DSS Partners with Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies for Blockchain Researc...
March 19 2018 - 7:30AM
Document Security Systems, Inc. (NYSE American:DSS), ("DSS"), a
leader in anti-counterfeit, authentication, and diversion
protection technologies whose products and solutions are used by
governments, corporations and financial institutions to defeat
fraud and to help ensure authenticity, announced today that they
have partnered with the Hong Kong R&D Centre for Logistics and
Supply Chain Management Enabling Technologies (“LSCM”) to commence
research focused on developing a next generation of DSS’ Brand
Protection products utilizing blockchain technology.
The joint research project between LSCM and DSS
will develop potential solutions for a blockchain deployment within
the supply chain. It can take years to build the supply
chain and companies won’t adopt anti-counterfeiting solutions which
are disruptive to existing processes and systems. This often
keeps brand owners from implementing effective anti-counterfeiting
solutions. Blockchain has the potential to provide a non-disruptive
solution for anti-counterfeiting, especially when combined with
DSS’ smartphone-based authentication product – AuthentiGuard
™.
“Many of our customers and prospects are large
brands with complicated, global supply chains,” said Jeff Ronaldi,
CEO of DSS. “Our solutions must have a minimal impact on existing
processes. Blockchain offers the potential as an extremely secure
data transaction and tracking technology which can fit into current
environments without extensive systems integration requirements or
process modifications.”
The research project will examine using
blockchain as a service to secure product transactions across
multiple channels, including retail and online distribution. It
will focus on the use of multiple technologies including RFID and
the DSS patented smartphone authentication product,
AuthentiGuard.
“Commercial blockchain deployments outside of
cryptocurrencies are very limited right now, but we think it will
increase in importance. We need to fully understand the challenges
of its implementation and how to solve them. One challenge is
digitizing data from physical goods. Our AuthentiGuard
product already excels at this. Blockchain technology offers
the potential to enrich and strengthen our current authentication
capabilities,” added Ronaldi.
LSCM was established with funding support from
the Innovation and Technology Fund of the Hong Kong Special
Administrative Region Government (“HKSAR”) and has been involved in
blockchain technology research for several years. LSCM has a
detailed understanding of the technologies at work in the supply
chain, as well as the opportunities and hurdles that technology
providers like DSS have within it.
“We are pleased to have the opportunity to work
with DSS in this research project which is to adopt blockchain
technology in supply chain security. We are confident that
the research results will help the industry in developing
anti-counterfeit solutions and can be seamlessly deployed to
safeguard brand integrity and ultimately to benefit the consumers,”
stated Simon Wong, CEO of LSCM. “With the research
collaboration between a Hong Kong-based research centre and an NYSE
American listed corporation, there is also an enormous opportunity
for DSS to apply their brand protection expertise to the Belt and
Road Initiative, and strengthen their commercial presence in the
Asia Pacific region,” added Wong.
In addition, this partnership will allow DSS to
tap into the R&D Centre’s research on other brand
authentication technology platforms such as RFID. Under the
agreement, DSS will own the rights to any new applications
developed by LSCM as part of the research project.
ABOUT Hong Kong R&D
Centre for Logistics and Supply Chain Management Enabling
TechnologiesThe Hong Kong R&D Centre for Logistics and
Supply Chain Management Enabling Technologies (“LSCM”) was founded
in 2006 with funding from the Innovation and Technology Fund of the
HKSAR Government. Since its inception, LSCM’s mission has
been to foster the development of core competencies in logistics
and supply chain related technologies and to facilitate the
adoption of these technologies by industries in Hong Kong and
Mainland China. For more information, visit www.lscm.hk.
ABOUT DOCUMENT SECURITY SYSTEMS,
INC.For over 15 years, Document Security Systems, Inc.
(“DSS”) has protected corporations, financial institutions, and
governments from sophisticated and costly fraud. DSS'
innovative anti-counterfeit, authentication, and brand protection
solutions are deployed to prevent attacks which threaten products,
digital presence, financial instruments, and
identification. AuthentiGuard®, the company's flagship
product, provides authentication capability through a smartphone
application so businesses can empower a wide range of employees,
supply chain personnel, and consumers to track their brands and
verify authenticity. For more information on DSS and its Plastics
Group subsidiary, visit http://www.dsssecure.com and
http://dssplasticsgroup.com.
Keep up-to-date on DSS events and developments,
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Contact Information:Investor Relations Document
Security Systems, Inc.Tel: (585) 232-5440Email:
ir@dsssecure.com
FORWARD-LOOKING
STATEMENTSForward-looking statements that may be contained
in this press release, including, without limitation, statements
related to the Company’s plans, strategies, objectives,
expectations, potential value, intentions and adequacy of
resources, are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act and contain words such as
“believes,” “anticipates,” “expects,” “plans,” “intends” and
similar words and phrases. These forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the results projected in any
forward-looking statement. In addition to the factors specifically
noted in the forward-looking statements, other important factors,
risks and uncertainties that could result in those differences
include, but are not limited to, our ability to continue the growth
in sales of AuthentiGuard and manage our expenses, as well as those
risks disclosed in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2017,
filed with the Securities and Exchange Commission on March 6,
2018. Forward-looking statements that may be contained in
this press release are being made as of the date of its release,
and the Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
A video accompanying this announcement is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/2e88d22d-d9e6-4440-b0c9-76e851ac3abd
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