Starts 01.11.2018
Ends 31.01.2019
This ICO has already ended.
venTAG rating

About veriTAG and veriHUB: a veri clever idea around the Singapore to China food chain At first glance, veriTAG may seem like a basic tagging technology using QR codes. On deeper understanding, it is a patented innovation and clever use of dual QR tagging coupled with an application on the cloud to authenticate a product or component.

Jason Lim, the founder of veriTAG designed this to solve a real problem when he was running a maintenance company servicing equipment for semiconductor companies in China. Some of their customers were replacing their genuine components with fakes to claim warranties. Although it was then a NFC (near field communications) based tag, the same concept was modified using inexpensive QR codes – and easily readable by the ubiquitous mobile phone - for consumer products. This gave rise to veriTAG and then veriHUB.

Jason then recognized the need for food safety in China and their authentication to source; what he calls F2C: the visibility and transparency from Factory-to-Consumer. He also spotted increasing effluence and overseas influence with the well-travelled and widely-read Chinese; and hence the opportunity for offering exotic foreign (processed) food to “a billion” Chinese. He also recognized the complexities of importing even processed food into China: import licences, product labelling, customs requirements, excise and duties not to mention the logistic supply chain and the quintessential marketing and distribution to the end Chinese consumer. For a SME (small medium enterprise) food manufacturer or trader in Singapore, exporting to China is more than daunting and given their limited capabilities and resources, rather prohibitive. VeriHUB was then contemplated to not solve these complexities but provide the needed economies of scale, thus palatable to all.

venTAG has ended 227 days ago