Dagang Net has signed a collaborative agreement with LuxTag Sdn Bhd to offer eServices based on blockchain technology.

Under the agreement, both companies will be developing eServices leveraging on blockchain and digital ledger technology ("DLT") for managing digital assets or digital files that contain such content as text, images and multimedia.

The agreement was signed at a ceremony held recently at the World Blockchain Summit in Kuala Lumpur where Dagang Net was represented by its Chief Executive Officer Mr Wan Ahmad Syatibi Wan Abd Manan, and Ms Jasbenderjit Kaur, Chief Technology Officer of DNeX. LuxTag, meanwhile, was represented by Mr Rene Bernard, Chief Executive Officer and Founder, and Mr Faeez M Noor, Chief Financial Officer and Founder. The signing was witnessed by Datuk Dr Mohd Yusoff Sulaiman, President and Chief Executive Officer of Malaysian Industry-Government Group for High Technology ("MIGHT").

Blockchain is a growing list of records called blocks, which are linked using cryptography with each block containing cryptographic hash of the previous block, a timestamp and transaction data. It is an open, distributed digital ledger that records transactions efficiently in a verifiable and permanent way. Blockchain is resistant to modification of data. Services and solutions leveraging on the blockchain technology can offer integrity, transparency, audit trail capability and resiliency to businesses.

This can effectively address the challenge in managing digital assets especially in handling rights and permissions to access this type of assets.