What’s the buzz around the company?
Catenae Innovation PLC (LON:CTEA) has developed a breakthrough phone app that can store and share coronavirus (COVID-19) test information with the Z/Yen Group. It is fully GDPR compliant and can fit into governments' strategies.
Sequestrum
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.
OnSite
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.
OnGuard
This provides the same sort of functionality in the arena of manned guarding and security.
OnSide
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.
How it is doing
In February, Catenae was asked to participate in a government initiative to make it quicker and easier for people to verify themselves using modern technology.
The consultation is being carried out by the Department for Digital, Culture, Media and Sport (DCMS) as it develops its Digital Identity Policy.
As of March 29, its net cash position was around £1.2mln.
At the end of the financial year to September 30, the provider of digital media and technology swung to net assets of £502,426 from net liabilities of £727,077 the year before.
Loss for the year was broadly flat at £832,187 because no material revenues were generated during the period, as the company focussed on product development, pilot testing of prototypes and deploying fit for purpose products into various market sectors.
The revenues generated from legacy products were impacted by the COVID-19 situation, the AIM-listed firm added.
What the boss says: Guy Meyer, chief executive
“The company responded with agility to the pandemic by diversifying its offering and creating an effective, fully GDPR-compliant blockchain-based platform to enable organisations and businesses to securely record employees' and customers' COVID-19 test results and vaccination status. Whilst receiving positive feedback, to date our platform has not generated any material revenues for the company due to high levels of uncertainty caused by government-imposed lockdowns to control the pandemic."
"Our ongoing participation in the UK Government's development of a digital identity policy highlights our position as experts in the industry and the group's commitment to staying at the forefront of these important discussions."
"With the appointment of Nick Delacamp as Chief Commercial Officer in December 2020, as well as our ongoing investment in marketing campaigns, we have a pipeline of opportunities across a range of sectors, and we look forward to keeping the market updated."
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