Tracer and Verofax Join Hands to Usher food traceability in the UAE with a blockchain-based platform
Tracer Tech, headquartered in the Sharjah Research Technology and Innovation Park, is set to launch its new food safety and traceability application, powered by leading asset management platform provider Verofax.
Tracer’s food safety solution enables CPG brands and retailers to engage with consumers directly by turning products digitally enabled and verifiable. Built on top of Verofax’s blockchain-based traceability platform, the Tracer App empowers consumers to choose food items based on their personal preferences such as freshness, sustainability and ethical sourcing, in a differentiated interface that drives satisfaction and loyalty. According to a recent survey, 70% shoppers value traceability and are willing to pay a premium for brands that offer such functionality.
Capitalizing on a fast-growing fine food market that’s expected to hit $160+ bn by this year, Tracer is also launching its own fine-food marketplace with traceability as a cornerstone of the offering. Traceability offers granular visibility and analytics to allow Tracer marketplace to optimize operations, storage conditions, and logistics to prevent wastage of high value food items imported from around the world, add to that reducing negative footprint resulting from wasted and expired products throughout the production to consumption cycle The marketplace also ensures authentic and certified food items with traceability from source and condition of storage in transit, to be checked on Blockchain records before purchase.
Khalid Roumieh, Co-founder and CEO of Tracer, concurred on the univocal demand for traceability solutions saying “Traceability plays a key role in meeting changing shopper needs, advanced product marketing and access to affluent consumers. However, much of the ecosystem stood fragmented until now, as retailers did not have access to immutable data records on a single repository empowering retail and consumers with access to check before they buy. Traceability is accelerating fast with digital technology providers, CPG brands and retailers teaming together to facilitate omni-channel experiences based on consumer data analytics.
The Executive Director of Sharjah Research Technology and Innovation Park (SRTIP – where Tracer was incubated), commented, “We have recently partnered with PLM to enable local startups to offer the right retail digitization solutions. The pandemic has clearly demonstrated that we are all responsible for each-other and the community. As such, we are working towards connecting the industry to deliver growth and stronger impact.” Tracer had partnered with PLM, a retail specialist in the Middle East, to create a retail studio environment, which is showcasing what the future beholds for the retail industry.
Mr. Roumieh further remarked, “Verofax solutions on Blockchain hosted on Azure, SAP and AWS, offers our clients complete data security and automation of operations to increase operational efficiency.”
Verofax is one of the first blockchain-based traceability platforms in the region, helping brands turning their products digitally-enabled and engage directly with them to boost loyalty. “Validated certificates and product tracing will accelerate brands growth and create opportunities through direct marketing and channel transparency”, said Wassim Merheby, CEO at Verofax. Verofax is supported by leading technology platforms. In partnership with Verofax, Tracer is helping the industry realize a new vision of digital and verifiable food marketplace built on Blockchain, empowering customers with validation.
TRACER is a start-up with a mission to provide solutions that improve processes and deliver growth. Beyond Food and retail-tech solutions, TRACER provides cold-chain solutions for logistics providers, and offers its own fine food marketplace. Contact them here.
Verofax is a blockchain-enabled, traceability and Asset Digitization service provider with a presence across Europe, Asia, and Middle East. Verofax’s solution is available across multiple cloud environments, and is helping businesses achieve sustainable supply chains, build one-to-one engagement with customers, and achieve complete traceability across their operations. Contact them here.