ITOCO signs Intellectual Property Acquisition and Technology Commercialization Agreement for Rapid DNA Testing and Immutable Virus Test Result Verification
ITOCO INC. (OTC PINK:ITMC) has acquired patent-pending technology for Immutable Virus Test Result Verification from DATANet Software Development Corp. This system will enable users to prove their virus negative status and vaccine records by creating a biometrically registered digital record on the blockchain. The new system aims to facilitate faster and safer reopening of industries impacted by the pandemic, allowing users to easily verify their health status for public events and travel. This acquisition underscores ITOCO's commitment to building its intellectual property portfolio in the bio-tech sector.
- Acquisition of patent-pending technology enhances ITOCO's intellectual property portfolio.
- The Immutable Virus Test Verification System could facilitate faster reopening of impacted industries.
- Potential for significant market impact by allowing users to prove health status for events and travel.
- None.
TORONTO, ON / ACCESSWIRE / August 12, 2020 / ITOCO INC. (OTC PINK:ITMC) has acquired patent-pending technology for Immutable Virus Test Result Verification and commercialization services through an agreement with DATANet Software Development Corp.
This platform application will allow users and participants to prove their virus negative status and/or vaccine records by recording a bio-metrically registered immutable digital record onto the blockchain when fully developed. Further, this system will directly link to the digital output of virus testing systems.
ITOCO's new patent-pending Immutable Virus Test Result Verification System (USPTO Provisional Patent Application #63062398) combines the necessary elements of "an application which combines public key cryptography with biometric reading technology and the ability to write data to and retrieve data from a blockchain that is installed on a mobile computing device, a virus testing machine that processes a biological sample to test for a specific virus to return a positive or negative result, while associating that sample and result with an identity provided by the application and writing the results to a blockchain, a blockchain with deployed smart contract logic that verifies that only approved virus testing machines can write new data to the blockchain and that stores identity information that is written to it by the application and associates immutable test results with those identities, and a controlling application that deploys the smart contract logic code to the blockchain, and adds public key addresses for verified virus test machines that allow them to write virus test data to the blockchain, in a complete system that provides immutable virus test verification".
"The combined ITOCO Rapid DNA Virus Testing and Immutable Verification system has the potential to help hard hit industries open more quickly and safely, unlocking trapped wealth for those industries," says Greg Marlin, CEO/CTO DATANet, "and in addition to helping boost certain key sectors of the economy, it could also save many lives and livelihoods. It will allow users to prove their virus/vaccine/immunity status quickly and easily for the purpose of attending public events, travel, etc."
ITOCO CEO Michael Paul stated, "This agreement continues our commitment to commercializing the technologies we acquire through our business development activities in this area. The acquisition of this patent-pending technology affirms our focus on building a strong intellectual property portfolio in all areas of the bio-tech economy."
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 is a 5-year-old OTC quoted NEVADA corporation, with satellite offices in Toronto, Canada. 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. www.itoco.net
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.
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