NORTH YORK, ON / ACCESSWIRE / April 9, 2020 / ZTEST Electronics Inc. ("ZTEST" or the "Company") (CSE:ZTE) is pleased to announce that Conversance Inc., a Waterloo Ont. based private company in which ZTEST owns a 25.29 % equity interest, has initiated testing on its proprietary software platform, ‘Chronicle'. Conversance also announces that discussions with potential corporate users in the transportation and insurance industries are underway.
Conversance Inc. was created in 2016 by Mr. Joseph C. Chen, for the purpose of creating a proprietary distributed ledger platform utilizing AI technologies. The primary focus of Chronicle is to store and share data in a platform that can be unequivocally trusted.
Mr. Chen has a deep background in information theory, digital signal processing, and software and hardware architectures ranging from embedded to datacenter scale. He also made key contributions to the creation and popularization of smartphones. Mr. Chen has long been a resolute advocate for a digital world where personal privacy and rights can be guaranteed, despite encroachment by national and business interests who seek to mine and use private, personal information.
"Distributed ledger and blockchain technologies have received a great deal of attention because of their application in cryptocurrencies and tokens, however this misses their real value," says Chen. "There's incalculable value to being able to duplicate and distribute everything for free, but there's also immeasurable value destruction when everything can be forged or modified for free, particularly when it is impossible to hold anyone accountable. This is an open door for fraud today, and distributed ledgers could help slam that door shut."
Conversance will continue its testing and customization of Chronicle with the intent to realize commercialization through applications in the insurance and transportation industries.
For more information contact:
Steve Smith, CEO
Email: [email protected]
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FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: ZTEST Electronics Inc.