Singapore Food Agency and VeriTAG promote a Food Safety System based on Blockchain Technology.
The Singapore Food Agency and VeriTAG seal a strategic alliance for the creation of a Comprehensive and Transparent Food Safety System based on Blockchain technology.
This initiative is intended to address food safety issues in the food supply chain in Southeast Asia.
The System will have a social impact
This system uses the enterprise open source adaptive blockchain platform from NULS and TradeTrust, provides the possibility to develop a cloud-based tracking network.
“This association shows that Blockchain technology can truly be a conduit for social good and demonstrates the wide range of business use cases,” they point out in the joint statement.
As part of this alliance VeriTAG presented VeriHUB, a Blockchain platform for the export of food, in charge of guaranteeing transparency from the manufacture of the food, to its sale with Veri$HOP.
The latter is a Blockchain-enabled loyalty program.
This joint project is expected to be presented at the Smart China Expo, next September.
How does the system guarantee food safety?
The consensus node in the NULS blockchain will allow VeriTAG to take advantage of the immutable data book.
And in turn, generate participation rewards, to keep the monitoring system active on the network.
Incentives by VeriTAG are loyalty credits awarded for scanning VeriTAG seal labels.
These tokens are exchangeable in the native wallet of the applications for NULS tokens, and can subsequently be converted into Singapore’s digital currency.
Currently Singapore exports 90% of its food products, it is for this reason that the Food Agency of the city-State pays special attention to the quality of the products.
With the impulse of this project, it will be possible to determine when an imported product does not meet the required food safety standards.