Italia Olivicola, the largest olive and olive oil producer in Italy, is developing and implementing supply chain technology using the open, public Algorand blockchain.

The model was developed using Euranet’s ChoralChain platform and can be applied to the whole olive oil production chain to ensure quality standards and make product information regarding origin, processing and preservation accessible and transparent.

For Italia Olivicola’s members – representing more than 250,000 people across 15 Italian regions – this will empower the olive and olive oil traceability system, protect certified productions, support local producers, and motivate consumers to make conscious purchase choices by issuing non-fungible tokens (NFTs) on Algorand for each significant transaction.

This blockchain-based system goes beyond the current manual or semi-manual collection of information, which is very time-consuming and vulnerable to tampering attempts. Using the encryption and decentralisation of Algorand technology, the system is shared and immutable, producing a digital register where the data are managed, stored and made available to buyers, sellers, packers and final consumers, allowing anyone to retrace the production path of the product at any time.

Italia Olivicola chose to partner with Euranet to develop this blockchain-based technology for the olive oil sector. Euranet is one of the first players in the field of technological compliance and recognises the intrinsic value of the blockchain as a source for digital transformation for both companies and their processes, leading to the development by Euranet of ChoralChain, a SaaS supply chain traceability offering based on the Algorand blockchain. 

“We are enthusiastic to partner with Euranet and introduce the power of blockchain to such a storied industry” said president of Italia Olivicola Gennaro Sicolo.

Gianpaolo Sara, managing partner of Euranet, added: “Algorand technology enables our supply chain traceability software to be secure, scalable, and sustainable, and will help Italia Olivicola realise its mission of supporting Italian olive growers long into the future.”

And Pietro Grassano, business director for Europe at Algorand, said: “It is amazing to see an organisation like Italia Olivicola, representing such a vital industry in Italy, recognising the transformative power of blockchain for its sector via the use of Euranet’s CoralChain traceability solution. Algorand technology is open source and designed to be transparent, secure and fast, key components for any modern supply chain.”

Italia Olivicola has more than 250,000 members in 15 Italian regions for a total of 56 producer organisations across the territory.

An Italian consulting firm specialised in technology compliance management, Euranet was founded in 1997.

Algorand says it built the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for financial products. This blockchain, the Algorand protocol, is the brainchild of Silvio Micali.