There can be no good without evil. The globalisation of trade and the rapid proliferation of e-commerce and social media have boosted the capacity of organised criminals to sell fake goods with greater speed and efficacy.
For entrepreneurs Wassim Merheby and Jamil Zablah, the co-founders of blockchain-based traceability start-up Verofax, this is as an opportunity to “fill market gaps” and “empower businesses as well as consumers”.
Abu Dhabi-based Verofax offers a unique solution to businesses looking for compliance and brand protection, including serialisation, traceability and anti-counterfeiting solutions. All products are blockchain registered to prevent forging and tampering.
"Not only authenticity … but the high quality characteristics, such as 'organic' or 'sustainability', can also be verified through Verofax," Mr Merheby, 49, tells The National.
“Manufacturers offering validation can boost sales, reduce negative ratings … whereas, consumers will feel confident and safe when making purchases,” Mr Merheby, a serial entrepreneur from Lebanon, who has worked with companies such as Nokia, Microsoft and Nestle, says.
Users can also trace the product’s condition in transit and check inventory receipts.
Blockchain is a digital chain of transactions that are linked with each other using cryptography – a mechanism for secure communications – on an open ledger. The database is a real-time library of records that are difficult to tamper with since each change creates a new record.
Using Verofax’s blockchain technology, retailers and manufacturers can create a unique identity of their products, in the form of a Quick Response (QR) code or a barcode, which can be scanned to verify authenticity.
It traces the product’s complete lifecycle – from the sourcing of raw materials to post-sale user engagement that allow businesses to gain insightful feedback.
Founded in December 2018 at Abu Dhabi Global Market with an initial investment of $250,000, Verofax has billed close to $200,000 thus far.
Currently, the company is working with only select businesses on their “bespoke products”, Mr Zablah, 43, a Jordanian-Australian says.
It will push out the consumer version of the app in the UAE in the first quarter of 2021, followed by a rollout in Saudi Arabia in the second quarter.
“Verofax helps pharmaceuticals and other consumer goods manufacturers to meet evolving product traceability regulations and growing consumer demand for product safety, security and legitimacy … enhancing trust in their brand,” Mr Zablah says.
“We are helping companies to create ethical as well as responsible brands … helping governments to manage quality standards, compliance requirements and making duty and tax collection a seamless process,” he adds.
The amount of counterfeiting worldwide totalled $1.2 trillion in 2017, which is set to reach $1.82tn by the end of this year, primarily due to the rise in e-commerce platforms, according to a 2018 Global Brand Counterfeiting Report.
By comparison, the global traceability and brand protection market is estimated to reach $55 billion by 2025, with food traceability alone accounting for $22bn, according to Verofax’s own estimates.
Businesses can subscribe to Verofax’s monthly or yearly plans on the basis of their product category and on the number of items they produce.
“The process is very simple. They [businesses] just need to go to our site, subscribe to our service, upload product details, certifications and get started,” Mr Zablah says.
The Covid-19 pandemic upended some of Verofax’s plans for this year. Though it delayed the company's fund raising activities, the start-up's business gradually increased.
“The impact was very negative during the early days of the pandemic, but it turned positive after [a] few months,” Mr Merheby says.
Verofax was in touch with potential investors in Hong Kong, who had committed to a big investment round. But they went into quarantine in January and stopped all communication.
“By the time we terminated our agreement with the Hong Kong investors and started exploring this part of the world, it was already March and nobody was listening to us,” Mr Merheby says.
“It harmed us a lot between March and June … nobody wanted to engage … we thought that the whole business was at risk. But things rebounded from July ... everybody started talking about the importance of validating supply chains as [the] manufacturing of Covid-19 vaccine was on,” Mr Zablah explains.
Verofax has recently closed half of a planned $1 million round.
“Our investors include a UK-based venture capital firm, a Canadian company and a British-Indian investor,” Mr Zablah says, adding that Verofax expects to secure the remaining $500,000 by end of this month or in early January.
With the launch of the consumer side of the app early next year, Verofax expects a boost in earnings and hopes to breakeven by the first half of 2021.
“We had to delay our Saudi launch due to Covid-19 … now we are scaling up very fast and hope to make profit by the end of next year,” Mr Merheby says.
The co-founders say there was a point when they were contemplating an early exit but their plan changed after the launch of Nasdaq Dubai Growth Market in October, a new exchange that aims to help small, fast-growing companies access to capital markets.
“Before this announcement, we were open for an exit if we found a good investor. Now things have changed … we are aiming to get on Nasdaq, get listed regionally and grow our business further,” says Mr Merheby.
The market, which will be operated by Nasdaq Dubai, will allow small and medium-sized companies to sell shares through initial public offerings and is being established as part of the Dubai Future District initiative.
Verofax, which has a workforce of six employees in Abu Dhabi, plans to hire more people in 2021 in different geographies as it expands its business.
“We will be hiring across Asia, Africa and Middle East. Our business model is different," Mr Merheby says. "We need to have people on ground to do in-person meetings and give product demos. We also need staff to run call centres in local languages.”
Verofax recently signed an agreement with Auri, a Kuala Lumpur-headquartered lifestyle brand, to jointly launch its traceability app across Asia. It expects wider adoption by suppliers of fashion and lifestyle products in the Asian market in the first quarter of next year.
The company is currently in the process of finalising a licensing agreement with an undisclosed partner in Africa and will be hiring staff there as well.
Headcount in Asia will almost double to 12 and in Abu Dhabi it will rise to 18.
Verofax is also working with Abu Dhabi health authorities to create traceability technologies to manage the safe delivery of medicines in the emirate.
