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Toronto, Ontario, September 14, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) (“GreenBank or the Company”) announces that its 15% owned affiliate Blockchain Evolution Inc (“Blockchain Evolution”) has commenced a government blockchain project designed to create anti-fraud blockchains for use by governments worldwide.
Based upon preliminary discussions held with the UK Government’s Department of Works and Pensions, Blockchain Evolution’s new project is focused on the issue of social security fraud, which is a problem common to all governments. For example, the UK social security system loses approximately GBP1.5 billion per year from social security payments that continue to be paid to deceased beneficiaries. All governments have limited ability to identify such fraudulent payments unless information is volunteered to the government by the deceased’s family. Blockchain Evolution proposes a government-centric identification-based blockchain that securely records the social security data of all beneficiaries and then requires proof-of-life identification processes to be implemented regularly in order to maintain payments. A failure to complete the proof-of-life process would lead to social security payments being suspended, thereby drastically reducing fraudulent payments. Blockchain Evolution would maintain the government anti-fraud blockchain at a fraction of the cost of the losses currently being sustained through social security fraud.
Blockchain Evolution is setting up a software team in India to fully develop this anti-fraud blockchain project, and sees many other uses derived from this concept.
“Governments lose billions from all types of fraud that is based on identification failures, and I believe that Blockchain Evolution’s identification-based blockchain can offer a low-cost solution to these fraudulent activities” said Danny Wettreich, Chairman of Blockchain Evolution and of GreenBank.
The blockchain owned by Blockchain Evolution was originally developed for use by the GreenCoinX cryptocurrency ecosystem, which is the world’s first identification based cryptocurrency. The Indian software team will develop modifications to the identification-based blockchain such that it can be utilized for multiple government anti-fraud initiatives.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE:GBC and OTCMKTS:GRNBF), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s investment portfolio includes 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 28% of Ubique Minerals Limited, a minerals exploration company with interests in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a unique comprehensive all-in-one search mobile application that integrates social search, discovery and communication; 15% of Veterans Financial Group LLC, a Ohio, USA based insurance agency providing insurance services to veterans, families and businesses; 15% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and 15% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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