Milestone Group PLC Catenae Innovation Plc. : Two New Proof Of Concept Agreements Signed
05 July 2018 - 4:05PM
UK Regulatory
TIDMMSG
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 Tel: 020 7929 7826
Tony Sanders
Cairn Financial Advisers LLP, Nominated Adviser Tel: 020 7213 0880
Liam Murray / Jo Turner
Cornhill Capital, Broker Tel: 020 3700 2500
Daniel Gee
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
http://www.milestonegroup.co.uk/
(END) Dow Jones Newswires
July 05, 2018 02:05 ET (06:05 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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