All the smart money is pointing to advancement made on the blockchain network as the next big thing. We have systems built for gamer’s, real estate and rewards all built on Blockchain technology. This ensures that the network can be sustained even when all bitcoins have been mined. That is a very long time from now. INS is planning a big take in the grocery industry and doing so on the blockchain network, the company says they are the; FIRST GLOBAL DECENTRALIZED ECOSYSTEM DIRECTLY CONNECTING GROCERY MANUFACTURERS AND CONSUMERS. INS is a new global project by the founders of Instamart grocery delivery service. INS announced the initiative to build a decentralized grocery shopping ecosystem based on blockchain technology. They mean business and have declared a non-binding memorandum of understanding with Unilever, a leading FMCG company. With its upcoming ICO, INS plans to raise $45,000,000.
INS works by directly connecting grocery manufacturers and consumers, with the aim of overcoming retailer domination. The INS Ecosystem came about as a response to consumer requests and has received strong support from several manufacturers including UNILEVER FOOD SOLUTIONS, MARS, RECKITT BENCKISER, FRIESLANDCAMPINA, and VALIO. INS means serious business and the team behind it have outlined a clear strategy on their website here. All manufacturers on the system will be able to list and sell products directly to consumers, gain customer feedback and reward loyal customers. With the proprietary Smart contracts, power loyalty programs and the blockchain network the supply chain will be more efficient and trim costs.
The beauty of this blockchain-based platform doesn’t stop at the ease of purchasing groceries directly from manufacturers at lower prices, with convenience. The INS Ecosystem is also designed to build a cooperative operating model where consumers enjoy several benefits like low transparent prices. This way manufacturers can equally compete for consumers and interact with them directly without relying on retailers or third-party sellers, and all other parties that facilitate the fulfillment process are fairly compensated. This way, INS will put manufacturers in full control of product pricing and list.
BENEFITS TO CONSUMERS
- High-quality groceries cheaper than in stores
- Groceries bought online easily and conveniently
- Unlimited access to suppliers of choice
BENEFITS TO MANUFACTURERS
- Full control of product pricing and listing
- Marketing and promotion directly to consumers
- Fast and detailed customer feedback
“The grocery industry in its current shape is inefficient and controlled by retailers. For example, in the UK, there are over 7,000 manufacturers and 25 million 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.
INS Token and ICO
The INS Ecosystem runs on a token that powers all transactions. The company claims that after the Token Sale period, all contributors and investors will receive an EIP20 exchangeable INS token on the Ethereum network. The total amount of tokens given to each contributor is proportional to the number of bitcoins, ethers and other cryptocurrencies contributed during the ICO periods. After this, there will be no token creation, minting or mining after the end of the Token Sale period. INS ensures for the liquidity of their tokens, stating that tokens will be transferable once the crowd sale is successfully completed. Development is still underway but the company plans to deploy a token native to its platform. However, they will be launching the INS Platform on their own blockchain platform or a blockchain platform that will be chosen from the list of available platforms including Ethereum Raiden, EOS, Tezos, and Exonum in the second quarter of 2018. The EIP20 compatible INS token given to contributors will be exchanged 1-to-1 with a native INS token.
INS is currently in the process of developing and publishing its well-designed website and apps for customers to implement the user side of the on-chain process. This will give users access to INS smart contracts and access to products listed by manufacturers on the platform. With this, users can;
- Buy items listed on the platform
- Participate in loyalty and referral programs
- Provide feedback to manufacturers
- Earn and spend INS tokens
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