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

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）

Interpretation of this information:

Verofax, a blockchain traceability service company, has announced the completion of a US $750,000 financing through Beban Crowdfunding. Beban is a crowdfunding platform that’s licensed and supervised by the Central Bank of Bahrain. This announcement of funding highlights the growing importance of blockchain technology in the supply chain industry, as it provides crucial data transparency, accountability, and security in a way that traditional technologies cannot match.

Verofax’s innovative traceability services use blockchain and artificial intelligence technologies to help brands ensure supply chain compliance and sustainability. Using blockchain technology, Verofax creates an immutable ledger that tracks every transaction made in the supply chain. This creates a transparent, accurate, and tamper-proof history of every product from its origin to final disposition.

Traceability is especially important in the food and pharmaceutical industries. Consumers are increasingly interested in knowing the origins of their food, and with blockchain technology, businesses can now provide this information. In the pharmaceutical industry, tracking the supply chain can help prevent counterfeit drugs from entering the market, which is a major concern for governments and consumers alike.

The completion of this financing round is a significant achievement for Verofax. It comes on the back of an undisclosed amount of pre-seed round financing secured in 2020. While $750,000 may not seem like a significant amount of money in the grand scheme of things, it will undoubtedly help Verofax continue to develop its blockchain and artificial intelligence technologies, expand its reach, and attract new clients.

This funding is also significant because it was raised through a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. This signals the growing acceptance of blockchain technology in the Middle East, as well as the willingness of regulators to provide a clear and supportive regulatory environment for companies leveraging the technology.

All in all, this announcement is good news for Verofax and the blockchain industry as a whole. By raising significant amounts of financing and leveraging blockchain to build innovative traceability services, Verofax is poised to play an increasingly important role in ensuring supply chain compliance and sustainability going forward.