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.
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'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.)”
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