18:37:35 EST Sat 24 Feb 2018
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Pistol Bay Mining Inc (2)
Symbol C : PST
Shares Issued 46,087,648
Close 2018-01-30 C$ 0.08
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Pistol Bay creates HashDrop blockchain app

2018-01-31 02:20 ET - News Release

Mr. Charles Desjardins reports

PB BLOCKCHAIN ANNOUNCES HASHDROP BLOCKCHAIN APPLICATION

Pistol Bay Mining Inc. is giving an update on the development of its subsidiary, PB Blockchain Inc. (see news release dated Nov. 15, 2017). This wholly owned subsidiary is focused on blockchain applications for mining and resource company management. The company will be leveraging the work of other application program interface (API) companies to build a suite of blockchain products to address needs that are particular to the data management and security of mining/oil and gas companies. It is expected that many of these blockchain products could have crossover to other industries.

Charles Desjardins, president and chief executive officer of PB Blockchain, is pleased to report that the company's development team is creating its own application named HashDrop. This will be accomplished by utilizing existing blockchain solutions to create a secure platform for parties to manage and update digital assets and documents within their data centres while providing trusted transactions with full confidence in the principle of the information being shared or accessed.

It is a secure, comprehensive and unalterable platform that eliminates the time and costs of document sharing and assembly. It enables the organization to better co-ordinate compliances, deliver information efficiently and trade digital assets securely. With a wide range of device types, the company's platform adapts to various device configurations.

The company's easy-to-use interfaces are backed by the infrastructure behind the scenes to ensure fast, reliable uploads, downloads and sharing. The company's team which is creating HashDrop will continue to evolve the product and architecture to ensure speed data transfer and improved reliability.

The framework of the company's HashDrop application will be as follows:

  1. Architecture: designed with multiple levels of protection covering:
    • Data transfer;
    • Encryption;
    • Network configuration;
    • Application-level controls all distributed across a scalable, secure infrastructure;
  2. Platform objectives:
    • A secure platform for users or parties to manage and update digital assets and documents;
    • Integrate with Ethereum blockchain for logging all digital assets, data and documents;
    • Validate and allow transfer of ownership of the digital assets;
  3. Authentication:
    • Different levels of authority access;
    • Log-in/register using e-mail and password;
  4. Accessibility:
    • Parties can share and manage digital assets anywhere with Internet access -- with the utilization of public blockchain, information is shared under a fast and secure environment;
  5. Search function:
    • Authorized members are able to search for all data and digital assets that are uploaded onto the blockchain platform through the company's user-friendly interface;
    • The company's HashDrop application will communicate with the secured database that is synced with the blockchain, where uploaded data and digital assets are recorded;
  6. Quality control:
    • Documentation errors are the No. 1 source of defects and generate excessive costs and time;
    • The company's platform eliminates duplicate documents, lost documents, document issues and exceptions;
  7. Due diligence:
    • Whether it is file transfer or trade of digital assets, the costs will be significantly reduced to all parties to review and audit the documents and data associated with the transaction;
  8. Sharing permissions: Administration will have comprehensive control of:
    • The team-sharing abilities;
    • Whether members can share files and folders with people within the company;
    • Whether members can edit folders owned by people within the company;
    • Whether members can create file request and collect files from other members of the company;
    • Whether members can view and make comments on files.

About Pistol Bay Mining Inc.

Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America. The company has also created a subsidiary for resource-driven blockchain applications.

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