Chocolate manufacturing company Goodio is sourcing funds up to $10 million to invest in the integration of blockchain technology in its supply chain. Launched in 2015, the Finnish company is aiming to make the cocoa industry healthier, sustainable, and transparent.
Goodio’s COO Jussi Salonen revealed that there are two companies who are interested in investing in the chocolate manufacturing enterprise. Salonen stressed that the company is looking for a partner who can comprehend their vision and understand the value that Goodio’s manufacturing processes bring to the table.
Goodio plans to funnel the new investments into integrating blockchain technology with the supply chain. The company believes the use of the sophisticated technology would solve an array of sustainability issues that the cocoa industry is currently facing. Further, Goodio believes the use of blockchain technology in the cocoa industry can prove more effective than certifications.
Salonen noted that consumers often confuse sustainability with non-GMO and organic logos on the packaging of products and readily pay more for sustainable food. With the adoption of blockchain technology, Salonen and Goodio plan to streamline the supply chain which according to them will prove beneficial to both the company and the consumers. Goodio plans to leverage blockchain to provide detailed information about the chocolate manufacturing process through a proposed QR code on the packaging. The company believes comprehensive knowledge about the chocolate manufacturing process would help consumers comprehend sustainability better.
The integration of blockchain in the supply chain can potentially transform the cocoa beans sourcing, chocolate manufacturing, finished product shipping, and sales. The digitization of the process can positively influence the cocoa market. Further, the innovative use of the technology can streamline the chocolate production which, in turn, would maximize profitability for manufacturers operating in the cocoa liquor market.
While integrating blockchain in its supply chain is the major focus, Goodio also plans to use a part of the investment to undergird the launch of new products in Finland. The company will launch a brand new line of chocolates with four different flavors namely Kukka (flower), Marja (berry), Meri (sea), and Metsa (forest). Goodio’s progressive policies and aggressive product launches are expected to help the company in doubling its revenue to $3 million by the end of the year.