XOX and AntChain are planning to introduce Creator ID under the partnership
This article was originally published on The Malaysian Reserve.
XOX Bhd has partnered AntChain to provide greater product traceability and information transparency on a supply chain through a Web and mobile application platform, TraX, for a local Chinese restaurant group, Oversea Enterprise Bhd.
TraX is developed by XOX and powered by AntChain Traceability-as-a-Service (TaaS) which is a blockchain-based traceability solution combined with the Internet of Things technologies to enable trust, increase efficiency and provide end-to-end transparency on information along the supply chain.
Head of AntChain International Business Kenny Tan said there are abundant opportunities for adoption and development of the blockchain solution in Malaysia, as it assists enterprises in their digital transformation journey.
Blockchain is rarely used in small and medium enterprises (SMEs) for purposes such as food traceability or digital content and XOX is positive there will be a high take-up rate for the digital solution in the country.
“A lot of people did not use cloud technology, but this Covid-19 pandemic has led everyone to have a totally different view of the new normal. Digital transformation is key.
“For us, the key thing is to help SMEs and ensure they understand what solutions will help them,” he told The Malaysian Reserve after the partnership launch in
Kuala Lumpur yesterday. The partnership is AntChain’s first strategic partnership signed outside of China. Tan said the group has been engaging with other industries in the region to see if the blockchain solutions can be implemented beyond the food and beverage (F&B) industry.
“In China, AntChain has more than 50 blockchain commercial applications and use cases. The market still needs some time and we will educate them on the matter,” he added.
Since the launch of AntChain in 2016, the company has pioneered over 50 use cases including supply chain finance, cross border remittance, charitable donations and product provenience.
Oversea Enterprise has adopted TraX to trace its moon cake products which will enable customers to access product information including key ingredients, manufacturing and expiry dates, and halal certification by scanning the QR code on the product’s packaging using the application.
It is also the first local SME to adopt AntChain TaaS in South-East Asia.
The group’s deputy GM Soh Jin Yiat said the product tracing will provide information on the origin of raw materials in the future.
“As a player in the F&B sector, food safety is the topmost priority for us. The blockchain technology such as AntChain TaaS is part of our commitment to consumers and our continuous efforts in enhancing information traceability and transparency on our supply chain.
“We believe it will help us combat counterfeit products in the market and further strengthen brand trust,” he said during the event.
XOX CEO Ng Kok Heng (picture) said the partnership also plans to develop more customised solutions on the TraX platform for businesses of different sizes, as well as for the pharmaceutical sector.
“We are talking to many partners. We do not have anything solid yet to announce today but other sectors also include logistics. We have many potential partners in our consortium,” said Ng.
XOX and AntChain are planning to introduce Creator ID under the partnership, built on AntChain Digital Asset solution that will enable digitalisation of real assets on blockchain such as copyright, cultural art, among others.
This is expected to lead to a more efficient transfer and utility of assets in online and offline scenarios.
Image via The Malaysian Reserve