What is Blocery (BLY)?
BLY is the native token of Blocery, which is a food supply chain ecosystem that utilizes a distributed ledger structure to exercise data transparency and reliability. The Blocery crypto project aims to build a strong bond between each of the participants in the chain to promote a new generation of food supply chain ecosystem that is both efficient and reliable. It aims to incentivize ecosystem participants by rewarding them with BLY tokens for sharing their data. This data can include production history, quality management, and more.
In order to maintain transparency in the ecosystem, the Blocery project uses IoT devices and a distributed ledger database to establish quality control that can’t be forged or altered. Blocery also launched MarketBly and Nicefood, which are decentralized applications that enable DTC to overcome the traditional centralized system that capitalizes on excessive gross profits.
Besides, Blocery provides consumers with production history and sales information to build trust. The Blocery price on the market is completely dependent on the trust built between each of the participants in the ecosystem.
The network consists of four market participants – producers, manufacturers, distributors, and consumers. Producers are contracted through smart contracts. They ensure quality management and minimal food waste. Manufacturers improve brand identity and trust. They minimize costs in the supply chain. Distributors expand and improve the logistics value chain. They ensure transparency and stability in the distribution of goods. Finally, consumers are the last party in the chain.
Use Cases of BLY Tokens
The native token of the Blocery ecosystem is called BLY. The BLY price in the market relies on this utility token to properly motivate participation in the ecosystem.
Within the Blocery ecosystem, BLY Token can be used as a medium for all transactions and contracts. This includes data provision, payment for data usage, dispute resolution, and contract fulfillment guarantees.
Moreover, BLY tokens can be used for staking. Besides, by staking, users receive rewards in BLY tokens, which leads to another use case.
Lastly, Blocery provides various dApp services. BLY tokens can be used as a means of payment within these dApps.
Tokenomics of BLY
There is a total token supply of 1 million Blocery coins, and no more tokens will ever be issued. However, the project may buy back BLY tokens and burn them if necessary to maintain the Blocery price stability in the market.
