Document Security Systems DSS Stock News

Document Security Systems, Inc. (NYSEAMERICAN: DSS) is making a run for the top in the market today after the company announced the release of a blockchain tracking service. At the moment, the stock is trading on gains of more than 5%. Here’s what’s happening:

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OTLK Stock Gains On Blockchain Product Release

In a press release issued early this morning, Document Storage Systems said that it has launched a blockchain-based tracking and authentication solution. The soltuion, known as Sentinel, was uniquely developed to assist small-to-medium size online store owners with protecting revenue and reputation.

Recently, there has been a growing number of “grey goods” sold within ecommerce platforms like Amazon, Alibaba and Walmart. Sentinel was designed to protect online stores from the risk associated with these grey goods. DSS said that the product is supported by its blockchain-as-a-service technology known as AuthentiChain.

What Are Grey Goods?

Grey goods are goods that are sold outside of the authorized distribution channels by entities that may have no relationship with the producer of the goods. Unfortunately, these goods tend to be counterfeit, lacking in quality and damanging the reputation of online stores in which they are sold.

This is why most manufacturer distribution agreements require the distributor to resell the products strictly to end users. However, tracking and ensuring that this is the case is difficult. That’s where DSS and its Sentinel service offering come in hand. Through this service, online store owners can track exactly where products being sold are coming from.

In fact, the Sentinel technology will allow anyone in the brand owner’s supply chain to immediately authenticate product using their smartphone. DSS said that the program also helps to protect and monitor a brand owner’s supply chain with real-time, global track and trace technology through the blockchain platform.

In a statement, Vincent Lum, President at DSS Digital, had the following to offer:

The DSS Sentinel product, along with the Market Defense product portfolio, provides a powerful one-two punch for small to mid-size store owners to protect their brand while selling in an online environment. The onboarding process is simple and efficient, allowing your brand instant protection.

How Sentinel Authentication Works

In the press release, DSS said that Sentinel’s authentication and blockchain marker is applied to products at the brand owner’s manufacturing or origination site. From there, each product is assigned a unique identifier, allowing for smartphone authentication and enabling track and trace capabilities.

From there, brand owners are able to monitor their product throughout the distribution channel and identify any abnormalities, diversions or breakdowns. By the end of the chain, the end user can tell if the product is authentic and if the product has previously been sold to another customer.

Mike Buell, VP of Business Development at DSS, had the following to offer:

DSS brand protection technology, by nature, is a non-disruptive system. We work with your existing platforms, vendors and processes to implement our systems. DSS is very excited to show brand owners the amount of valuable information now accessible regarding their market and supply chain activity, as well as the tools available to provide an online shopping experience for customers that builds long-term loyalty and trust.

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