DSS Asia President, Mr. Vincent Lum presented a keynote speech, “Brand Protection with Blockchain Technology” at the Programme of LSCM Logistics Summit 2018, which was held on Friday, October 5th, 2018 at the Grand Hall, Hong Kong Science Park in Hong Kong. Themed as “Actions in the Belt and Road Initiative with Innovation and Technology”, the Summit focused on how innovative technologies create positive change on the industry and capture the opportunities brought by the Guangdong-Hong Kong-Macao Bay Area development and the Belt and Road Initiative.
“The supply chain for a single brand can involve up to 20,000 companies, especially with global sourcing of materials and manufactured product. Unfortunately, the dark side is weakness in supply chain security which exposes intellectual property and creates opportunity for criminals,” stated Mr. Lum.
“This lack of control is directly responsible for the current $1.7 trillion counterfeit industry, making it the largest criminal enterprise in the world. We need to secure the supply chain and provide a means so that companies can integrate brand protection platforms easily and securely. Blockchain technology will allow companies to create an immutable peer-to-peer ecosystem allowing for more efficient, less expensive and highly secure interoperability,” added Lum.
On March 19, 2018, DSS announced its partnership with the Hong Kong Logistics and Supply Chain MultiTech R&D Centre (LSCM) to conduct research focused on developing the next generation of DSS‘ Brand Protection products utilizing blockchain technology to secure product transactions across multiple channels, including retail and online distribution.
Currently, Mr. Lum’s team is leading the development and viability of an advanced brand security product platform utilizing multiple technologies including RFID and the DSS-patented smartphone authentication product, AuthentiGuard™.
“Ultimately, we feel that using blockchain as a foundation for activity could significantly reduce counterfeiting and fraud; give brand owners greater visibility into their network, markets and customers; and provide massive improvements in the efficiency of transactions,” added Lum.
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