(Alliance News) - Proof of Trust Ltd said Friday it is planning to float its shares on the Main Market of the London Stock Exchange.
The company did not give an indication or timetable for when it intends to list, nor did it offer any financial details.
Chief Executive Dean Armstrong said: "We at The Proof of Trust are excited at the prospect of a full listing on the main market of the company's shares and we look forward to providing investors with the opportunity to share in this groundbreaking project."
Proof of Trust is a firm that uses "smart contracts" to manage arbitration or dispute resolution that may arise from any transactions using blockchain.
In their own words, the company said: "Proof of Trust's proprietary protocol stands to be the first-ever insurance protocol for blockchain transactions and smart contracts."
Blockchain allows digital information to be distributed, but not copied.
The company continued: "The Proof of Trust owns the worldwide patents to a protocol which facilitates clear dispute resolution based upon smart contract disputes which are highly efficient both in terms of speed and use of resources."
A "smart contract" is a digital agreement between parties - that are automatically executed once conditions have been met. Proof of Trust said removing this process removes the need for middlemen, therefore making the process more efficient and cheaper.
The company continued: "Proof of Trust delivers an innovative anti-collusion algorithm to enable more effective and trustworthy use of blockchain technology. It does so by ensuring the authenticity of data put on the blockchain and used to execute smart contracts."
"The protocol has come to the attention of major governments and corporates across the world and has already been presented to a number of prime ministers," Proof of Trust added.
By Paul McGowan; paulmcgowan@alliancenews.com
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