OAKVILLE, ON, Jan. 23, 2018 /PRNewswire/ - Romana Food Brands
Corp. (OTC: RFBC) announced today that it is developing the next generation blockchain food traceability and control
application.
According to the company, the food supply chain is the most complex and fragmented of all supply chains. Production is found
all over the world both on land and in water. Many producers and intermediaries are difficult to identify and track. This creates
uncertainty and risk. The next generation blockchain food traceability and control application is key in establishing reliable
provenance and preventing fraud and counterfeiting. Romana's blockchain will include information on conditions at the production
facilities, tracking of food items, and volumes in the supply chain, to name a few features.
The Food Traceability and Control market is said to grow to $16 Billion by 2022. The United
Nation's Global Compact defines traceability as "the ability to identify and trace the history, distribution, location and
application of products, parts and materials, to ensure the reliability of sustainability claims, in the areas of human rights,
labor, environment and anti-corruption". The most well-known use case of blockchain technology is Bitcoin and other
cryptocurrencies. However, the transaction capacity and the cost per transaction in Bitcoin is prohibitively high. In early
summer 2017 the average cost was $4 per transaction and rising, and there has been no major
increase in transaction capacity to date. However, the underlying technology driving Bitcoin and other cryptocurrencies has
proven to be extremely valuable to society. Blockchain is the new emerging foundation for the digitization society and
Romana is at the forefront of this new paradigm shift.
"Romana's development of the next generation blockchain for Food Traceability and Control is a true catalyst to sustainable
shareholder value" said Morrie Fogelbaum, Chairman of Romana Food Brands Corp. "Romana's
blockchain solution will not only provide our food operation a competitive advantage, but the licensing of our blockchain
technology to some of the leading brands of the world will enable Romana to become a leader in the $16
billion application market.
About Romana Food Bands Corp.
Romana Food Brands Corp is an emerging leader in the authentic Italian Food sector. The Company is in the process of acquiring
food processing plants specializing in Italian products. It is currently in the final stages of acquiring plants in North America and in Italy.
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growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if,"
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statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual
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of new information, future events or otherwise.
For more information visit Romana's website at: http://romanafoodbrands.com
SOURCE Romana Food Brands Corp