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MIAMI, Dec. 28, 2017 -- Miami-based United American Corp ("UnitedCorp"), (OTC:UAMA) announced today that it has created a new wholly-owned subsidiary, United Blockchain Corp (“United Blockchain”) (Delaware), in order to commercialize BlockNum, its patent pending blockchain technology.
This follows UnitedCorp’s announcement last week of the BlockNum(TM) technology, a Proof-of-Consensus PSTN SIP-based distributed ledger network architecture. BlockNum(TM) uses a token engine which transports them over the Public Switched Telephone Network. Using BlockNum, United Blockchain will be able to provide any company the capability to operate a cryptotoken-based business using smart contracts and blockchains.
UnitedCorp believes that this is the future for financial and service transactions between parties and that most if not all businesses operations and personal transactions will eventually occur via some form of cryptotoken using Smart Contracts on a decentralized blockchain environment. BlockNum(TM) is designed for easy implementation within existing company financial processes.
United Blockchain will focus initially on telecom and technology companies that wish to transport their Smart Contract tokens and currencies over the PSTN for instant global reach. The first such project will be with TNW, a Canadian based carrier where United Blockchain will transform TNW’s mobile, fixed and Internet services as well as its cloud based services voice and data service exclusively to a token-based ecosystem using the GIGA transport token.
When fully implemented all service payments for mobile, residential Internet, voice, private networks as well as social media monetization will be manageable and rendered through a single transport token under BlockNum(TM).
The entire United Blockchain back end is expected to be managed by smart contracts by the end of Q2 coinciding with the production release of BlockNum, 2018, improving scalability and efficiency of the company as the PSTN by its very nature is universal and instantly scalable as BlockNum allows the creation of personal wallets based on phone numbers.
″Cryptographically-based distributed ledger currencies such as Bitcoin and Smart Contract-based networks such as Ethereum will provide amazing improvement in our lives, but simply are not sustainable or scalable as standalone technologies,” stated Benoit Laliberte, UnitedCorp’s President. “We believe that BlockNum will eventually permit anyone to have immediate and global access to both fiat and crypto currencies or Smart Contract-based tokens through the use of the most basic and widely available network - their phone numbers.’’
UnitedCorp recently completed an initial round of private placement funding and is currently working on a second round that is planned for early in the new year.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications technologies. The company currently holds the rights to manage a portfolio of patent and proprietary technology in telecommunications, social media and more recently in Blockchain PSTN technology. For more information, visit: www.unitedcorp.com
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company’s control. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management’s expectations or opinions change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
[email protected]
604 398 5000 ext: 109
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/69688a50-a223-4e7e-9a34-501012e1af77
