Catenae signs STM Security up to its blockchain tech
Digital media and technology provider Catenae Innovation has signed its first contract for a solution utilising its blockchain technology, it announced on Thursday.
The AIM-traded firm said the agreement ws with STM Security UK, which had been a customer of Catenae since 2013.
It described STM as a UK-based security company, and a supplier of manned security solutions and customer service staff.
Under the terms of the contract, Catenae would supply STM with ‘OnGuard Plus’ - a business management solution which was specifically developed for the security industry.
“It utilises mobile and cloud technologies to support the administrative, operational and financial functions of the manned guarding sector,” the Catenae board explained.
“The integration of Catenae’s ‘Sequestrum’ distributed ledger technology provides clients 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.”
On the subject of its Sequestrum product, Catenae said it had recently completed final testing of the distributed ledger technology digital repository running on the ‘Hyper Ledger Blockchain’ platform.
It said the recent technical development opened up the opportunity for Sequestrum to be run on the client’s choice of blockchain platform, “significantly broadening” its potential application.
Catenae also confirmed the launch of its management and inspection platform ‘OnSite’.
It said the product had been 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.
“The integration of Sequestrum ensures that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised timestamping as metadata for full auditability.
“We hope to make further announcements on further commercial agreements in the near future,” the board added.