TORONTO August 29, 2022 — TruTrace Technologies (CSE: TTT; OTC: TTTSF), developer of a fully-integrated blockchain platform for the legal cannabis, food, apparel and pharmaceutical industries, and VeChain, the world’s most widely known enterprise blockchain provider, are proud to announce the integration of their complementary technologies, an initiative aimed at increasing the adoption of blockchain to ensure product provenance and authenticity.
TruTrace’s blockchain-based SaaS software was initially designed specifically for the legal cannabis industry to demystify the seed-to-sale process for all relevant stakeholders including producers, distributors, shippers, government agencies and consumers by powering commercial standards via an immutable, shared ledger. One key benefit of the platform, protecting consumers and brands from contaminants and counterfeiting, will only be further bolstered through the utilization of the VeChainThor blockchain.
Blockchain technology continues to disrupt the supply chain industry. Decentralization, an important trait of public blockchains, provides a trust mechanism, making data more robust and reliable when managing multiple competing stakeholders. Record keeping, compliance, and dispute management are just several ways blockchain can ensure product quality throughout the supply chain, and this being exceptionally true for the cannabis sector which exists at a legal crossroads between countries, states and even whether or not this product should be classified as medical or recreational.
The direct connection between TruTrace and VeChain ToolChain will allow TruTrace to offer to those companies dedicated to product quality and authenticity, a seamless and rapid way to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies. Shoppers Drug Mart, Canada’s largest retail pharmacy chain, currently uses TruTrace’s platform as its underpinning technology infrastructure for traceability and accountability associated with its medical cannabis program.
“When we began the development of TruTrace, our mission was to serve as an interconnected blockchain-secured product registry and traceability solution which could bring all stakeholders together and serve to track and manage variabilities from batch to batch and lot to lot,” stated Robert Galarza, CEO of TruTrace. “Although our confidence in the power of blockchain to support this mission never wavered, there were difficulties using this technology without onerous gas fees or being limited to permission-based systems. Fortunately, this all changed with the adoption of VeChainThor, which is a true enterprise-grade blockchain that understands how to bring value to clients at a reasonable cost with the ability to scale at a global level.”
Jason Rockwood, General Manager for VeChain US Inc., said, “When the public thinks about VeChain, they often think about our use in consumer product traceability and storytelling. TruTrace has developed a specific niche in the food, pharma, and cannabis industries, the latter two of which are highly regulated. This makes TruTrace a perfect complement to our growth strategy for North America. I’m excited that this relationship will bring VeChain’s technology to a wider portfolio of consumer brands.”
The newly updated TruTrace platform featuring VeChain will be available starting September 1st, 2022.
About TruTrace Technologies
TruTrace Technologies is the developer of fully integrated software, secured on a blockchain infrastructure, that gives clients’ the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation. For more information, please visit www.trutrace.co.
Launched in 2015, VeChain Technology is a global leading enterprise-friendly blockchain company which aims to connect blockchain technology to the real world by providing enterprises with blockchain-enabled solutions suited to their business needs.
It offers VeChain ToolChainTM, a low-code blockchain-based platform that allows enterprise clients to rapidly build and drive digital transformation on a global scale, enabling the evolution of a trust-free and a distributed ecosystem.
VeChain Technology is a pioneer of real-world blockchain applications, with international offices in China, Singapore, Luxembourg, Japan, France, Italy and the United States. With strong independent development capabilities, combined with the professional compliance guidance of our strategic partners, PwC and DNV, VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group etc.
For TruTrace Technologies
phone: (888) 775–4888
For VeChain ToolChain