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Blockchain startup raises $2.5 million to trace food supply



Arc-net, based in Northern Ireland, is using the technology behind bitcoin to tackle food fraud — part of what could become a $14 billion tech market by 2019.

Arc-net’s founders say their approach was inspired by the UK’s 2013 “horsemeat scandal.”

Arc-net uses DNA sampling to verify food sources (other ventures do the same), then uses blockchain to track products’ path to market.

Blockchain is increasingly being adopted outside of financial services for its ability to improve transaction transparency.

Arc-net’s investor is Synergy Health founder Richard Steeves.

Photo credit: Arc-Net

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