AntChain to Enable Blockchain Tracking by Malaysia’s Komarkcorp June 12, 2023 June 12, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 12, 2023 by Kelly Cromley

AntChain to Enable Blockchain Tracking by Malaysia’s Komarkcorp

Malaysia-based Komarkcorp Berhad has forged a partnership with Ant Group Digital Technologies, a Chinese blockchain firm, to avail themselves of digital blockchain services. Komarkcorp Berhad specializes in offering self-adhesive label solutions.

In a press release issued last Friday, Komarkcorp reported that its subsidiary, Komark International (M) Sdn Bhd, had entered into a memorandum of understanding (MoU) with AntChain, a unit of Ant Group Digital Technologies, for the purpose of service provision. According to the statement, the partnership between Komark International and AntChain will merge the former’s proficiency in printing and labeling with the latter’s blockchain-based traceability technology. This collaboration is expected to create fresh opportunities to cater to the growing consumer need for traceability, especially in safety-critical sectors such as medicine and food and beverage.

The corporations are currently exploring potential business partnerships and incorporating AntChain’s traceability technologies to safeguard labels, packaging, and hologram stamps. The Memorandum of Understanding (MOU) encompasses pivotal sectors, including but not limited to, food and beverage, automotive, and medical device manufacturing.

Furthermore, the involved parties have reached a consensus to explore potential prospects within the digital sectors of labeling and packaging services. Blockchain technology is a distributed and decentralized ledger that enables secure, transparent, and tamper-proof record-keeping, making it a suitable tool for tracking product movement across the supply chain.

The implementation of traceability measures would enable the identification and monitoring of any issues or anomalies that may arise within the supply chain. Komarkcorp has stated that the purpose of the MoU is to enhance the commercial feasibility of Komark International’s printing business. This will be achieved by integrating AntChain’s blockchain traceability technology, which will guarantee that the company’s product offerings remain pertinent and attractive in the face of contemporary market conditions and requirements.

Komark International was established in Malaysia in January 1983. The main area of concentration for the company is the manufacturing of self-adhesive labels. Komarkcorp, a publicly traded company in Malaysia, operates three distinct business divisions. These include the manufacturing of self-adhesive labels and stickers, as well as the trading of related products. Additionally, the company produces autonomous labeling equipment and facial masks.

Industries such as chemical and agrochemical, food and beverage, home and personal care, industrial and lubricant oil, and pharmaceuticals make use of the packaging solutions and self-adhesive labels provided by the company. AntChain is a service provider headquartered in Singapore that specializes in advanced technologies such as blockchain, the internet of things, data analytics, and intelligent risk management.

Ant Group Digital Technologies is a company that specializes in blockchain, privacy computing, security technology, and distributed database solutions.

Ant Group has been actively investing in the research and development of blockchain technologies since 2015. The aim of these investments is to improve transparency and establish trust in industries that typically involve complex processes and a large number of participants. The blockchain infrastructure of Ant Group is the most extensive in China, capable of facilitating and sustaining up to one billion user accounts and transactions each day.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.