Applied DNA and Everledger to Build Blockchain Platform

Blockchain Investing
Blockchain Investing

As part of the MOU, the companies will each use their platforms to develop an integrated “physical and digital security for supply chain traceability and certification” for name brands and products.

Applied DNA Sciences (NASDAQ:APDN) announced on Tuesday (July 31) that it has signed a memorandum of understanding (MOU) with privately-held company Everledger to develop a blockchain platform.

The press release states the companies will use their individual platforms to develop an integrated “physical and digital security for supply chain traceability and certification” for name brands and products.

Everledger will use its blockchain-based platform in connection with Applied DNA’s CertainT platform to track the movement and transportation of goods across more complicated ecosystems.

The merged platforms will also improve the protection of physical goods thanks to imbedded forensic identity and traceability in the items themselves.

“We are expanding the breadth and depth of our CertainT platform solution to existing customers while also positioning us for potential customers on their journey to digitizing their supply chains,” Judy Murrah, chief information officer of Applied DNA said in the joint press release.

Everledger’s founder and CEO, Leanne Kemp, said in the release that in terms of the high-end products industry, “authenticity, provenance as well as value, cannot be separated.”

“By incorporating a forensic layer to uniquely identifying an asset, we can provide the added confidence in the data captured and tracked on our blockchain-enabled platform,” Kemp continued.

Everledger was founded only just three short years ago–in April 2015–and tracks provenance through its blockchain-based platform in addition to provided transparency and asset protection to a wide range of industries, which first included the diamond sector. Since its inception, Everledger’s platform has grown to track assets in colored gemstones, jewellery, wine, and art.

Meanwhile Applied DNA Sciences provides molecular technologies that facilitate supply chain security, anti-counterfeiting and anti-theft technology, product genotyping and DNA mass production for diagnostics and therapeutics.

Overall, blockchain’s growth in the supply chain industry is projected to reach a staggering US$424.24 million by 2023, growing at a compound annual growth rate (CAGR) of 48.37 percent between now and then, according to an Industry ARC report issued this year.

The North American supply chain industry is projected to lead, representing US$131.65 million of that increase.

“It is beneficial in transforming the payments prospect by offering an economy cost,” the report reads.”A blockchain management ensures the creation of smart contracts, comprising of terms and conditions. Hence, manufacturers and partners can trust the contract and the identity of their counterpart.”

In the aftermath of Tuesday’s announcement, shares of Applied DNA Sciences increased slightly by 1.47 percent to close the trading session at US$1.38. The company currently has a “Moderate Buy” ranking on TipRanks based off two analyst ratings, with an average price target of US$5.

Applied DNA Sciences also has a “Buy” Ranking on TradingView, with 11 in favor of the stock, 10 as “Neutral” and five ranking the company as a “Sell.”

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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