DSS Asia President Vincent Lum’s Keynote Highlights Potential for Blockchain as Superior Brand Protection Technology
ROCHESTER, N.Y., Oct. 10, 2018 (GLOBE NEWSWIRE) -- (NYSE American: DSS), ("DSS"), a leader in anti-counterfeit, authentication, and diversion protection technologies, announced today that 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 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.
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, visit .
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Document Securities Systems, Inc.
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FORWARD-LOOKING STATEMENTS
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.
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