Spanish olive oil on the way to uberization with Olivacoin

The Spanish olive oil market is moving towards the uberization of the hand of Olivacoin, a project inserted in the Spanish olive industry and whose nest is in the finance research group of the University of Seville.

Olivacoin is a platform dedicated to the purchase / sale of olive oil between individuals that, thanks to blockchain, facilitates the benefits of disintermediation and enables the traceability of the product, verifying the quality of the same from the origin. In each transaction, the receiver of the product applies the traceability system to the received oil, checking its characteristics. Once the verification is carried out, the transaction is automatically carried out using smart contracts.

A proposal that has the form of other platforms of the so-called collaborative economy. That is, just as Airbnb does not have houses, or, as Uber does not have cars, Olivacoin has no olive trees, no lands, no packing houses; but in its project beats the idea of becoming the great manager of olive oil, at least in Spain, boosting the sector.

Ismael Santiago, its founder, underlines that Olivacoin can become the largest company in the olive oil sector. Explain that the transactions will be developed with olivacoins, which are the token of the project and the core of the user community of the platform.

In this way, an internal market for the purchase and sale of olive oil is generated, which, in addition to becoming a financing system, allows the development of a futures market capable of curbing the volatility of product prices.

In fact, Olivacoin emerges, according to Ismael, as an innovative alternative to the vanished Futures Market of Olive Oil (MFAO). Based in Jaén, this body, the only one in the world where olive oil was traded as an underlying asset, closed in 2014, after twelve years of existence.

Santiago attributes the closure of the same to the strict requirements of adaptation and regulatory and economic requirements demanded by the community regulations and the large disbursements required. The founder of Olivacoin explains that the utility offered by the MFAO to the olive oil sector was in the contribution of transparency to the market and its function as price observatory.

But beyond the horizon of creation of a financing system for the sector, Ismael highlights the added value provided by the platform, having as a medium term goal "to become the undisputed world leader in blockchain traceability in raw materials, being the oil of Olive your first big market bet ".

For this, Ismael explains to CriptoNoticias that Olivacoin's blockchain will be articulated with the Internet of Things. He says he feels advantageous with respect to possible competitors, because "there is no cryptocurrency based on food blockchain traceability. We are the pioneers and leaders, as we have been recognized by Finnovating, in the field of commodities in Spain ".

Unlike other platforms of the so-called collaborative economy, says that Olivacoin not only provides software, but is also linked to an analytical oil hardware, connected to the blockchain of this entity, which will be in possession of users and with the that the receivers will be able to check the quality and characteristics of the product received. It is then when this analytical hardware certifies the acquired oil and the consequences of the intelligent contracts designed are set in motion.

In order to develop this project, Olivacoin will launch an ICO shortly, with which it aims to raise between one and twenty million euros. The reason that Ismael uses to launch the Initial Currency Offer is that "it is a project born by and for the blockchain and crypto world. We give olive oil a novel platform of international promotion never seen and thought of today, thanks to the criptomercados ".

Regarding the wide range of money that they expect to obtain at the ICO, Ismael explains that they are aware of how ambitious Olivacoin is and that "the intrinsic value that this new cryptocurrency supports does not just end up being the olive oil itself. commodity), but also the intangible assets derived from the R + D + ia projects to be developed ".

The founder of Olivacoin stresses that this will require a minimum of one million euros, with which to Investigate, Develop and Market (R + D + C) and a maximum that can exceed twenty million. "The higher the collection, the more ambitious we will be in our R + D + C," he says.