“We have received a letter of support from the Department of Health, Abu Dhabi, and are working with them to develop innovative products. We have received a similar letter of support from the NHIC [National Health Information Centre], Saudi Arabia, and soon we will start our work there,” Mr Merheby says.
Q&A: Verofax's co-founders Wassim Merheby and Jamil Zablah
Who is your role model?
Mr Merheby: I am so impressed with the work of Tesla's founder Elon Musk. He has taken big risks in his entrepreneurial journey that have rewarded him very well. It is overwhelming to see how he is disrupting so many industries simultaneously. I am a big fan of his passion, energy and ideas … not only me but all entrepreneurs have something to learn from his futuristic vision.
Any suggestion to upcoming entrepreneurs?
Mr Merheby: There are so many and it is really hard to pick one. But my suggestion to fellow entrepreneurs is that it's always important to consult a lawyer before you do anything. It's always advisable to draft a legal agreement to avoid last-minute hiccups. Always make sure that you are 100 per cent covered legally and if that is not the case, never get into any business.
What type of entrepreneur are you?
Mr Merheby: I am definitely a risk-taker but I always try to balance it to ensure I would not take any hasty business decision. I can't afford too many risks, as I also have a family to take care of.
Mr Zablah: I am a mix of a risk-taker and a patient businessman. I prefer taking calculated risks when it is about chasing my dreams and ambitions. I believe if you have a vision to address a next-generation problem then you have to follow a challenging path. Sometimes, it could be entirely out of your comfort-zone … but results will be very fulfilling.
How do you define Verofax in one line?
Mr Zablah: Verofax is an enabler, an OS [operating system] of certainty in transactions in global trade.
What is your mantra to success?
Ms Zablah: Never run after quick gains. Even if you have to wait a little longer for profits because you are following a lengthy and ethical business approach that aims to solve much bigger challenges, it's worth waiting. When all your corners are covered, success and profits will follow you automatically.
Company Profile
Company name: Verofax
Founded: December 2018 at ADGM
Founders: Wassim Merheby and Jamil Zablah
Based: Abu Dhabi
Industry: Blockchain
Funding: Initially self-funded with a $250,000 investment. Recently closed half of a $1m funding round and currently aiming to finalise remaining $500,000 this month or early next month.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
Company%20Profile
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CONFIRMED%20LINE-UP
%3Cp%3EElena%20Rybakina%20(Kazakhstan)%0D%3Cbr%3EOns%20Jabeur%20(Tunisia)%0D%3Cbr%3EMaria%20Sakkari%20(Greece)%0D%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%0D%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%0D%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%0D%3Cbr%3ELiudmila%20Samsonova%0D%3Cbr%3EDaria%20Kasatkina%E2%80%AF%0D%3Cbr%3EVeronika%20Kudermetova%E2%80%AF%0D%3Cbr%3ECaroline%20Garcia%20(France)%E2%80%AF%0D%3Cbr%3EMagda%20Linette%20(Poland)%E2%80%AF%0D%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%E2%80%AF%0D%3Cbr%3EAnastasia%20Potapova%E2%80%AF%0D%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%E2%80%AF%E2%80%AF%0D%3Cbr%3EJasmine%20Paolini%20(Italy)%E2%80%AF%0D%3Cbr%3EEmma%20Navarro%20(USA)%E2%80%AF%0D%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%0D%3Cbr%3ENaomi%20Osaka%20(Japan)%20-%20wildcard%0D%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20-%20wildcard%3Cbr%3EAlexandra%20Eala%20(Philippines)%20-%20wildcard%3C%2Fp%3E%0A
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
JOKE'S%20ON%20YOU
%3Cp%3EGoogle%20wasn't%20new%20to%20busting%20out%20April%20Fool's%20jokes%3A%20before%20the%20Gmail%20%22prank%22%2C%20it%20tricked%20users%20with%20%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fmentalplex%2F%22%20target%3D%22_blank%22%3Emind-reading%20MentalPlex%20responses%3C%2Fa%3E%20and%20said%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fpigeonrank%2F%22%20target%3D%22_blank%22%3E%20well-fed%20pigeons%20were%20running%20its%20search%20engine%20operations%3C%2Fa%3E%20.%3C%2Fp%3E%0A%3Cp%3EIn%20subsequent%20years%2C%20they%20announced%20home%20internet%20services%20through%20your%20toilet%20with%20its%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Ftisp%2Finstall.html%22%20target%3D%22_blank%22%3Epatented%20GFlush%20system%3C%2Fa%3E%22%2C%20made%20us%20believe%20the%20Moon's%20surface%20was%20made%20of%20cheese%20and%20unveiled%20a%20dating%20service%20in%20which%20they%20called%20founders%20Sergey%20Brin%20and%20Larry%20Page%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fromance%2Fpress.html%22%20target%3D%22_blank%22%3EStanford%20PhD%20wannabes%3C%2Fa%3E%20%22.%3C%2Fp%3E%0A%3Cp%3EBut%20Gmail%20was%20all%20too%20real%2C%20purportedly%20inspired%20by%20one%20%E2%80%93%20a%20single%20%E2%80%93%20Google%20user%20complaining%20about%20the%20%22poor%20quality%20of%20existing%20email%20services%22%20and%20born%20%22%3Ca%20href%3D%22https%3A%2F%2Fgooglepress.blogspot.com%2F2004%2F04%2Fgoogle-gets-message-launches-gmail.html%22%20target%3D%22_blank%22%3Emillions%20of%20M%26amp%3BMs%20later%3C%2Fa%3E%22.%3C%2Fp%3E%0A
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
