Yahoo Finance Spotlite360 Begins Exploring Agriculture Industry Applications for its Blockchain and IoT Technologies
DENVER and VANCOUVER, British Columbia, Aug. 04, 2021 (GLOBE NEWSWIRE) -- SPOTLITE360 TECHNOLOGIES, INC. (“Spotlite360” or the “Company”) (CSE: LITE) (OTC:SPLTF) is currently in the process of commercializing its suite of technologies utilizing blockchain and Internet-of-Things (“IoT”) functionality (the “Spotlite360 Technologies”) for supply chains in a wide range of industries. The Company has strategically chosen market segments on which it will focus initially, including the pharmaceutical industry (as detailed in a July 6, 2021 press release) and the healthcare sector (as detailed in a July 12, 2021 press release). The Company is also exploring opportunities for the Spotlite360 Technologies to be utilized in agriculture supply chains, which have faced significant challenges in recent years as macro factors such as labour concerns and higher oil prices have affected the industry at large1.
All facets of the Spotlite360 Technologies can easily be integrated into systems, equipment, and supplies that are common for agriculture industry players to include farmers, ground transporters, distribution centres, and retail grocers. In a video presentation published by the Company in July 2021, Spotlite360 President James Greenwell provided examples of item-level tracking technologies such as radio frequency identification (“RFID”) tags, in combination with technologies licensed from TrackX Holdings Inc., that are leveraged within Spotlite360 Technologies to monitor the movement of inventory with immutable records. Examples of benefits that could be realized by firms in the agriculture industry from using the Spotlite360 Technologies include the following:
Full Visibility into Shipment Journey: With enhanced reporting of a product’s movements through the supply chain, firms who use solutions such as the Spotlite360 Technologies can identify potential hazards or inefficiencies with fewer data gaps. Because blockchain entries cannot be modified, the risk of record tampering in the event of disputes is mitigated. Moreover, this functionality allows recalls to be conducted in an expedited manner to protect the end consumer.
Preventing Loss from Spoilage: Through IoT sensors, solutions such as the Spotlite360 Technologies can continuously detect several attributes of the environment in which inventory is being stored or transported (e.g., temperature, humidity) in order to maintain product quality and freshness. With the ability to pinpoint where and when shipments may be exposed to unsuitable conditions, firms can more easily address such issues with minimal investigation.
Sustainability Assurance: The Spotlite360 Technologies can capture and consolidate various data relating to sustainability (e.g., fuel efficiency of commercial transport vehicles) in order to substantiate claims relating to the firm’s social and environmental responsibility and help consumers better understand their food product choices. In 2019, the World Wildlife Fund of Australia announced that it was using a blockchain-based platform to provide sustainability-related information to consumers about certain foods and products (e.g., ensuring a fish was not caught in an established marine protected area)2.
Proof of Origin: Certain food categories are subject to a high burden of proof with respect to the product’s origin (e.g., production and processing standards for kosher and halal foods), and can often increase the retail price significantly. The Company plans to include compliance frameworks for several origin-sensitive product categories in the Spotlite360 Technologies, which could enable firms to prove origin and maintain the chain of custody more efficiently compared to legacy methods.
In the late 2010s, retail giant Walmart pioneered large-scale use of blockchain technologies for tracking shipments of produce. The initial pilot program enabled Walmart to trace an item from a store to its farm of origin in just 2.2 seconds, a dramatic reduction from the standard timeline of seven days. In a September 24, 2018 statement, Walmart indicated that suppliers of leafy greens (e.g., romaine lettuce, spinach) to its stores as well as Sam’s Club warehouses will be asked to implement blockchain technology within the next year3.
Spotlite360 President James Greenwell commented, “Blockchain has proven to be a relevant, effective, and disruptive technology in the agriculture space, which is a key reason why we chose agriculture as one of our initial target industries. The Spotlite360 Technologies go far beyond just keeping track of information on a distributed ledger, as the real value comes from the coordinated use of IoT hardware to capture an unprecedented scope of data that can be used to make business decisions. While the demand for agriculture products will naturally remain relatively constant, the past few years have shown that operating conditions can be anything but constant. We therefore believe that Spotlite360 can provide significant benefits to firms in the agriculture industry by providing end-to-end supply chain visibility with reliable and automated access to key information at each step of the way.”
Sources
On behalf of the Board of Directors of the Company,
Spotlite360 Technologies Inc.
“James Greenwell”
James Greenwell, President
For more information about Spotlite360, please visit: http://spotlite360.com
Charles Lee
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
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About Spotlite360 Technologies Inc.
Spotlite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, Spotlite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. Spotlite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, Spotlite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.
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Disclosures relating to investor relations firms retained by Spotlite360 Technologies Inc. can be found under the Company's profile on http://sedar.com.
