Transcendence Technologies (ASX: TTL) has nominated DigitalX (ASX: DCC) to advise the company on incorporating blockchain technology into its current business model and upcoming E-Collate platform.
The agreement paves the way for DigitalX to review tech company Transcendence Technologies’ products and services and explore ways blockchain technology can be integrated into Transcendence Technologies’ E-Collate data management and compliance platform.
Transcendence Technologies developed the cloud-based platform to allow clients to upload and manage compliance documentation, with Transcendence now moving towards commercialisation of the platform.
E-Collate works by allowing users to collate and analyse, SMS, email, instant messages, along with bank data and other attachments and documents. Users can then generate and distribute reports to show compliance.
Transcendence Technologies has also executed a collaboration agreement with PrimeX Connect, which has created a digital market place to trade and manage meat products along the supply chain.
Transcendence Technologies and PrimeX aim to establish synergies between the companies’ technologies and services including how Transcendence Technologies’ E-Collate platform offer efficiencies to PrimeX’s marketplace.
“The E-Collate platform provides a management solution to store sales related documentation,” Transcendence Technologies chairman Peter Wall said.
He added the collaboration will enable PrimeX and Transcendence Technologies to work on E-Collate providing a turn-key solution for managing the entire order process.
Meanwhile, DigitalX chief executive officer Leigh Travers said incorporating blockchain technology within the marketplace would provide the collaboration even more power by enabling sellers and consumers to monitor the product’s movement from paddock to plate including tracking temperature and pressure to ensure stability and quality.
“Blockchain technologies for data management and compliance are becoming integral in the next generation of cloud-based e-commerce software solutions,” Mr Travers added.
He said numerous blockchain applications could be integrated into Transcendence Technologies’ E-Collate platform.
DigitalX will be paid upon the success of its review and development instructions and remuneration will be paid in script.
By late afternoon trade, shares in Transcendence Technologies were up almost 8% at A$0.041, while DigitalX’s stock had lifted almost 5.5% to A$0.23.