Shares in Yojee Limited surged but then fell after it announced a success first round of live testing of its supply chain blockchain solution.
At the close, its shares were down 5.6% to $0.25.
Yojee says it is well advanced with plans to release its first blockchain product this quarter. Blockchain is a public ledger allowing secure and almost instantaneous digital transfer of virtual currencies across the world. It’s used to power cryptocurrency Bitcoin.
“Testing of the proof of existence feature has proven successful after initial tests, which included hashing the status of the database to the blockchain in real-time,” the company said.
Ed Clarke, Managing Director of Yojee, says this is a significant milestone.
“It has always been a focus of Yojee to have an operational blockchain and not just a transactional one,” he says.
“We know that the global majors along with the rest of the market are all looking at ways to add efficiency and value with blockchain, and we feel this is an incredible offering to instantly add value not just in shipping but all the way down to the last mile.
“Blockchain systems provide an unprecedented opportunity to transform logistics and supply chains with huge benefits to business and customers.”
Yojee’s blockchain technology aims to provide a supply chain solution to source, agree, insure and pay using smart contracts and coins.
The system also streamlines processes to be single document and proves the movement of an object across a supply chain and it’s participants.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.