VANCOUVER, British Columbia, Sept. 11, 2019 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (DMGI.V) (DMGGF:OTC US) (6AX.F) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to unveil the Wazabi Project.
As a diversified blockchain technology company, it was important for DMG to pursue enterprise platform development in addition to DMG’s industrial scale crypto-mining and forensics efforts.
Wazabi is a cognitive platform built on blockchain to revolutionize the global cannabis industry’s entire ecosystem allowing it to thrive in our digital economy. It helps resolve the following challenges:
Wazabi is a cognitive platform that utilizes Hyperledger Fabric blockchain, a decentralized, immutable, enterprise grade platform that provides transparency and trust for global supply chain optimization through business process automation and improved customer insight. Bitcoin was the first use of blockchain technology but one of the best uses is in supply chain management of high value, or controlled and regulated products, and specifically cannabis.
DMG’s CEO Dan Reitzik commented “With our Cognitive Platform, parties provide information with their digital signature so you know the information is from the respective parties. In a supply chain with two or more parties this becomes extremely effective in providing transparency and trust while also reducing system integration costs. This revolutionary modern industry architecture serves as a baseline to help resolve many of the cannabis industry’s challenges and create new business process opportunities beyond the traditional supply chain processes.”
Various news outlets have reported that even Canadian Licensed Producers have had black market cannabis enter their facilities and then make its way into the legal cannabis market. Wazabi is being developed to prevent these serious issues from occurring.
At present there are multiple seed to sale, ERP, logistics, shipping, warehousing and point of sale systems, none of which can talk to each other without significant custom development work which becomes arduous and costly to maintain. Wazabi doesn’t replace any of these systems, Wazabi’s pre-built Application Programming Interfaces (APIs) accelerate integration of these systems across the entire ecosystem, while introducing the notion of trust and transparency for expanded process automation beyond entities' traditional four walls.
Wazabi provides an irrefutable single source of truth in terms of all data, and unique advanced analytics using AI, machine learning and other deep learning capabilities for optimal customer insight and experience for business optimization. When a product changes custody, trusted interoperability is always maintained, enabling a real-time view of where every batch of cannabis is currently in the supply chain as well as irrefutable provenance of each batch.
Provinces, States, large retailers and distributors, and especially Countries, will have the ability to purchase Wazabi certified products from Wazabi marketplaces with the following benefits:
Dan Reitzik added “Short term, Wazabi helps resolve some significant challenges across the entire industry, medium term, with industry adoption, Wazabi will make the entire cannabis industry transparent and intelligent beyond what other industries have accomplished. What helps make this possible beyond our people, technology and process is the fact that there are very little legacy systems to deal with compared to any other industry. The ecosystem stakeholders have the opportunities to easily adopt this modern platform without going through a large transformation project. This modern platform is built to allow for easy integration into other modern platforms to help facilitate and accelerate global cross border shipping and resale of edibles through the supply chain of large retailers.”
Once fully developed and beta-testing has been completed, revenues are expected from charging producers a few cents per gram for Wazabi certification, from commissions earned on products sold wholesale through the Wazabi marketplaces, as well as from product forecasting and data analytics.
DMG is reviewing various transaction structures to determine the best way to structure, finance, and deploy Wazabi.
For more information on Wazabi please schedule a call or presentation by contacting DMG.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, development and completion of Wazabi, the benefits of Wazabi, revenues from Wazabi, acquisition of customers, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Photos accompanying this announcement are available at
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