Interview with Dimitri Haritos, the President & CEO of Greek Food Corridors project
- How did you have the idea to start Greek Food Corridors?
We are Greece’s first official ICO (Initial Coin Offering) with a hard cap of €25,000,000. We have a real proven working model (e-auction houses) and are currently through our ICO.
We have been involved in this project for the last three and a half years, representing in the region Aucxis Belgium with its proven auctioning technology in the segment (80% of the EU Market in electronic auction houses for fresh commodities). On that base, we made a deep market analysis on the present situation in the Agri-sector and acquired a good view of the fruit and vegetable market in Europe and Greece;
The current structure of the agricultural trade in Greece comprises a large number of small-scale farming operations and growers yielding produce. Greek producers are not price-makers but price recipients in the hands of a small number of businesses who are pricing according to their interests. The concept of cooperatives is not widespread across Greece, accounting for about one fifth of production bases, as opposed to about 40% across the rest of Europe.
Analyzing the problems faced by the Greek agricultural community and comparing the Greek market structure and methodology to the European one, we decided together with Aucxis Belgium our partner and market professionals to proceed with the market automation at European standards and export orientated, at the benefit of all market stakeholders.
The result was a next generation electronic auction infrastructure for Fruit & Vegetables and Olive Oil, synchronized with a Commodity Exchange market for Futures contracts based on Fiat and crypto-currency;
- What exactly is Greek Food Corridors and what makes it different from other projects?
Greek Food Corridors (GFC) is a brand new ICO that offers the creation of an e-auction platform for fruit, vegetables and olive oil to enable farmers and growers to sell directly their produce in a coordinated and fair manner. GFC is a unique project in Greece at this point in time, bringing a real revolution for the Greek primary market. No other ICO is offering an e-auction platform for Vegetables, Fruits & Olive Oil, nor has any e-auction networked with the production & consumption sites been implemented in Greece.
GFC infrastructure will provide a real proven solution to the Agricultural sector and the farmers of Greece, bringing supply and demand together in a transparent and fair way, and securing product flow and a correct price for both the suppliers and buyers.
The auction clock is an instrument which will find the correct market price; a price discovery mechanism based on actual demand (Price on the trading board sets a Reference Price and a limit up & a limit down P).This electronic Agri-commodity marketing channel is new in Greece and can change a lot when operational.
The new infrastructure will guarantee that growers are correctly paid and treated, and that buyers will receive day in day out quality products.
A big advantage of the new infrastructure, especially for the small and medium-sized farmer’s cooperatives and Group of Producers, is the fact that they will be able to negotiate directly with buyers, both at a national and international level, under the same conditions as larger companies. The new platform will facilitate the task of finding buyers or sellers to negotiate simultaneously and in real time on the trading screen. The members will be able to benefit from economies of scale as well as marketing and from direct access to International markets, breaking the hold of middlemen.
Brief description of concept
The design of Greek Food Corridors concept is the setting up of 2 synchronized central auction Clock systems, one in Athens and one in Brussels, call them the “dealing rooms”, in which various Fruits and Vegetable lots geographically located are sold to the highest bidder, local as remote, using a clock auction system. Various Fruit & Vegetable lots are sold to the highest bidder using a clock auction system. You have 1 central server system which communicates with all the regionally depots involved in selling the products (National & International cross-regional depots/suppliers from Greece, India, and the Balkans). In each depot, supplied products are registered with their product characteristics and the right storage location with the dates of receipt indicated. These data are centrally stored. Our selling parties enter the supply they want to sell on the clock system via GFC web portal after logging in successfully. In this way, we will get a certain stock, which can be sold afterwards to the “registered buyers” through the various e-auction sales tools. Afterwards, the information from all these transactions is available on the website of GFC organization for buyers, farmers etc. After being logged in, the client can view his specific data (transactions, catalogues, statistics, and general information). After the sale, the various depots get the necessary tasks and insights about who is going to load what. The back office software makes the necessary finalization of the transactions, follow-up of invoices, payments, statistical reports etc
- How is the ICO going so far?
GFC ICO is going at a steady pace towards its goal, which is to to raise the necessary finance in order to implement the project. GFC is receiving increased awareness each day, the community trusts and recognizes the importance of the project for the Future of Greek Agriculture and farmers, the new opportunities it will bring in the fields of cultivation, sustainability and quality.
- What are the most important milestones of this project?
The representation of Aucxis, our technological service provider and partner with 30 years of experience in the segment. Beside the aspiration for a solution in the agricultural segment of Greece, through a real proven solution, most important milestone will be the implementation of the concept, at the benefit of all market stakeholders.
- What can you tell us about the token?
The aim of GFC Token is to raise the necessary finance in order to implement the project.
Revenues generated from the crowd Token ICO are allocated to the Company for initial CAPEX & OPEX, installation, development & financing of the new infrastructure.
The second utility of GFC Token, will be the finance of invoices in order to ensure to the Sellers on the platform (growers/group of farmers) seamless and daily payment/clearing of transactions through “digital banks” like Cashaa & Populous (eg. reverse factoring, or “ledger” upon Tokens value in ETH as a collateral in order to receive Fiat currency).
6. Behind every great project, there is a solid team. What can you tell us about the team behind the project?
To be a good ICO, you need a good Team. The GFC project is surrounded by a highly experienced team and advisors with special expertise in Business Strategy, blockchain and project development, and with extensive experience in the European market for electronic auctions and supply chains as well as exchange commodity trade. We have expertise from both the public and private sector with 30 years of experience.
GFC project has been trusted by top ranked members of the “people of Blockchain” and top ranked ICO advisor on ICObench, who joined us as special Advisory Board Members, like Simon Cocking, Editor in Chief of Crypto Coin News, and Prof. Michael E. Bryant, International Financial expert and Executive member of The Blockchain Council, bringing some important Industry knowledge into the project.
Our complete team information is available on our website – http://www.greekfoodcorridors.com/
- What are the future plans of Greek Food Corridors?
The immediate implementation of the infrastructure and the pilot operation of the system, networked with all cross-regional national & international suppliers. We want to be pilot operational by the end of summer-beginning of September, fully operational from October. Afterwards, we will be looking at the second phase of the project, which is the interlinked of the new Auction infrastructure with a Commodity Exchange market for Futures contracts, as there are significant advantages for the Primary sector and professionals in Greece for a FUTURES Commodity Market.
GFC Auction infrastructure & regionally Depots Network (Nominated National and International Storage/Terminal Network) will serve as the “Spot” market and clearing member for all transactions done with a commodity Exchange markets, Fiat and crypto-currency.
GFC is also exploring the development of a Smart contract though a blockchain tailor-made application, in order to bring together farmers and consumers ( e.g. a consumer will be able to order directly and secure a weekly box delivery of x products at y price for the whole year through a smart contract, simply and fast with one document). Blockchain technology will be also used for the integration of smart traceability tools like bio-sensors in the produce for proof of origin and counterfeit issues (e.g. Olive Oil). With blockchain records we can reflect a product’s geographic flow and how it was treated; we can examine sources, investigate industry certifications, and discover storage-condition anomalies and more.
Thank you very much for your time, pls enjoy the benefits of E-AUCTION Agriculture TRADING!
GFC E-Auctions – THE TOKENOMICS
Total Token – 50,000,000
Token Symbol – GFC TOKEN
Token Price – 0.0005 ETH
Soft Cap – $1M USD
Hard Cap – $25M USD
ICO Date – Ongoing till 30 of June 2018.