NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, has announced Trackgood, a sustainable supply chain and impact tracing tool, as the first successful incubatee in the NEM Ignite Incubator Program.
Trackgood fosters ethical and sustainable practices in supply chains, by empowering businesses to showcase their product journeys with full transparency, traceability, and trust. Trackgood leverages NEM to track the movement, processing and impact data of raw materials, products, and/or batches along the supply chain utilizing quick response (QR) codes, with the scope to integrate radio-frequency identification (RFID); they will migrate to Symbol, NEM’s next generation enterprise blockchain, shortly after it launches in 2020. Trackgood records all supply chain information on the blockchain and cross-references with geolocation and other authenticated (off-chain) devices.
“Amidst the current global crisis, supply chain management and transparency are of utmost importance to consumers,” said Kailin O’Donnell, Co-Founder and Director of NEM Ventures. “Trackgood empowers purchasers and retailers to make informed decisions about what they buy and sell, which has significant social impact potential. We are thrilled to announce Trackgood as our first NEM Ignite incubatee. This project is aligned with our mission to promote transparency and decentralisation, and we’re excited to be on board during this major chapter of growth for Trackgood.”
The NEM Ignite Incubator Program has provided Trackgood with three months of intensive mentoring and financial support to prepare the project for commercialization, market entry and subsequent investment rounds. Throughout the incubation period, Trackgood has had ongoing support from the NEM Ventures executive team, external mentors from partner organizations, as well as the development teams that build the NEM blockchain and supporting projects.
“We have been long standing supporters of the NEM ecosystem and technology, so the decision to apply for NEM Ignite was an easy one,”” said John Hussey, Co-Founder and CEO at Trackgood. “NEM Ventures’ professional and friendly team takes a hands-on approach which has helped us develop our vision into a product that will be commercialised in the coming months.”
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