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. As of July 1 Cov-ID, a GDPR-compliant identity documentation exchange system, was ready to be rolled out while the firm was in talks with potential customers.
Catenae is working with a consortium of companies led by the Z/Yen Group and repurposed its existing blockchain technology to help create the app, 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.
In July, the firm unveiled its ‘Onsite ID’, a new multi-document digital wallet.
The system allows potential employers to access IDs and qualifications to avoid fraud, that can often happen with paper-based processes.
In August, Catenae secured the first commercial order for its Onsite ID app with Newcastle Premier Health (NPH) taking up the platform as part of its ‘access control’ programme which allows its business to continue during the coronavirus (COVID-19) pandemic.
The company is making continued progress for its system, announcing in early November that it has entered into a memorandum of understanding (MOU) with Afrik-ID to continue their relationship and work to commercialise potential opportunities.
This followed another deal in October to form a joint venture with the UK and South African arms of BHA-Medical to deliver an integrated coronavirus (COVID-19) test, monitor and manage programme that can be used by governments, businesses and other organisations.