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veriTAG
Next Generation Food Ecosystem
Our vision is to provide a Blockchain and Token enabled food trading and service platform for Safe food at best price with best quality.
Blockchain is a cryptographically secure distributed ledger technology that allows businesses and government to streamline their business processes built on top of a new generation of applications and cross entity services. It provides trust, accountability and transparency by using a shared ledger among the distributed network of participants. We believe the power of the blockchain will fundamentally change the way we interact and conduct business.
We have enabled a food tracking system on blockchain (veriTAG blockchain), allowing key parties to form part of the immutable authentication system.
As mentioned, efficiency is another key area. Food safety via tracking, complements our aim to build an inclusive ecosystem in which veriHUB partners can access this technology in a cost-effective manner. The blockchain platform will provide sellers, buyers, logistic service providers, marketing companies, corporates, financial institutions and government entities easy access to a platform that provides smart contracts, trade services, certification services, trade payment and trade finance. Ultimately, our goal is to be the Alibaba for food, bringing in real quality food into China.
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.
Ratings
All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Ph.D. | CEO | FinTech in Stocks | Blockchain in Cryptos | Author of Amazon Best Sellers in Online Trading Rated on Nov 1, 2018 Modified on Nov 3, 2018
4
5
4
26%
Key founders did not complete the KYC process. Serious flag and warrants remedial action.
If the team responds, I will be willing to revise rating after KYC passed.
All the best!
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Jason Lim
ICO team member replied on 3 Nov 2018
Thanks for the reminder. i did not realize that a separate KYC is required. changes done. Notice that you are a Singaporean as well. i might need to seek advise from you. i am new to blockchain
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“Ultimately, our goal is to be the Alibaba for food, bringing in real quality food into China.”
Very ambitious vision with a good team assembled. However, there is only a Chinese Advisor. Will need to beef up team if the first market entry is China.
Blockchain | Tokenization Strategist| Whitepaper|Tokenomics | BD| Technical- Market Analyst Rated on Nov 1, 2018
4
4
3
17%
White paper - The white paper has outlined the problem plaguing supply chain in food industry and has given a ready-to-use solution for alleviating the problem. They have a well defined history of tech innovations and roadmap, along with an enviable partners list. The white paper is quite detailed but lacks a bit on business plan and token allotment.
Team - The team composition reflects a healthy mixture of various capabilities needed to make the project click and the advisors too are reputed. They are already having a partnership with many vendors generating a lot of confidence in the project.
Tokenomics - The tokenomics is a bit fuzzy with no mention of vesting periods, % for founders/team, etc. The overall funds deployment is reasonable.
Business Model - The business model requires partnerships and collaborations which has been duly highlighted. Requires the active participation from various fields for the tokens to be self-sustainable. A bit more clarification on the business model would help investors on having a clear view,
MVP/ DApp/ Working Product - Cloud based working model is available!
They have all the required ammunation to capture the SE Asian market for sure if not global market. The team has to expand significantly for that. Very positive outlook for the project itself but a solid business plan is required to entice investors to see value in it!
Thanks for the review. our business model start with veriTAG as a food and lifestyle product and brand protection and traceability. building on this success, we build a plaform veriHUB for a one stop solution to China. Blockchain is a must for food safety as data is immutable and transparent. with that in mind and support from IMDA (Singapore authorities on Information and media development), we put veriTAG on blockchain. current stage is to bring veriHUB onto blockchain through tokenomics. We deloy dual token because we need to bridge our merchants who have little knowledge on crypto to the use of token as a most efficient and cost effect means for trade finance and international payment for services
Our use of dual token - vtag for ICO and vtcash for merchants used (patent pending) is an effective way to realize valuation to utility. Feel free to ask me anything in my telegram.
Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
Ratings and ICO analyzer results are being updated (re-calculated) every few hours.
- Developed veriTAG embedded Cloud tagging solution.
- Setup and develop veriTAG for semiconductor.
2
2015
veriHUB
- Setup and develop veriHUB building upon veriTAG success.
- Developed veriHUB, one stop food import hub solution for China.
- Focus on one stop solution for China
3
2017
veri$HOP
- Ink MOU with Y32 and Digitnexus to enhance services on veriHUB and to go on board blockchain.
- Develop and launch veri$HOP.
- Developed veri$HOP, a WeChat mini app that links customers with merchants for shopping and interactions.
4
2018 1H
- veriTAG goes on blockchain
- veriHUB 3.5 upgraded to PSG under IMDA
- Sign MOU with Rizon to extend on blockchain and logistic services in China ChongQing
- Sign agreement with 17 Flash store (an unmanned technology provider under tencent company) to be part of the offline channels on veriHUB 3.5
5
August 2018
veriTAG Blockchain for food tracking
- Setup veriTAG blockchain and API Gateway;
- Developed veriTAG blockchain smart contracts;
- Developed APIs for veriTAG blockchain smart contracts.
6
2018 Q3
- Ink agreement with SMF (Singapore manufacturing Association) to provide veriHUB services to its members (> 3000)
- In development with 3 seafood associations in Singapore to set up Poseidon, a veriHUB ecosystem for seafood
- In development with Halal Science Center to bring Halal on blockchain through veriTAG and Thailand Halal products through veriHUB to China (veriHUB Thailand)
- Formation of GFCA (Global Food chain Alliance), a food ecosystem on blockchain to share resources for growth and token interoperation. 6 founding members are veriTAG, NULS, Morpheus Lab, Reefic protocol and Sakae Fintech
- Bring MUIS (Singapore Halal certification) onto veriTAG blockchain
- Setup 17 unmanned stores in Chengdu China and Singapore
- Establish Singapore booth into Ito Yokado, Isetan and G super in Chengdu
- Establish collaboration linkup with Chengdu Food and Beverage Associations
- Launch of vtag ICO
- Schedule to release veriHUB on blockchain in Dec 2018 with e-wallet for token interoperation
- Embark veri$HOP onto Reefic protocol token program. veri$HOP credit points can be used to exchange rewards points for restaurant use in Singapore and Malaysia
- Setup veriHUB Thailand for export of Singapore products to Thailand and Thailand products to China
- Work with HSC in Thailand to bring Thai halal onto veriTAG blockchain
11
2019 Q2
- Bring veri$HOP onto blockchain
- Setup veri$HOP in Singapore and extend token to use in Singapore by consumers and merchants and through collaboration with Sakae
Benchy