BLOK Technologies Inc. is pleased to announce it has entered into a non-binding letter of intent with Sierra Blockchain, Inc. (“SIERRA”), a private US corporation, to acquire 100% of the issued and outstanding shares.
The LOI was signed on Feb 2019 and can be outmoded by a proper Definitive Stock contract (the “Acquisition Agreement”). The dealing are subject to requisite restrictive approvals as well as the approval of the Canadian Securities Exchange (the “CSE”) and alternative conditions. BLOK technical are conducting due diligence as well as associate freelance plus valuation and technical analysis of the software system.
SIERRA may be a developer of varied software system tools and apps utilizing proprietary blockchain methodologies. SIERRA encompasses a license agreement with Intensity Mining business firm. To develop new product derived from Intensity’s proprietary “low power” blockchain suite of tools.
Intensity remains targeted on up its mining software system and believes the suite of tools produce other applications in Fintech, supplying Management, Inventory, and alternative areas normally related to blockchain development, leading to the merchandise development license with Sierra Blockchain.
The major advantage of low-power blockchain is that applications that normally would be designed employing a “cloud-based” design will currently be designed conceptually around a node protocol whereby every licensed user becomes a node on the blockchain connected by a UDP-based node-to-node property protocol. The authorized low-power blockchain conjointly encompasses a proprietary, multiplexed cryptography design that is extremely secure.
The low-power blockchain is steam-powered by devices that square measure already within the hands of the top users, and also the node protocol greatly reduces the safety risk of existing and normally used architectures that need users to access the blockchain through the cloud.
About BLOK Technologies
BLOK Technologies opposition may be a public company that invests in and develops corporations within the blockchain and rising technology sectors. The Company’s approach is to produce capital, technology and management experience to the businesses it develops. Tech’s current portfolio includes Greenstream, a technology platform designed to effectively manage price transfer, offer chain integrity and biometric identification in complicated and extremely regulated industries. This climbable and elastic platform is being developed on the blockchain technology stack and with the support of Oracle Cloud infrastructure. The technical seminary continues to grow its business into adjacent industries and rising technologies. The corporate consistently identifies early-stage technologies with potential to disrupt and pioneer among their trade and invests the mandatory resources to make sure the success of their future.
“We are very pleased with the potential of adding SIERRA to our blockchain-enabled product suite,” said BLOK Tech Director Yari Nieken. “The Sierra suite of products is feature-rich with blockchain technology, we believe it will be an efficient and effective technology solution for businesses and consumers. Fintech are key areas of focus for us, and we have strategically targeted these sectors for investment and product development.”
“I am delighted that we have found a solid partner in BLOK Tech to move our low power blockchain suite of tools forward,” said SIERRA Vice President John Ryan. “We have invested in the development and application of our technology platform and it is ready for blockchain business amalgamation and market deployment. Together with BLOK Tech we will commercialize our suite of products to serve the needs of consumer and industries in our target markets.”