Malaysian self-adhesive label solutions provider Komarkcorp Berhad has partnered with Chinese blockchain firm Ant Group Digital Technologies to tap into digital blockchain services.

Komarkcorp said in a statement on last Friday that its wholly-owned subsidiary Komark International (M) Sdn Bhd has signed a memorandum of understanding (MoU) with Ant Group Digital Technologies’ unit AntChain for the services.

According to the statement, this collaboration, combining Komark International’s printing and labeling expertise with AntChain’s blockchain powered traceability technology, will open new markets to address the growing consumer demand for traceability especially in safety sensitive industries such as food and beverage, and medical.

The companies are exploring a business collaboration and integrating traceability technologies provided by AntChain to secure labels, packaging, hologram stickers.

The scope of the MoU includes key industries such as food and beverage products, automotive products, medical devices, among others.

Both companies also agreed to join hands to explore opportunities in the digital segments related to labeling and packaging services.

Blockchain technology is a decentralized and distributed ledger that allows for secure, transparent, and tamper-proof record keeping, making it an ideal tool for tracking the movement of products throughout the supply chain.

The traceability would make it easier to identify and track any issues or irregularities in the supply chain.

According to Komarkcorp, the rationale for the MoU is to improve the business viability of Komark International’s printing business by including AntChain’s block chain traceability technology to ensure its product offerings remain relevant and attractive in current market conditions and requirements.

Komark International was incorporated in Malaysia in January 1983. The firm is principally involved in manufacturing of self-adhesive labels.

Komarkcorp which is listed on Malaysian boruse has three business divisions, namely, manufacturing of self adhesive labels and stickers and trading of related products; manufacturing of automatic labelling machinery, and; production of face masks.

Its packaging solutions and self-adhesive labels is used by the chemical and agrochemical, food and beverage, home and personal care, industrial and lubricant oil, and pharmaceutical industries.

Incorporated in Singapore, AntChain is a service provider dedicated in innovative technologies, including but not limited to technologies in relation to blockchain, internet of things, data analytics and intelligent risk management.

Ant Group Digital Technologies is a firm involved in blockchain, privacy computing, security technologies, and distributed database.

Since 2015, Ant Group has been investing significantly in the research and development of blockchain technologies to strengthen transparency and build trust in industries that traditionally involve large numbers of participants and complex processes.

Ant Group now has the largest productivity blockchain platform in China, with the ability to process and support one billion user accounts and one billion transactions every day.

Malaysia, China explore blockchain technology for PCO to facilitate Malaysia’s exports to China