University's Proposed BeepTrace Contact Tracing System for Development and Testing at University of Glasgow, to be Integrated with Contact World's Platform, Part of Potential Future Joint Venture or Licensing Agreement
OCEANSIDE, CA / ACCESSWIRE / October 27, 2020 / Contakt LLC, wholly owned subsidiary of Contakt World Technologies Corp. in British Columbia, Canada ("Contakt World," "Contakt," or the "Company"), a technology company modernizing the contact tracing process, today announced that it has entered into a research agreement and commercial option with the University of Glasgow in Scotland, United Kingdom ("University"), to develop BeepTrace, an early-stage, proposed mobile-based system for digital contact tracing based upon blockchain. Prior to entering an agreement with Contakt World, the founding team published the white paper BeepTrace: Blockchain-enabled Privacy-preserving Contact Tracing for COVID-19 Pandemic and Beyond. BeepTrace is envisioned as an accretive solution to Contakt World's broader product portfolio.
Like Contakt World's provisional patent filed March 31, 2020 with the United States Patent and Trademark Office - BeepTrace seeks to deploy blockchain to desensitize user identification and location information, assigning each user a randomly-generated anonymous ID number, which changes regularly to prevent unauthorized tracking or personal identification. This approach enables higher security and privacy with the additional advantages of being mobile device battery friendly and globally accessible. This system is a project led by Dr. Lei Zhang at the University of Glasgow's James Watt School of Engineering, with other authors and collaborators from the School including Mr. Hao Xu, Dr. Paulo Valente Klaine, Dr. Oluwakayode Onireti, Dr. Yao Sun and Professor Muhammad Imran.
Based on the BeepTrace white paper and additional input from Contakt World, the University will create an initial mobile application for end users and a blockchain database to process and record user information. The application will then be tested in three different use cases on-campus with staff and students at the University of Glasgow, after which Contakt World will have a right to negotiate a licensing or joint venture agreement. Additionally, Contakt World will have the opportunity to expand its relationship with the University whereby additional testing of various Contakt World solutions can occur within the University, as yet undefined.
"The proposed BeepTrace solution, additionally powered by Contakt World's technology suite and integrated with Contakt World's platform, provides for an interesting use-case for the University of Glasgow and subsequent commercial relationships which may result in Europe," said Justin Beck, Chief Executive Officer of Contakt World. "We expect the end of this project will become a joint venture or exclusive licensing of their results, possibly providing Contakt World with access to European markets using the BeepTrace solution, layered with additional solutions from Contakt World. We look forward to working with Dr. Zhang and the team at the University of Glasgow and believe BeepTrace could diversify the product offering for Contakt World for our health agency, jurisdiction, B2B, and B2I customers."
Dr. Zhang added, "Addressing the privacy concerns of the public is a key requirement to the success of contact tracing. With BeepTrace, enabled by Contakt World via funding, additional support, and planned integration, users' personal data is always kept secure, and the app only lets users themselves know that they have been in contact with someone with a confirmed case of COVID-19. We chose to work with Contakt World because their unique technology also leverages secure databases to protect user privacy and encourage broader adoption. I look forward to progressing this project to the point of trials at the University of Glasgow's campus, and subsequent commercial opportunities with their team."
Professor Muhammad Imran, head of the University's Communications, Sensing and Imaging Research Group, and collaborator on this project, said: "Privacy preservation framework has much wider implications for future collection and processing of personal and sensitive data - with applications in several fields beyond the healthcare domain. Our collaboration with industrial and commercial partners, commencing with Contakt World, is aimed at finding a commercially feasible technological framework of privacy preservation by solving the technical issues through research and innovation."
About Contakt World
Contakt World is a technology company innovating the contact tracing process, with the goal of becoming the most trustworthy, accessible and scalable contact tracing and health surveillance system globally. Contakt World combines aggressive research and development, next-gen data integrations and strategic health partnerships to empower and build mutual trust within communities, all contributing towards health equity and the reduction of healthcare disparities for users around the world. For more information, please visit the Company's website at www.contakt.world, which will be updated soon to reflect the progress of the company since its founding in March 2020. Contakt LLC is a subsidiary of Contakt World Technologies Corp. in British Columbia, Canada.
About University of Glasgow
Founded in 1451, the University of Glasgow has a tradition of excellence as the fourth-oldest university in the UK. It is a member of the elite Russell Group of leading UK research universities and a founding member of Universitas21. The University of Glasgow has fostered the talents of 7 Nobel Laureates, Scotland's first female medical graduates, and includes among its alumni some of the world's most renowned innovators, from scientist Lord Kelvin, economist Adam Smith, to the pioneer of television John Logie Baird.
Ranked 67th in the world and 11th in the UK (QS World University Rankings 2019/2020), the University of Glasgow is a world-leading research-intensive institution, attracting scholars from more than 130 countries worldwide each year. The institution's annual research income places it in the UK's top 10 earners for research. In recognition of its employment practices that specifically support the careers of women in science, technology, engineering, maths and medicine (STEMM) in higher education, the University has been awarded an Athena SWAN Institutional Bronze Award. The University also holds an EC ‘HR excellence in research' award; recognising the university's commitment to improving the working conditions and career development for research staff.
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This press release contains "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"), including, but not limited to, statements with respect to the future prospects of the Contakt World. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including the actual timing of Contakt World's product offering launch and ability to commercialize its solutions in accordance with its plans, the ability of Contakt World to obtain GAEN entitlements with Google and Apple, or allowing Contakt World to keep its apps on each respective app store for iOS and Android mobile operating systems. Although forward-looking statements contained in this press release are based upon what management of Contakt World believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include those risks listed above as well as additional risks like the success of the research and transaction outlined herein with University of Glasgow, regulatory changes globally and in any jurisdiction, general economic, market, or business conditions, actual or perceived implications of COVID-19 immunization or treatments and the timing thereof, meeting or maintaining various conditions of HIPAA, GDPR, and CCPA compliance, protection of Company intellectual property, and adoption of Contakt World platform or apps by government, B2B, B2I customers and consumer end-users. Contakt World undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE: CONTAKT LLC
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