"OwlChain" Launched as the World's First Food Blockchain Provenance System

TAIPEI, Taiwan, May 26, 2017 /PRNewswire/ -- OwlTing, a leading e-commerce platform for safe food products that connects fine-quality food vendors and reputable local farmers in Taiwan, has successfully integrated Blockchain technologies into its supply chain infrastructure. The company today announced OwlChain, the world's first Ethereum-based food provenance system. Through partnership with top-quality vendors like Nice Garden and Upwelling Ocean, OwlChain brings together transparency, immutability, integrity and deep domain expertise for various food supply chains, creating a new benchmark for better food safety in the world.

From Silicon Valley to safe food e-commerce business: OwlTing Market builds partnerships with local farmers and qualified food suppliers based on the vision "to provide the best for the kids"

Darren Wang, the founder of OwlTing, was born in a small fishing village near Badouzi in Taiwan.  He was hired into Google's headquarter after obtaining a master degree in electrical engineering.  He then joined and founded several tech startups, where he was able to gain experiences and expertise in software industry.  However, his successful career cannot make Wang less homesick, so he decided to leave Silicon Valley and come back to Taiwan to build OwlTing.  "I am doing this new business to provide fresh milk and healthy foods for my kids," said Wang.

As part of the OwlTing new vendor on-boarding process, Wang drove around Taiwan and visited each production premise to select qualified vendors.  "We are extremely meticulous when it comes to food.  Product with additives, artificial coloring or flavoring cannot be sold on OwlTing.  While this business approach may seem unwise and cumbersome, our approach has identified over 1,500 farmers and merchants, and that's just in Taiwan," said Wang.

Average customer ticket on OwlTing exceeds USD60 per order, and more than 20% of its users are customers with recurring milk subscription services. OwlTing's innovative incentive program that allows users to earn rewards with social recommendations has enabled a high customer retention rate of 70%.  On Average, customers come back and place orders for every 15 days. In addition to choosing fine products for consumers, OwlTing Open Market created a new distribution channel for farmers in Taiwan. "Farmers can earn more money by working with us," said Wang, "with increased income and better brand awareness, they can reinvest in their businesses, creating more jobs and better products." 

One example is the Changhua-based Chu-En Farm. After working with OwlTing Market for ten months, the farm owner is able to purchase more than 30 pregnant milk cows and increased milk production capacity by 15 percent, the first major capital investment in 30 years. "OwlTing consumers prefer natural and organic food ingredients, and they are willing to pay for high quality at reasonable prices. While most e-commerce platforms charge farmers with annual fees for product listing, OwlTing farmers pay zero annual fees and are only charged a low commission for each product sold on our platform.  We want to help farmers earn more, so they can invest in their future," said Wang.

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