UAE based Tracer Tech, headquartered in Sharjah Research Technology and Innovation Park (SRTIP), to launch its new food safety and traceability application, powered by leading Blockchain asset management provider Verofax.
Tracer’s food safety solution enables CPGs (consumer packaged goods) and retailers to engage with consumers directly by making products that are 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. 70% of shoppers value traceability according to a recent survey, 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 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, reducing negative footprint resulting from wasted and expired products throughout the production to consumption cycle. The Tracer 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.
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 to turn their products digitally-enabled and engage directly with customers to boost loyalty. Validated certificates and product tracing will accelerate brand growth and create opportunities through direct marketing and channel transparency,” said Wassim Merheby, CEO at Verofax.