Veridapt – A solution to Manage Operational Risks and Reduce Fraud

Recently, Commodity Technology Advisory began research into the trends in Commodity Risk Management (kindly sponsored by Amphora and the Nasdaq Market Technology Division). This activity alerted David Thambiratnam of Veridapt to contact us to let us know what it was involved with in the commodities space. We are glad he did. Veridapt has been in business some 17-years and got its start on the mining and extraction side. It makes hardware and software that can be installed in the field collecting real-time data that gets pulled into the cloud where it can be used to measure and monitor things like tank levels, inventory in silos and stockpiles, CO2 emissions and so on. Essentially, Veridapt is in the basis of helping its customers manage operational and fraud risks by providing commodity transparency across energy, agriculture and metals. With the hardware installed, users can not only manage and monitor inventory and tank levels but also quality of the tank or inventory contents meaning that users can see if the commodity is there and is of the expected quality. Alarms can be set to advise if things are not as expected. My immediate thought was of the recent instance involving copper painted rocks… continue reading

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