INS is a scalable blockchain-based platform that enables consumers to buy high- quality groceries directly from manufacturers at lower prices. It is the first global decentralized marketplace that directly connects grocery manufacturers and consumers.
INS Ecosystem Limited, incorporated as a BVI company (“INS”), is the official entity that creates the INS tokens, platform and technology. It has been co-founded by Peter Fedchenkov and Dmitry Zhulin.
INS is focused on releasing open source cryptographic technologies that enable operation in the INS ecosystem. The existing blockchain platforms such as Ethereum have a limitation in transaction bandwidth, so INS is designing and developing its own blockchain platform.
The challenges or issues faced by the grocery market:
- The grocery industry is dominated by the major retailers and they have a huge influence on the manufacturers and suppliers. These retail chains control to a large extent the food to be grown, stocked, their packaging, promotion and pricing.
- Conventional trade promotions practice that are ineffective and costly; a major percentage of these trade promotions never reach the consumers.
- Supply chain inefficiencies include the increasing food miles and wastage of grocery items in the distribution centres as well as the retail stores.
How it Works
The main goal of INS ecosystem is to address the above issues faced by the manufacturers and the consumers in the global grocery market and improve shopping experience with the help of a decentralized marketplace.
- It will help the grocery manufacturers to eliminate the intermediaries,i.e, the retailers and wholesalers and directly sell and promote their products to consumers.
- It will work towards decreasing of food miles by enabling the consumers to access the local manufacturers and farmers. INS will also implement effective measures like inventory management to reduce food wastage.
- INS is targeting to facilitate direct feedback and interaction between manufacturers and consumers. This will help in avoiding the inefficient trade promotions and set up personalised rewards together with networked loyalty programs.
The INS ecosystems involve the following participants:
- Fulfillment (fulfilment centre operators and workers, couriers)
This decentralized marketplace allows the manufacturers to join, post their products for sale, carry out promotion and loyalty campaigns, and get feedback from consumers. It then enables the consumers to order the products and facilitate the order fulfilment process.
Role of INS includes:
- Creation and launch of INS token to fund development and expansion
- Establishment of a decentralized, fair and secure model for order execution
- Development of smart contracts to run the order payment and fulfillment process
- Release of the customer website and app, fulfillment app for fulfillment center workers and couriers, and web interfaces for manufacturers and fulfillment center operators
- Creation of an effective incentive model for all parties to join the INS ecosystem
- Elaboration of the ecosystem’s regulatory aspects
INS token Utility
- Rewards: loyalty, promotion, cross-marketing, feedback
- Minimum balance hold
- Referral rewards to consumers
Application of Blockchain in INS
- Smart Contracts
- Supply Chain Management
The INS concept was created in the 2nd quarter of 2017 and the global and national grocery manufacturers validated it during the next quarter. In the quarter 4 of 2017, ICO was launched and raised $45 million through it.
- Q1 2018: Development of the INS platform
- Q2 2018: Development of the INS consumer and fulfillment apps and interfaces.
- Q3 2018: Development of the supplier SDK
- Q4 2018: Launch of the INS plarform
- 2019 and beyond: Geographical expansion and growing the ecosystem.
White Paper: https://ins.world/INS-ICO-Whitepaper.pdf