- Blockchain Holdings announces plans to fully acquire self-quarantine monitoring suite, TraceSafe from WiSilica Inc., in a bid to fight the COVID-19 pandemic.
- The CEO of Blockchain Holdings Inc., Wayne Lloyd, announced intent to acquire “100% rights and interests” in TraceSafe, the quarantine app.
According to a press release from Blockchain Holdings, TraceSafe is a wrist bracelet that pairs with your phone locating your GPS and giving precise information on your whereabouts. Now Blockchain wishes to add the app into its wide network of subsidiaries. Wayne said the suite is fitted to adapt to the current COVID-19 pandemic to know if the patients are under quarantine at all times.
“TRACEsafe has been adapted to fit the needs of the pandemic. The hospital-style wristband pairs with a person’s cell phone so that the government knows if that person is maintaining quarantine at all times.”
The wristbands were invented to track infants and new borns and spread to elderly homes and institutions. At the height of the break of the virus, the government in Hong Kong used the wristbends to track the movement of Corona Virus patients.
”The Hong Kong government is now requiring its use for all people arriving into the area, putting bands on people as they go through customs and pairing it with their phones. Then the government knows that that person is with their phone and hasn’t left the self-quarantine location.” – Lloyd, CEO, Blockchain Holdings
According to Yahoo Finance reports, the letter of intent is to purchase 100% of IMSafe suites, rights and interests held by the Company. Blockchain Holdings proposed to pay a total consideration amount of $ USD$1,574,188. The statement further reads,
“[This payment] comprise of two cash payments of US$100,000 and US$150,000, respectively, and US$1,324,188 payable in 6,000,000 common shares of Blockchain at a deemed price of CAD$0.305 ($0.20 USD) per share.”
As the world battles with COVID-19 virus, blockchain technology is evolving in a bid to solve some part of the crisis. The Department of Homeland Service recently released a guideline stating blockchain as one of the key technologies to make the food and agriculture system more efficient during the pandemic.
The report reads,
“Employees and firms supporting food, feed, and beverage distribution, including warehouse workers, vendor managed inventory controllers and blockchain managers.”