacturer.
INS is disrupting the largest consumer retail market in the world. According to Persistent Market Research, the global grocery market will grow to $8.5 trln in 2020. Online sales of groceries are expected to reach over $300 bln by 2020.
“Grocery industry in its current shape is inefficient and totally controlled by retailers. For example, in the UK there are over 7,000 manufacturers and 25 million of households dependent on 4 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, INS co-founder and CEO.
How It Works
The system allows consumers to buy goods directly from manufacturers. Smart contracts simplify the process of trade and assist to the parties. Any manufacturer can also post and sell their products, receive customer feedback and reward loyal customers.
In preparation for Pre-ICO, INS signed a memorandum of understanding with the leading FMCG-company Unilever.
The Similar Project
The similar project was announced by IBM last week.
IBM collaborates with a group of 10 major food suppliers. It appears that initially the focus will be on tracking food products as they move their way from farm to processing facilities, and then to grocery store shelves. The deal includes Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever and Walmart.
The main idea behind this project and the collaboration between different companies is to figure out how exactly blockchain technology can benefit the food ecosystem.
As we can see, blockchain stepped beyond the framework of the financial sphere making everyday life much easier.
-Peter Fedchenkov, INS co-founder and CEO