A blockchain based data management platform that puts the #trust in sustainable food supplies

Sustainable food systems (also known as ‘ethical food supply’) are those that deliver food security and nutrition for all without compromising economic, social, and environmental issues. This means farmers, processors, retailers, and consumers all play a part to ensure food becomes a sustainable resource. The goal is to ensure sustainable food is produced using methods that protect the environment and the welfare of the people producing them.

The global ethical food market is expected to grow from $542.84 billion in 2020 to $727.86 billion in 2025, at a CAGR of 6%.

Today’s company has developed a blockchain-based platform to monitor and encourage food to be sustainably produced and to bring trust and transparency into the agri-food industry supply chain.

The company is TrustBIX Inc. (TSXV: TBIX | OTCQB: TBIXF). TrustBIX has two platforms – One is called BIX which stands for ‘Business InfoXchange’, and the other platform is called ‘ViewTrak’.

BIX

BIX is designed to create trust without compromising privacy through innovative, blockchain-derived use of technology and data. Essentially it traces food from farm ‘Gate to Plate®’ to ensure that the food is sustainably produced.

TrustBIX describes some examples of their business by stating:

TrustBIX provides information services via the BIX platform to Cargill as part of their ongoing
sustainablesourcing program for their customers like McDonald’s Canada. ….. The BIX platform has over 1,500 producers registered and who track cattle as part of Strategic Sourcing through Cargill for McDonald’s Canada and other restaurants. Since 2014, over 6 million animals worth an estimated $21 billion at retail have been tracked in the system.”

Food retailers and quality producers both benefit as the public is informed that their product is verified to come from operations that meet sustainable standards. Consumers and the environment also benefit by receiving a sustainable food product with a traceable source.

ViewTrak

TrustBIX’s other platform is ViewTrak. It is operated by TrustBIX’s 100% owned subsidiary, ViewTrak Technologies Inc. ViewTrak provides a suite of hardware and software solutions to the livestock industry in Canada, the United States, Mexico, and China. TrustBIX says that ViewTrak has an 80% and 30% share respectively in the Canadian and US Live Cattle Auction Market software automation space. TrustBIX states: “Through our Pork Probes business, we have customers in Canada, Mexico, and China, including the WH Group, the world’s largest pork processor. Millions of pig carcasses have been quality graded using our probes.”

TrustBIX’s business model derives revenue from four sources

TrustBIX’s vision/business model is described as “a world where we trust more, waste less, and reward sustainable behavior, and we deliver on this vision through a business model that combines hardware, professional services, and software solutions, from Gate to Plate ®.”

Source: TrustBIX company presentation

Latest news

TrustBIX’s latest news involves enhancements to the BIX Platform for multiple agricultural sectors, ViewTrak Technologies commercialization success with three new modules for auction software, positive feedback from its test-market exports of traceable authentic Angus beef to Hong Kong, and signing of a contract to develop traceability protocol with the Biomass Quality Network of Canada.

Added to the above was the recent approval for trading on the OTCQB in the United States, under the ticker “TBIXF”.

TrustBIX’s blockchain technology is working to create trust and sustainability in the food supply chain

Source: TrustBIX company presentation

Closing remarks

TrustBIX’s business of ensuring food sustainability and trustworthy labeling is set to grow strongly in the decade ahead as more consumers demand a more sustainable, ethical, and traceable food supply chain.

In 2020 TrustBIX’s revenue grew to ~C$2 million and looks likely to grow with the trend in the years ahead. TrustBIX trades on a market cap of C$5.4 million, so it is still very early days if investors would like to get on board this new trend. Stay tuned.




TrustBIX Data Management Platform offers Verification of Sustainability

In September 2021, the UN Food Systems Summit was held to highlight one of the building blocks needed to reach the UN’s Sustainable Development Goals (SDGs) by 2030. The main idea of this Food Systems’ Summit was that we all must work together to bring about positive changes to the management of global food systems. Presently the UN has defined 17 SDGs, although right now it appears that the world is somewhat fixated on the “Climate Action” SDG  that, however, is really only one aspect of sustainability. Others such as eliminating hunger and building sustainable communities rely on healthy and sustainable food systems. When it comes to the definition of a sustainable food system, added are the concepts of economic profitability, benefits for society, positive impacts on the environment and animal welfare. In other words, sustainable food systems must deliver food security and nutrition for all without compromising economic, social and environmental bases.

Why should we care about defining food systems as sustainable? Because all of the SDGs the world is working towards call for deep transformation in agriculture and food systems to make them more resilient, sustainable, and productive. Action must be taken on all levels, from local to global. Good food begins with farmers who grow produce in a way that doesn’t harm the planet, continues with governments and businesses that work together to provide affordable and accessible food, and finishes with consumers who make conscious choices about what, where, and when they buy.

Arguably food is a human right, not a privilege. Today we are going to look at a company that believes in creating a world where we trust more, waste less, and reward sustainable behavior in the food chain. TrustBIX Inc. (TSXV: TBIX | OTCQB: TBIXF) is an innovative data management system that provides chain-of-custody solutions, which allows food processors, retailers, and consumers to have confidence that the claims made around important food attributes are true. This is delivered through a business model that combines hardware, professional services and software solutions. The proprietary BIX (Business InfoXchange System) platform, is designed to create trust and transparency without compromising privacy through innovative, blockchain-derived use of technology and data. TrustBIX delivers independent validation of food provenance and of sustainable production practices within the supply chain. Gate to Plate®, the TrustBIX system is called.

