British musician Peter Gabriel has invested in a new blockchain startup to create better food chain transparency in the industry.
Best known for his role as lead singer and songwriter in college band Genesis, reaching world prominence in the late 1970s to the mid-1980s, Gabriel is also an ardent fundraiser for humanitarian causes and a supporter of the British Labour Party to which he has made significant donations.
His investment in the startup, Provenance, is undisclosed but will contribute towards the company expanding its products. Gabriel can now add his name to other prominent personalities promoting ICOs over social media in the past year, such as Paris Hilton, Floyd Mayweather, and Katy Perry.
The companies currently investing in Provenance are Working Group Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play. The aim is to provide transparency to food transportation, basically giving the public a better idea of exactly where their food comes from and how it gets there. The blockchain-based application is predicted to be used in over 1,000 food businesses by 2025. Gabriel commented:
“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way. I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players.”
CEO Barry Schubert of Digital Currency Group, one of Provenance’s other investors, also commented on the recent fortunes of Bitcoin, claiming he actually made a Bitcoin investment himself in the past week feeling that the flagship digital currency had bottomed out. He argued, “As an asset class it is here to stay… I’m 100% confident a decentralized, non-fiat form of money is here to stay.”
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