Verofax Secures Additional Funds to Enhance Blockchain Traceability For Sustainability

03/05/2023 11:30 • Tech Ticker • 114 views

It is reported that Verofax, a blockchain traceability service company, announced the completion of a US $750000 financing, which was carried out through Beban Crowdfunding, a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. Verofax is a start-up company that applies blockchain to build innovative traceability services. It uses blockchain and artificial intelligence technologies to help brands ensure supply chain compliance and sustainability. The company completed an undisclosed amount of pre-seed round financing in 2020. （benzinga）

Verofax, a blockchain traceability service company, completed a US $750000 financing

Interpret the above information:

Verofax, a blockchain traceability service company, has just raised US $750,000 through a crowdfunding platform called Beban Crowdfunding. The Central Bank of Bahrain has licensed and supervised this platform, which makes Verofax a credible start-up company. The funds will be used to enhance innovative traceability services that apply blockchain and artificial intelligence technologies for supply chain compliance and sustainability.

It is a significant achievement for Verofax to secure this amount of financing, which will enable the company to support its next phase of development. The completion of the pre-seed round financing in 2020 signifies that the company is intent on attaining its goal of establishing innovative traceability services that enable transparency and accountability in supply chains globally.

Verofax aims to revolutionize the supply chain industry by bridging the gap of information asymmetry between producers and consumers. The company intends to achieve this through its tracing system, which allows stakeholders to follow a product’s journey from origin to point of consumption. By doing this, the firm ensures the safety, integrity, and ethical production standards of products.

In a world where climate change and human exploitation prevail, the need for more sustainable and transparent supply chains is crucial. Verofax highlights this issue and presents a plausible solution through blockchain technology. The blockchain technology is immutable, secure, and resistant to tampering. By using it, Verofax provides stakeholders with a platform to verify the authenticity of products and trace them throughout the supply chain.

Artificial intelligence complements blockchain technology by providing data analysis and insights into supply chain trends. It makes it easier for Verofax to predict and identify potential risks associated with a particular product. This information helps stakeholders make informed decisions about sourcing from suppliers that value ethical standards, ranging from ecological choices to human rights.

In conclusion, Verofax’s success in securing the funds will undoubtedly increase its visibility in the industry and aid the company’s aim of making supply chains more sustainable and transparent. It is an excellent indication of the potential of blockchain technology in the supply chain industry, and the importance of creating sustainability in product production.

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Verofax Secures Additional Funds to Enhance Blockchain Traceability For Sustainability

Verofax, a blockchain traceability service company, completed a US $750000 financing

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