Founded in the United States in 1928, the Food Institute has provided authoritative news on food products to its members for many decades. Brian Choi started following its service five years ago. As an investment banker and private equity investor, his job required him to know the latest news on the food market and commodities. He received weekly updates from the Institute until one day he saw an opportunity for himself.
As he tells Charles Miller on this week’s CoinGeek Conversations, he wanted to “build the Food Institute into becoming an industry hub where you can go to, whether you're a food industry executive, whether you're a private equity individual, whether you're in venture capital, to know what's happening in the food industry.”
In 2020, Brian managed to acquire the Institute and turn his vision into reality. Under his leadership as CEO, the organization continues to provide food industry news whilst adding a digital media component and expanding its content to cover all aspects and stages of food processing - from agriculture, to manufacturing to retail and service.
In addition, the Institute provides expert commentaries from food business CEOs and investors. Brian wants the company to be “the Bloomberg of the food industry.” He adds “It’s the one hub where you can get the information that you need to help you be informed about your business.”
The Food Institute and blockchain
Brian is keen to point out that most of their content is based on up-and-coming trends, as well as products and services that have an impact on the food industry. For instance, in relation to new technology, Brian explains that they’ve already seen the emergence of artificial intelligence and robotics in food processing and manufacturing.
Now with blockchain he believes that technology can impact the food industry, such that data will be leveraged and in turn, help businesses and consumers be better informed.
Moreover, he sees blockchain as a key component in efficiently providing a measure of accountability for a company, especially when it comes to meeting its environmental and sustainability goals. “With companies like Coke and PepsiCo, they are putting a stake in the ground saying, by 2030 we're going to be carbon neutral, or by 2025 we're going to use fifty percent less water. It's another thing to say here are the facts, this is the data, this is what we've done and having it transparent to everyone and easily verifiable - which is what blockchain is able to do.”
The food institute and Bitcoin SV
Bitcoin Association President Jimmy Nguyen, along with Stephan Nilsson, founder of UNISOT and SeafoodChain, were invited by the Food Institute to educate its audience on the basics of blockchain and how food companies can apply blockchain to their businesses. As Charles points out, UNISOT, a company that utilizes the Bitcoin SV blockchain to make the global food supply chain more efficient and transparent, is a terrific example of how blockchain can be applied in the food industry.
Brian agrees, saying he would like to invite Jimmy and Stephan back for round two of discussions to expound on blockchain backed applications that are suited for the food industry.
Finally, Brian shares his thoughts on the adoption of blockchain technology in the food industry and how BSV can help. “I'm hoping more companies like UNISOT and SeafoodChain come to the forefront because I think we're still a long way away for this technology being adopted by the masses. The more entrepreneurs are leveraging the BSV blockchain and developing applications, that's only going to help foster adoption.”