Dagang Net collaborates with LuxTag to develop blockchain-based e-Services

Dagang Net, a subsidiary of Malaysia-based Dagang NeXchange Berhad (DNeX), has partnered with blockchain startup LuxTag to offer e-Services based on blockchain technology.

Founded in 2016, LuxTag is a Malaysian startup focused on anti-counterfeit, ownership tagging, track & trace, and manufacturer big-data. It provides digitized certificates of authenticity for any products or assets on a blockchain that will be updatable, can have messages attached, and their conjoint ownership can be flexibly transferred.

Under the agreement, the companies will develop blockchain-based e-Services for managing digital assets or digital files that contain such content as text, images and multimedia.

“At LuxTag, we see ourselves as creators, inventors and innovators. Dagang Net, on the other hand is very good at servicing businesses with productised solutions. This is a perfect fit for a strategic cooperation,” Rene Bernard, CEO of LuxTag said.

The companies said that blockchain technology can effectively address the challenge in managing digital assets especially in handling rights and permissions to access this type of assets.

Datuk Samsul Husin, Executive Deputy Chairman of DNeX, and who is also Executive Chairman of Dagang Net, said that the company’s venture into the blockchain space is part of its Dagang Net Digital Platform initiative to provide end-to-end, innovative services to help customers be more efficient.

“In addition to offering new services based on this technology, we will also use blockchain to upgrade our services in Trade Facilitation and expect to invest about RM1.5 million from a total ICT budget of RM20 million this year,” he added.