What’s the buzz around the company?
Catenae Innovation PLC (LON:CTEA) recently confirmed it had built an operational prototype of a breakthrough phone app that can store and share coronavirus (COVID-19) test information. It is expected that Cov-ID, a GDPR-compliant identity documentation exchange system, will enter the testing and finalisation phase of its development by May 18.
Catenae is working with a consortium of companies led by the Z/Yen Group to develop a product that will be marketed to businesses and “other organisations”. The company has repurposed its existing blockchain technology to help create the prototype, which will sit on top of ChainZy, a platform that can handle 23bn internet transactions in 24 hours.
Interim chief executive Guy Meyer said: “The software can play a role in mitigating risk to business continuity and building resilience for organisations. We are on track with the project and look forward to keeping the market updated with further progress.”
Advances such as the smartphone-based solution from the Z/Yen and Catenae consortium could be crucial to this progressive lifting of lockdown.
Catenae has developed a technology called Sequestrum, the marketing strapline for which is ‘bringing blockchain to the real world’.
For those who don’t understand how blockchain works, and I count myself among them, here’s the basics: It’s a distributed, decentralised public ledger.
Still none the wiser?
Okay, let’s make it simpler. A distributed ledger is a type of diary or spreadsheet containing information about transactions. But because of the mathematical encryption and the fact the information is stored on myriad different computers, the system is ‘unhackable’; records can’t be erased or digitally ‘Tipp-exed’.
So where does Sequestrum fit in?
The technology assigns a unique fingerprint for each asset as it is stored in the form of a cryptographically secure hash. This hash is used to compare new uploads to assets already in the system and will identify where the proposed upload already exists.
This is particularly useful when validating copyright ownership or proof of work.
The company has created a mobile app used to be used in the construction industry. One of the least technologically advanced sectors, it is highly regulated – so there is a real need for fingerprinted electronic record-keeping.
The app has been deployed for fire door inspections, which must take place twice every year. Not only does it provide a secure data entry system, it is able to uniquely geotag information to show where and when the check was carried out. There are tens of millions of fire doors that must be assessed annually, so an application with a verifiable audit trail is something of a breakthrough. It is fair to say fire doors are just on tiny area where OnSite could make a difference. Catenae charges a licence fee and a transaction fee for the service.
This provides the same sort of functionality in the arena of manned guarding and security.
Working with a number of clubs, including Charlton Athletic and Aston Villa, the technology is used to help provide a safe environment for children that take part in sports-based community programmes.
Know your client (KYC) record-keeping and to aid with anti-money laundering checks.