ITOCO Completes Blockchain Smart Contract for Immutable Virus Test Result Verification System

Rhea-AI Summary

ITOCO INC. (OTC PINK:ITMC) has announced the successful deployment of its blockchain technology for the patent-pending Immutable Virus Test Result Verification System on the Ethereum Ropsten test network. This milestone marks a critical step in commercializing the technology, aimed at supporting sectors like casinos, airlines, and live events, which have been heavily impacted by the pandemic. Key benefits include enhanced operational safety and transparency for customers and staff. The next phase involves developing administration software, with updates expected soon.

Positive

• Successful deployment of blockchain technology for virus testing on Ethereum Ropsten network.
• Commercialization targets sectors significantly affected by COVID-19, like airlines and casinos.
• Technology enhances operational safety and transparency for customers.

Negative

• None.

TORONTO, ON / ACCESSWIRE / October 1, 2020 / ITOCO INC. (OTC PINK:ITMC) has successfully completed and deployed the blockchain portion of its patent-pending Immutable Virus Test Result Verification System to the Ethereum Ropsten test network.

This important first step in commercializing the patent-pending technology, acquired through its previously announced agreement with DATANet Software, and making it available to prospective clients and partners in several key industries hardest hit by virus related issues including casinos, cruise lines, airlines, live music and sports, and tradeshows.

Key benefits that those industries will receive include:

• Ability to open and expand operations sooner and more safely

• Providing customers and employees with transparent view of safety processes and results

• Taking an industry leadership role in demonstrating solutions to returning to pre-pandemic operations safely

More information on how those industries can use and benefit from this system is available on the ITOCO blog post https://blog.itoco.net/5-major-industries-that-will-drive-demand-for-rapid-virus-testing-and-verification-as-a-result-of-covid-19/

"The smart contract we have deployed provides for adding verified users through a combination of biometric and blockchain identifiers, adding verified virus test machines that can write immutable result data to the blockchain and immutable test result querying functionality." said Greg Marlin, CEO/CTO of DATANet and author of the smart contract that was deployed. "The next step in commercializing this patent-pending technology is to complete the administration software, development for which is currently underway. We expect to have an announcement on its completion shortly."

"The test network deployment is an exciting development on our path to commercializing our patent-pending technology and affirms our commitment to commercializing our intellectual property for the benefit of customers, partners and investors." said Michael Paul, CEO of ITOCO.

About ITOCO Inc.:

ITOCO's mission is to be a global leader in developing, distributing, and producing Bio Tech related technologies and methodologies in a compliant environmentally friendly manner. ITOCO Inc. trades on the OTC Markets, symbol: ITMC. ITOCO is a 5-year-old publicly quoted specialty Bio Tech development, production and distribution company based in Toronto, Canada and Nevada USA. ITOCO seeks to partner with outstanding individuals and companies within this field to joint venture, research, and co-develop Bio Tech related products and technologies to the market.

About DATANet Software Development Corp.:

Blockchain represents the next Internet for disrupting business models and making new categories. DATANet's

Smart Contract Management Software Platform makes it easy for any business or entrepreneur to get started taking advantage of that. www.datanetcorp.com

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, potential, intends, plans, hopes, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

CONTACT:

ITOCO INC.
Michael Paul
ir@ITOCO.net
+1 (905) 829-5000
www.itoco.net

SOURCE: ITOCO Inc.

View source version on accesswire.com:
https://www.accesswire.com/608605/ITOCO-Completes-Blockchain-Smart-Contract-for-Immutable-Virus-Test-Result-Verification-System

FAQ

What is ITOCO's latest development regarding blockchain?

ITOCO has successfully deployed its blockchain portion of the Immutable Virus Test Result Verification System on the Ethereum Ropsten test network.

How does ITOCO's technology benefit industries affected by COVID-19?

It allows these industries to operate safely and transparently, enabling them to open and expand operations sooner.

What will be the next steps for ITOCO after the blockchain deployment?

The next step involves completing the administration software for the verification system.

What industries can benefit from ITOCO's new technology?

Industries such as casinos, airlines, live music and sports, and tradeshows can benefit from ITOCO's technology.

What is the stock symbol for ITOCO?

ITOCO trades on the OTC Markets under the symbol ITMC.