In veriTAG, we observe that dishonesty and inefficiencies are the primary ills across many market places and supply chains. The result is a plethora of problems such as counterfeited products, excessive profiteering, lack of trust between producers and consumers, just to name a few.
With modern cloud-based tagging, blockchain, and data sciences, we believe we can harness them to build market places that are not only honest and efficient, but also befitting the era of a peer-to-peer sharing world that is immensely connected by the Internet of Things (IOTs).
Our mission is to build next generation product ecosystems using technology that will bring out the best quality products at the best possible prices, but also promote good human conduct in day to day transactions.
An Ecosystem Approach
In our view, technology is a means to an end, and our expectation is that any technology will be duplicated in time to come anyway. For example, Apple might have pioneered touch-screen smart phones, but many other players eventually caught up. Being a technology company ourselves, constantly innovating to stay ahead is a given. However, to focus solely on technology without considering business strategy is akin to a technologist producing a product that is an engineering marvel but underperforming in sales. Therefore, our business model takes a balanced approach between technology pursuit and long-term business sustainability.
Therefore, from day one, we had deliberately designed our business strategy around customer’s stickiness to minimize customers from switching out from our solutions to our competitors’. The strategic intent are as follows: First, it is to build stickiness two levels deep – at the level of customers level and at the customers of customers level. This makes it harder for the level one customer to switch out without thinking about the implication on level two customers. Second, it is to develop an ecosystem to make the relationship sticky. It rests on three key pillars – veriTAG, veriHUB and veri$HOP.
veriTAG, the core technology behind Cloud Tagging, is the engine that drives the whole ecosystem. veriHUB, on the other hand is a one stop export platform to promote operational efficiency in the export/import process. Organized as a membership concept, veriHUB is a resource pooling idea where we buy value chain services (such as warehousing, freights, sales channels, last mile fulfillment etc) at wholesale prices and spread the economies of scale to its members. Essentially, veriHUB serves to attract merchants on-board to the ecosystem. Lastly, veriSHOP is an indigenous APP that connects merchants with end consumers directly. A direct communication access between merchants and end consumers via IOT is pioneering, and this APP draws end consumers to the ecosystem. When these three pillars work in concert, merchants (level one customers) and end customers (level two customers) are likely to develop a sticky relationship as the ecosystem provides them with benefits that are interdependent on one another.
veriTAG on blockchain
The 4 features of blockchain, immutability, neutral, transparency and fungibility makes it an exciting proposition for food safety. Any useful ledger in food track-and-trace requires the entries to be unalterable. Transparency is another perfect function for this use case. Imagine all the transactions that are open for public inspection and viewing. Consumers can potentially scan a QR code and immediately view the transit points, timestamps, and actors involved. This unprecedented level of “transparency” goes a long way to restoring public confidence in food safety. In conclusion., veriTAG must be on blockchain and we have achieved this in the second half of 2018
veriHUB on blockchain with tokenomics
A good ecosystem required seamless flow of services and transactions. Having token in the ecosystem is like having blood going through the various parties to bring the necessary nutrients and take away the unwanted waste. We need veriHUB on blockchain with the well-designed tokenomics for our ecosystem to grow fast and strong.