VANCOUVER, British Columbia, Nov. 06, 2017 (GLOBE NEWSWIRE) -- Aida Minerals Corp. (“Aida” or the “Company”) (CSE:AMC) (Frankfurt:2AD.F) is pleased to announce that it is nearing finalization of its due diligence on the previously announced 100% acquisition of 10375977 Canada Inc., (October 6, 2017), a blockchain technology company doing business as Greenstream (“Greenstream”).
During this time, Greenstream continues to make progress on the development of its industry-leading blockchain-enabled supply chain management platform for the legalized cannabis industry. Responding to significant interest from shareholders and other parties, Aida wishes to provide further information about blockchain and the Greenstream solution.
What is Blockchain?
Blockchain is an open, distributed ledger technology protocol that ensures trust, accuracy and auditability of transactions. Many believe that blockchain will transform the way business is done. Blockchain systems can record transactions between two parties efficiently and in a verifiable and permanent way. Once recorded, the data in any given block is immutable, meaning it cannot be altered retroactively without the alteration of all subsequent blocks by the majority of the network.
Blockchain systems are secure, decentralized and eliminate the need for central third parties to verify trust within the transaction. This makes blockchain ideally suited for recording of commercial transactions, inventory management, events, personal identity records, and the traceability of goods amongst producers and the supply chain.
Blockchain has significant benefits in the legalized cannabis industry for both companies and regulators enabling secure supply chain management and regulatory compliance like never before. This enables complete tax compliance at the municipal, provincial, and federal levels.
What is Greenstream?
The Greenstream founders were the first to identify the need for a blockchain platform in the emerging cannabis industry. The technology platform will revolutionize how the industry operates.
For regulated cannabis Licensed Producers and proposed dispensaries under Health Canada and provincial mandates, Greenstream provides a complete verified tracking from seed to sale. By automating and recording every movement of product through the supply chain, Greenstream enables traceability of inventory and assured, verifiable supply.
“I am very impressed with the vision and potential of Greenstream,” said Dr. Lui Franciosi CEO of Veritas Pharma Inc., a company focused on addressing the critical need for cannabis strain quality. “By using the Greenstream system, producers will have the ability to brand and market their unique strains of cannabis and consumers as well as dispensaries will be assured the quality of product they are consuming. This opens up new possibilities in product marketing and quality control.”
For Canadian regulators, Greenstream gives an unprecedented, auditable outlook into the supply chain under the current Access to Cannabis for Medical Purposes Regulations (ACMPR) regulations. By tracking every movement of goods, and building in compliance mechanisms, Greenstream will ensure that regulatory requirements and taxation remittances are done seamlessly and instantaneously. This solves a major problem facing the industry when it becomes fully legalized on July 1, 2018.
Jenn Larry, President of CBD Strategy Group, an experienced cannabis industry consultant remarks, “I believe the Greenstream platform is exactly what the government and industry needs at this critical stage. The trust and transparency it provides will ensure the newly legalized market is operated professionally and in compliance with regulations.” Ms. Larry is well known for her ability to forecast digital trends, and leverage business intelligence to lead change across the industry.
With only a handful of software companies in the space, there is a clear void of a solid framework to manage and regulate this roll out. A common occurrence and fault point in traditional centralized systems is human interaction. With Greenstream’s built-in executable smart contracts managing the supply chain, it drastically reduces the possibility of human interference, as the ledger is transparent and immutable. In developing its platform Greenstream has identified multiple revenue streams for the capture of micro-transaction fees, exchange fees and enhanced user access.
Phase 1 Development is Complete
Greenstream has now completed the first of five phases of its development. A thorough Project Analysis and Technical Audit of the Greenstream White Paper has been undertaken. During this phase the team has taken industry-recognized design methodologies and applied knowledge from real world applications to further frame the development of the solution.
Through consultation with the industry, market needs and pain points have been analyzed. This resulted in fully defined business requirements for the industry-leading solution. Greenstream has explored technical viability and developed an architecture framework for the technology solution using proven technology tools and proprietary IP.
The outcome of this phase is the development plan for the Proof of Concept and Version 1 of the final product. It will demonstrate the technical feasibility of interfacing the platform to the blockchain platform and validating end-user needs and interactions. At the same time, Greenstream has been securing and engaging an international and highly-skilled development team lead by the Greenstream executives.
For further information, please contact:
James Hyland, B.Comm.
VP Corporate Development
(604) 442-2425
jamie@aidaminerals.co
ON BEHALF OF THE BOARD OF DIRECTORS
“Donald Gordon”
Director
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.