Morpheus Labs, the full-stack Blockchain-Platform-as-a-Service provider based in Singapore, has entered into a commercial agreement with veriTAG to design and implement the latter’s veriHUB blockchain platform.
In an official signing ceremony witnessed by Singapore’s Minister of Trade Chan Chun Sing, the two parties agreed to leverage on the veriHUB Blockchain Platform to track food product for food data transparency, immutability, and provenance.
veriTAG is working with Morpheus Labs to create a one-stop solution platform into China for food using its patented authentication system, veriHUB, to build a central database system with applications and a rules-based engine.
Powering veriTAG’s solutions is the company’s cloud tagging technology; which uses digital tags (such as QR codes and NFC protocols) linked to the cloud and includes applications optimized for users via ubiquitous devices such as smartphones.
For the implementation of veriHUB in China, Morpheus Labs will work closely with veriTAG to build the entire platform and provide token-enabled food trade finance, namely by using private Ethereum nodes to run smart contracts using the Morpheus Labs BPaaS platform.
Pei-Han Chuang, the founder, and CEO of Morpheus Labs explained that the partnership will seek to leverage on the blockchain to help tackle the safety and fraud challenges present in China’s food industry.
“By using the blockchain, we can record the complete supply chain of food production from start to finish, allowing for greater transparency and better fraud prevention as every transaction is immutable and traceable. This collaboration also marks a significant milestone for Morpheus Labs, as it validates our continuous efforts to bring our solutions abroad to help solve real-world problems in China and beyond.”
Besides the MoU with veriTAG, Morpheus Labs has also joined the Food Chain Alliance with Y3 Technologies (a subsidiary of YCH), Sakae Fintech (owned by mainboard-listed company Sakae Holdings), veriTAG, NULS and Reefic Protocol.
The alliance aims to use blockchain technology to connect international resources and promote the safe and healthy development of the Chinese and international food industries and help relevant enterprises develop together through blockchain technology. Within the Alliance, Morpheus Labs will bring in their expertise as an enterprise-level platform and play an important role in facilitating the overall blockchain governance, implementation, and deployment.