Catenae Innovation PLC on Thursday said it has signed a deal with STM Security UK – its first contract for a solution using its blockchain technology, sending its shares higher.
The digital media and technology company said it would supply STM with OnGuard Plus, a business management solution specifically developed for the security industry.
The integration of Catenae’s Sequestrum distributed ledger technology provides organisations with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository, providing auditable proof of both the existence of the report as well as its original content.
Revenue is generated via an annual ‘in advance’ licence fee as well as a transaction fee on a ‘per report’ basis.
Catenae also said it had recently completed final testing of Sequestrum, its digital repository running on the hyper ledger blockchain platform. This recent technical development opens up the opportunity for Sequestrum to be run on the client’s choice of Blockchain platform, significantly broadening its potential application, the company said.
The blockchain firm also announced the launch of its management and inspection platform – OnSite, a product developed specifically for the construction industry. The product provides the ability for companies to manage and schedule their workforce and provides a universal inspection and reporting tool that can be adapted to meet the regulatory reporting standards for this industry.
Shares in Catenae were 16.2% up at 0.12p in early afternoon trade.