SAN FRANCISCO--(BUSINESS WIRE)--
VeriTAG, a cloud-based tracking system built on the NULS blockchain, has partnered with the Singapore Food Agency and ST Engineering to create a comprehensive and transparent incentive-based food safety system to address the ongoing food safety crisis plaguing Southeast Asia. The partnership, which began development in 2019, rectifies critical problem areas in the Singapore food supply chain.
Developed using NULS enterprise adaptive blockchain platform and TradeTrust, a set of globally-accepted standards and frameworks that support the exchange of electronic trade documents, veriTAG features VeriHUB, a platform for food exports, and veri$HOP, a blockchain-enabled loyalty program, for total end-to-end transparency, from food manufacturing to point-of-sale. VeriTAG established a consensus node on the NULS blockchain to leverage its immutable data ledger, and to generate staking rewards that will cover the costs to keep the tracking system live on the network.
“We’re excited to be playing a role in such an impactful initiative,” said Mario Blacutt (Berzeck), NULS core developer. “This partnership showcases that blockchain technology can truly be a conduit for social good and demonstrates the wide range of enterprise use cases.”
From April to December 2019 alone, 3,825 units of fruit and vegetables were quality-tested by the Singapore Food Agency, with nearly 500 failing the inspection due to exceedingly high chemicals and/or pesticide residues -- totaling nearly 13% of all food falling below industry standards. In addition, the SFA tested 7,010 meat products during the same time span and flagged 114 of the units for failing the quality guidelines. With Singapore importing more than 90% of its food, the poor quality of the imports suggests a breakdown in the supply chain.
veriTAG incentivizes users to use their web app for food quality assurance in exchange for loyalty credits, which are earned by scanning VeriTAG seal tags. Loyalty credits are cryptocurrency-based tokens that can be exchanged inside the apps’ native wallet for NULS tokens, and further converted into Singapore’s digital currency using Ubin Wallet. Most recently, the company has secured partnerships with local POS providers to deploy the veri$HOP loyalty program to the Singaporean F&B and retail market.
Jason Lim, veriTAG Founder and CEO, added, “Food safety and security is not a farming problem or a manufacturing problem -- it’s a problem that affects everyone. We are pleased to be partnering with veriTAG, the Singapore Food Agency and ST Engineering to provide a tangible, creative solution to a critical issue.”
VeriTAG plans to formally introduce the initiative at the Smart China Expo on September 15th.
NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.
For more information and updates about NULS’ microservices-based blockchain visit www.nuls.io.
Follow us on Twitter: @NULS
veriTAG seeks to create a one-stop solution platform into China for food using its patented authentication system as the foundation, veriHUB, as a central database system with applications and a rules-based engine and veriSHOP to link customers to the products. Currently, veriTAG has more than 40 merchants, 100 unique products on board with strategic partners, which include ito Yokado, Isetan, and G Super. VeriTAG will take advantage of the blockchain technology that NULS has developed to achieve transparency in food manufacturing, supply chain logistics and sales.
veriTAG Website: www.veritag.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200827005198/en/
Copyright Business Wire 2020