Technology

Security software provider YPB scores first order from South Korea

Thu 02 Jun 22, 12:21pm (AEST)
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Key Points

  • YPB Group is to provide South Korean distributor Scranton Limited with anti-counterfeit barcodes for three years
  • ProtectCode product ultimately means that counterfeit warehouses cannot imitate the barcodes and labelling of Scranton products
  • YPB to see up to $50,000 in revenue

Anti-counterfeiting software developer YPB Group (ASX:YPB) has today announced its execution of the company's first sale of its ProtectCode product to South Korea, with Scranton Limited taking the tech package on board. 

Scranton has purchased YPB's ProtectCode with an anti-copy feature embedded into the software package. 

Scranton Limited is an importer, distributor and sales agent in Korea handling the trade of plastics, chemicals, and end products, often selling to cosmetics, packaging and chemicals companies. 

A snapshot of the Alibaba website, a Chinese-based eBay competitor not without its questionable listings
A snapshot of the Alibaba website, a Chinese-based eBay competitor not without its questionable listings

Rise in counterfeiting through covid 

The rise of online shopping through the covid has led to an increase in fake listings and counterfeit products in online marketplaces with no face-to-face contact. 

The nature of e-commerce allows unscrupulous actors a higher chance of tricking customers into buying counterfeit goods. 

Shortages of common products have also provided an opportunity to counterfeiters, as consumers find themselves visiting websites outside of their usual digital footprint to try and source whatever it may be they want. 

Scranton Limited's hand in the South Korean cosmetics market leaves it at risk of seeing product offerings replicated by less than honest players. 

The nature of the chemicals market also poses this risk. 

YPB offers a streamlined and intuitive security product 

YPB's ProtectCode ultimately provides barcodes (or QR codes) to be attached to products that are impossible to replicate, thereby making it harder for counterfeiters to imitate a company's products. 

Verification is made using a simple smartphone app. 

The value of the contract is somewhere between $20,000 and $50,000, running for three years and ultimately sees YPB handing Scranton one million unique barcode products to use in its distribution activities. 

The ProtectCode product, YPB notes, is a product with built-in upgrades flagged by previous customers. 

"[This product] will generate greater commercial interest from parties previously concerned with the security of codes without physical protection (e.g. MotifMicro, YPB Tracer.)” 

(Source: YPB Group) A sample of a YPB presentation describing the company's rationale
(Source: YPB Group) A sample of a YPB presentation describing the company's rationale
YPB Group was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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