ROCHESTER, N.Y., March 19, 2018 (GLOBE NEWSWIRE) -- 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 Technologies
The 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.
Document Security Systems, Inc.
Tel: (585) 232-5440
Forward-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