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DSS Partners with Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies for Blockchain ResearchROCHESTER, 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 a 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 ABOUT DOCUMENT SECURITY SYSTEMS, INC. Keep up-to-date on DSS events and developments, join our online communities at Facebook, Twitter and LinkedIn. Contact Information: FORWARD-LOOKING STATEMENTS A video accompanying this announcement is available at //www.globenewswire.com/NewsRoom/AttachmentNg/2e88d22d-d9e6-4440-b0c9-76e851ac3abd |