KUALA LUMPUR (Feb 28): Malaysian anti-counterfeit and anti-theft solution provider, LuxTag® Sdn Bhd and Dagang Net Technologies Sdn Bhd have entered into strategic partnership agreement to provide e-services based on blockchain technology.

Dagang Net is a wholly-owned subsidiary of Dagang NeXchange Bhd (DNeX).

Having recently signed the agreement at the World Blockchain Summit here, both companies will develop eServices leveraging on blockchain and digital ledger technology for managing digital assets that contain text, images and multimedia.

Blockchain is a data structure that represents a ledger, programmed to record and track anything of value while being distributed and without a central point of authority.

Unlike a regular database, blockchain has a non-destructive, immutable method to track data changes over time. This can effectively address the challenge in managing digital assets, especially accessing rights and permission.

LuxTag was represented by chief executive officer (CEO) and founder, Rene Bernard and chief financial officer and founder, Faeez M Noor. Dagang Net, meanwhile, was represented by its CEO, Wan Ahmad Syatibi Wan Abd Manan and chief technology officer, Jasbenderjit Kaur.

The signing was witnessed by Malaysian Industry-Government Group for High Technology president and CEO, Datuk Dr Mohd Yusoff Sulaiman.

"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 strategic cooperation," said Bernard.

Meanwhile, DNeX executive deputy chairman and Dagang Net executive chairman, Datuk Samsul Husin said the blockchain revolution in managing digital assets was expected to expand to such sectors as education, finance, regulatory, healthcare and government.