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Catenae Innovation PLC has announced that it has signed an agreement with STM Security UK – its first contract for a solution that uses blockchain technology, sending its shares higher.
The digital media and technology company said it will provide STM with OnGuard Plus, a business management solution developed specifically for the security industry.
READ: NetCents Technology designs the nomination for the annual blockchain company award
The integration of Catenae's Sequestrum distributed accounting technology offers organizations the ability to archive critical and regulatory reports in an unchangeable form within the Sequestrum repository, providing verifiable evidence of the existence of the report and its original content.
Revenue is generated through an "upfront" annual fee and a transaction fee based on "per report" basis.
Catenae also claimed to have recently completed the final tests of Sequestrum, its digital repository running on the hyper-led blockchain platform. This recent technical development offers the opportunity for Sequestrum to run on the Blockchain platform chosen by the client, significantly expanding its potential application, the company said.
The blockchain company 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 plan their workforce and provides a universal inspection and reporting tool that can be adapted to meet regulatory reporting standards for this industry.
Catenae shares rose 16.2% to 0.12 percentage points in early afternoon trading.
