LuxTag® Sdn Bhd., a Malaysian innovation-driven enterprise specializing in Blockchain application development and Dagang Net Technologies Sdn Bhd, a wholly-owned subsidiary of Dagang NeXchange Berhad ("DNeX"), announced a collaboration to provide eServices based on the blockchain technology.
Under the agreement, both companies will be developing eServices leveraging on blockchain and digital ledger technology ("DLT") for managing digital assets that contain such content as text, images, and multimedia.
The agreement was signed at a ceremony held at the World Blockchain Summit in Kuala Lumpur where LuxTag was represented by Rene Bernard, CEO and Founder, and Faeez M Noor, CFO and Founder.
Dagang Net, meanwhile, was represented by its CEO Wan Ahmad Syatibi Wan Abd Manan, and Jasbenderjit Kaur, Chief Technology Officer of DNeX. The signing was witnessed by Datuk Dr. Mohd Yusoff Sulaiman, President and CEO of Malaysian Industry-Government Group for High Technology ("MIGHT").
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 in managing rights and permissions to access this type of assets.
Rene declares that it is an honor to work with Dagang Net, a reputable IT services provider which has been proudly operating for about 30 years in Malaysia.
"At LuxTag, we see ourselves as creators, inventors, and innovators. Dagang Net, on the other hand, is very good at servicing businesses with productized solutions. This is a perfect fit for a strategic cooperation."
Datuk Samsul Husin, Executive Deputy Chairman of DNeX, and Executive Chairman of Dagang Net said, "We are pleased to be working together with LuxTag to explore opportunities in the increasingly growing market for services backed by blockchain. The blockchain revolution in managing digital assets is expected to expand to such sectors as education, finance, regulatory, healthcare, and government."
