HealthSpace Data Systems Ltd. (HS:CSE), a software developer and service provider for over 300 state and local government health agencies in North America, including the Virginia Department of Health, the Tennessee Departments of Health and Agriculture, and Health Canada, will unleash a blockchain-based verification, inspection and audit platform.
"HealthSpace can position its blockchain technology to become part of virtually any government agency or business sector that requires an audit trail to verify quality and safety."
HealthSpace has a long history of providing surveillance, auditing, and regulatory compliance for health and consumer protection that requires secure access from multiple sources. The company is now extending its services beyond the government arena. HealthSpace is expected to deliver its government grade technologies to private businesses such as restaurant chains, hotels, and cannabis operations. This enables businesses to gain visibility and predictability into their own organizations.
According to the company's press release, "HealthSpace intends to release its alpha prototype, testing blockchain based quality and safety audits with industry partners in Q1 2018. This will include cannabis production, the food service and hospitality sectors and various government agencies."
HealthSpace reported that it "is in the final stages of developing its whitepaper for a decentralized verification, inspection and audit blockchain network…This whitepaper will provide the guiding basis for defining business strategy and use cases as well as outlining the technical thesis on how HealthSpace and partners will achieve this vision."
The tech company attracted and partnered with two marquee blockchains, SIMBA Chain Inc. and Vanbex Capital. The three companies are working together to bring the verification, inspection and audit platform into fruition. Vanbex Capital, an integrated venture studio, is known for investing in high-growth blockchain companies. Recently, Vanbex made a strategic investment of $1 million into HealthSpace.
SIMBA Chain Inc., a wholly owned entity of Indiana Technology and Manufacturing Companies (ITAMCO), was formed when the Defense Advanced Research Projects Agency (DARPA) awarded grant money to ITAMCO in order to develop a secure, unhackable messaging and transaction platform for the U.S. military.
Ian Taylor, SIMBA Chain CTO and Research Professor of Distributed Computing and Data Science at Notre Dame, commented, "I'm very excited to be working with this team on an innovative disruptive strategy that will pave the way for a new decentralized ecosystem of next generation inspection/auditing applications. The network we are developing will give third party applications seamless access to the underlying blockchain thus enabling companies to remove any inspection controller or broker out of the picture entirely."
"I'm very excited to be working with this team on an innovative, disruptive strategy that will pave the way for a new decentralized ecosystem of next generation inspection/auditing applications." – Ian Taylor, Simba Chain CTO
HealthSpace explained that "Blockchain technology at its core is built on decentralized networked databases. In the case of Bitcoin, it stores simple ledger items such as transaction date, time and amount. HealthSpace will use the same decentralized mechanisms that ensure only trusted and verifiable data will be entered on chain, while expanding the power of blockchain technology by enabling a trusted network for 'off-chain' storage access in conjunction with smart contracts—self executing computer code that acts as an independent third party to verify and facilitate the terms of a contract. The solution will become an open standard, bringing cost efficiencies to several industries ranging from large restaurant chains to cannabis growers, and will be capable of supporting virtually any private business that depends and thrives on public trust."
HealthSpace is currently is currently working with its industry partners to develop a decentralized strategy that addresses agricultural traceability and safety. HealthSpace comments, "In the case of cannabis, HealthSpace can facilitate the mechanisms needed to create a complete seed to sale tracking management system. This will provide security and transparency for product traceability and financial transactions."
HealthSpace's rigorous testing and preparation of its whitepaper is all in hopes of introducing a new way for protecting public health.
"The white paper will lay out how we plan to use this shared blockchain ledger across multiple parties. We are developing our relationships with food safety experts, as well as in the cannabis industry—growers and sellers. We are also looking to branch out to corporations," the company noted.
Short-Term and Long-Term Catalysts for the HealthSpace Stock…
HealthSpace noted, "The company has a total of 133 million shares outstanding, with 166 million shares total. 40 million of these shares are held closely."
Bloomberg currently shows the HealthSpace shares at C$0.19 per share on the Canadian Securities Exchange.
Silas Garrison, HealthSpace CTO and Director, says he expects the whitepaper to be completed "within the next two to three weeks. The first week of February 2018 is our target. And we are on schedule to meet that target."
Garrison says the company is also revamping features of its app. "We have spent a great deal of time of upgrading our technical products and infrastructure. We've developed them in such a way that they can be quickly and easily adopted by a myriad of government agencies and private industries."
Garrison commented that the new cloud suite, HS Cloud Pro, "encompasses the tablet app, mobile app, and the cloud application. What we've done in the past six months has impacted the market very hard. We are getting a great response out of different conferences and potential government leads."
"We really expect that our organic sales via our new product line will really accelerate over the next 18 months. Given its ability to be rapidly deployed and easily accessible and configurable, there's really nothing else quite like it on the market," Garrison noted.
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1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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