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Thursday 05 July, 2018

Milestone Group PLC

Catenae Innovation Plc. : Two New Proof of Concept Agreements Signed

Catenae Innovation Plc. : Two New Proof of Concept Agreements Signed

CATENAE INNOVATION PLC

("Catenae" or the "Company")

TWO NEW PROOF OF CONCEPT AGREEMENTS SIGNED 

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, is pleased to announce the signing of two proof of concept agreements;

1) Mobile Business Solutions

Catenae's Mobile Business Solutions division, which operates remote workforce management tools, has signed a proof of concept agreement with a provider of building management and inspection services. The solution will integrate a licenced version of the Digital Asset and tracking system developed by Catenae's subsidiary Trust in Media ("TiM") with the client's software application.  The client wishes to create an immutable database of assets, their inspection records and audit information as required under the BS9999 and The Regulatory Reform (Fire Safety) Order 2005 and as recommended in the independent review of Building Regulations and Fire Safety report led by Dame Judith Hackett following the Grenfell Tower fire.  The system will record the details of 37 inspection points required for each asset as well as confirming physical location and timestamping. This is the first example of the product being utilised outside of the traditional digital media world and allows the client to provide tamper proof records.

2) Trust in Media

Trust in Media ("TiM") has is pleased to confirm the signing of a proof of concept project agreement with a service provider in the Image Licensing sector to trial the embedding of the Digital Asset Registration and Transactional Tracking technology within the provider's operations. This allows users to record the digital asset copyright information as an immutable record for each individual image and track details of where those assets are downloaded and utilising smart contracts to record the transactional value attributed to the purchase.

 

Tony Sanders, CEO, commented:
"It is pleasing to see that our recently released blockchain solution is attracting interest from a number of disparate industry sectors.  We will continue to look to extend the product's reach, introducing licencing models and white-label versions as the product matures. We look forward to converting the proof of concept agreements to revenue generating licences in the near future.

One of the key areas when looking at blockchain solutions is the ability for the application to write and confirm the data transactions at a sufficient rate. When Bitcoin network purportedly runs at 3 transactions per second it is easy to see why this may not be sufficient for high speed financial or audit transactions. The proof of concept projects mentioned above will utilise the private block chain platform which was tested by the National Physical Laboratory in conjunction with Toronto Stock Exchange in October 2017, where it time-stamped financial stock trades using the atomic clock, achieving 25 Billion transactions per day with the transactions recorded directly on the distributed ledger. Whilst way in excess of most requirement, we believe this capability will allow our solutions to penetrate markets so far excluded from the blockchain program."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).


For further information:

 

Catenae Innovation Plc

Tony Sanders
 

Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser

Liam Murray / Jo Turner

 
 

Tel: 020 7213 0880
Cornhill Capital, Broker

Daniel Gee
Tel: 020 3700 2500




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Catenae Innovation P.L.C. via Globenewswire


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