With all that said, let’s take a closer look at the sustainability verification business today. While TrustBix management’s efforts and the Company’s focus is primarily on the development of BIX products and markets, current revenue is generated largely from ViewTrak’s products. ViewTrak has developed solutions for many agricultural technology process verification challenges, with an emphasis on feedlots, auctions and meat processors, and its proprietary technology now includes:

  • Auction Master Pro and Market Master – livestock auction market software solutions to help build and operate auction activities,
  • Feedlot Solutions – livestock feedlot management software,
  • Electronic Pork Grader – pork probe technology to help producers price pork carcasses by evaluating carcasses for fat thickness, lean meat thickness, meat percentage and carcass class.

ViewTrak’s pork probe technology is now used by the largest pork processor in China and by major pork processors in Canada and Mexico to grade and price pork carcasses.

But the future of the Company belongs to the strategic expansion of the BIX solution, customers for which already include Cargill, which uses BIX as part of its ongoing sustainable-sourcing program for its customers such as McDonald’s Canada. Along with enhancing and expanding the capabilities and functionality of TrustBIX’s technology and BIX platform to ensure that the Company continues to be innovative and drives value within agri-food supply chains, TrustBIX’s stated objective is to expand revenue streams, including ESG and cleantech initiatives. Just last week the Company announced it had signed a contract to develop a Traceability Protocol for the Biomass Quality Network of Canada (“BQNC”). BQNC is facilitating the commercialization of agricultural biomass for industrial applications through the development and adoption of quality standards and methods. This falls in line with a previously announced contract with All West Demolition Ltd. to track biomass and waste streams to divert material from landfills and to create new products for agricultural and industrial markets. Other ESG initiatives include signing up the Sunterra Group as its first client for the BuildSense® suite of energy management solutions. The BuildSense suite of solutions is offered in three discrete solutions as Build Aware, Build Sight, and Build Sense, and gives customers progressively deeper insight into energy consumption and sustainability management in their business operations.

Talk about ticking a lot of boxes for an ESG investor. With only 38.4 million shares outstanding, TrustBIX has a market cap of $6.1 million based on its most recent closing price of $0.16 making this a relatively inexpensive option for some quality ESG exposure in your portfolio. Albeit with a burn rate of roughly $500k per quarter and only $900k in cash at the end of Jun/21 TrustBix could be getting close to needing to raise capital, depending on how things have progressed over the last 3 months. The good news is that the company is generating revenue and has made a concerted effort to limit expenses, so perhaps the burn rate may subside and the need for capital will be pushed out past year end. In the meantime, who do you trust and who do you value to verify that? I like to choose TrustBIX.




Hubert Lau on TrustBIX ‘gate to plate’ formula that’s winning loyalty from the farmer to the retailer

In a recent InvestorIntel interview, Tracy Weslosky spoke with Hubert Lau, CEO of TrustBIX Inc. (TSXV: TBIX | OTCQB: TBIXF), about  TrustBIX’s blockchain based, chain-of-custody, solutions programs, which  bring trust and transparency into the agri-food industry supply chain and about the company’s recent listing on the OTCQB Venture Market.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), Hubert Lau said that TrustBIX data management products allow for  collaboration among agri-food industry players without them being required to disclose competitive, private, or confidential information. He went on to explain how as a trusted third party, TrustBIX allows food processors, retailers, and consumers to individually validate brand promises and claims and to create a win-win situation for its Agri-food  supply chain participants from the farmers to the individual retailers.

To watch the full interview, click here.

About TrustBIX Inc.

As an innovative leader, TrustBIX provides agri-food traceability and chain of custody value solutions. The Company’s goal is to create a world where we trust more, waste less and reward sustainable behaviour by addressing consumer and agri-food business needs and demands. The proprietary data management platform, BIX (Business InfoXchange system), is designed to create trust, without compromising privacy, through innovative, blockchain-derived use of technology and data. By leveraging BIX and its unique use of incentive solutions, TrustBIX delivers independent validation of food provenance and of sustainable production practices throughout the supply chain – Gate to Plate®.

ViewTrak Technologies Inc., a wholly owned subsidiary of TrustBIX Inc., provides a suite of hardware and software solutions to the livestock industry in Canada, United States, Mexico and China, including Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes.

To learn more about TrustBIX Inc., click here

Disclaimer: TrustBIX Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp. (IIC) does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain“forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken,  as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please email info@investorintel.com.




TrustBIX’s Deborah Wilson on Managing Consumer Confidence in its Customers’ Food Products

In a recent InvestorIntel interview, Chris Thompson spoke with Deborah Wilson, Chief Revenue Officer of TrustBIX Inc. (TSXV: TBIX) about how TrustBIX promotes sustainability in the agri-food industry through its blockchain based chain-of-custody solutions.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), Deborah explained how the company’s BIX (Business InfoXchange) platform is used to validate claims, or attributes, of food products and food animals thus allowing food processors, retailers, and consumers to have confidence that the claims are true while being educated about what it is that is being offered. TrustBIX worked on McDonald’s pilot project for ensuring sustainable beef supplies and is currently working with agricultural trading giant, Cargill, as part of its ongoing sustainable-sourcing program, Deborah Wilson explained how TrustBIX can help when disease outbreaks occur and, how the company’s product promotes human and animal health.

To watch the full interview, click here.

About TrustBIX Inc.

As an innovative leader, TrustBIX provides agri-food traceability and chain of custody value solutions. The Company’s goal is to create a world where we trust more, waste less and reward sustainable behaviour by addressing consumer and agri-food business demands. The proprietary platform, BIX (Business InfoXchange System), is designed to create trust without compromising privacy through innovative, blockchain-derived use of technology and data. By leveraging BIX and its unique use of incentive solutions, TrustBIX delivers independent validation of food provenance and sustainable production practices within the supply chain – Gate to Plate®.

ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in Canada, United States, Mexico and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes.

To learn more about TrustBIX Inc., click here

Disclaimer: TrustBIX Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp. (IIC) does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain“forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken,  as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please email info@investorintel.com.