UAE tech company Tracer partners with UAE Blockchain Verofax

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.