In a news flash today, SolvBL announced the appointment of Kaiser Akbar as interim CEO, replacing Raymond Pomroy.
SoLVBL Solutions Inc (SOLV:CSE) has been granted patent protection for its cryptographic data-sealing innovation, Q by SoLVBLTM, which can swiftly authentic data, including financial transactions, using a proprietary data sealing method.
“Q by SoLVBL technology uses a digital stamp or seal around the data that assures your data has not been tampered with.”
—Rahim Allani, SoLVBL Investor and Advisor
The Company announced that, in less than two years, it was granted a patent for “Q by SoLVL’s method and seal deployment system for immutable transactions” by the U.S. Patent and Trademark Office.
The Company concedes that, while no system is unhackable, “Q by SoLVBL technology uses a digital stamp or seal around the data that assures your data has not been tampered with,” explained Rahim Allani, an investor and advisor to SoLVBL. Using a private blockchain to ensure credibility of the data, Q by SoLVBL operates without having direct access to the data itself, providing an additional level of security.
In an age of ransomware and digital data manipulation, the security of data stored and exchanged on behalf of an institution’s customers and constituents is of paramount concern. Sensitive data, personally identifiable information, financial and personal records, protected health information, intellectual property, data, and governmental and industry information systems, are both mission critical and particularly prone to threats and hacks.
Raymond Pomroy, CEO of SoLVBL called the patent “a validation of its technology and a critical milestone that will boost the reputation of the company. (The award marks) a key steppingstone in our journey to profitability.” Further, he believes the patent enhances SoLVBL’s strength in negotiating business development, partnership, and sales opportunities with international organizations.
The enterprise-level data protection platform is capable of serving as a digital payment instrument, a means of fraud protection, or as a central authority for verifiable data repositories. The Company’s flagship technology, Q by SoLVBL or “Q”, can currently produce over 135,000 transactions per second, Allani said, using off-the-shelf server equipment, which can be upgraded as market requirements demand higher speed. “The need for execution speed will be a factor in the future, and we expect that Q by SoLVBL’s transaction speed will continue to grow, to meet the future needs of banks and financial institutions.”
Allani said the Company sought patent protection for its flagship technology for three reasons. Patent protection would lend credibility with large financial institutions; it would preserve shareholder value; and finally, the intellectual property would be an asset in the event the company would be bought or acquired in the future. Allani pointed to Q’s speed and proprietary sealing technology as particularly suitable to protecting financial transactions.
SoLVBL has targeted four industries for adoption, including Next Generation 911 digital evidence; financial services/digital financial platforms; medical applications; and IoT infrastructure.
SoLVBL plans to monetize its Q Authenticity Platform by collecting $0.001 from each financial transaction conducted on the network, a convention banks are familiar with from credit card platforms they interact with.
SoLVBL is working to develop other ways to authorize and encrypt data to securely transfer funds in the digital domain, as well as aid in securing Next Generation 911, chain-of-custody authentication for digital evidence and supply chain sensors such as trackers.
Global fraud detection and prevention is expected to grow to a US $63.5 billion market by 2023, according to the Company. “With all the hacks and ransomware occurring, I believe that number will grow,” Allani said.
“We are actively pursuing the 911 vertical and we are in discussions with financial institutions.” Next generation 911 (NG911) is new technology that allows the public to share richer, more detailed data— videos, images, and texts —with 911 call centers of local, county, and state governments and law enforcement, who need to ensure the validity of the images for evidence or emergency response. There are 6,100 call centers in the U.S., he said.
In the health care arena, SoLVBL signed a Memorandum of Understanding very recently with Empower, a health care provider. Allani said the opportunity with Empower “opens up a new vertical for us. That should open the door to more health care opportunities.”
The pre-revenue Company also announced this week that it had engaged the institutional sales and trading team of Research Capital to advise on trading and market-making, and to extend its reach to Canadian investors.
Allani serves as Managing Director and head of OCI Canada, which has been an early investor in and advisor to SoLVBL. Research Capital assisted the Company in raising $4 million in capital from investors.
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Disclosures:
1) Gerri Leder compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. His/her company has a financial relationship with the following companies referred to in this article: None.
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