VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

HEAS

In diligence

IN MOTIONProperty title

Heath Dock

They killed 17 sentences to get listed. That is the product you are about to miss.

A named Belfast customer is already on the record. The public still thinks this is a deck.

Heath Dock — A permissioned record of title, invoices, warehouse receipts or port documents for houses that already finance or move goods. The event is the product. The bill of lading does not get replaced by a meme.

In a 14-day diligence sprint (day 9). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Land registry adapters

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/10

Sprint

Our cut

Of any proceeds

Plate Ledger · 7689

HEAS

The plate

Ledger. Edition 7689.

A unique plate for Heath Dock. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

HEAS · Belfast · Property title

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 9 of 14

Belfast

Trade-finance banks

Sells

Warehouse

Warehouse seat

Markets

Belfast

Years

Founded 2021

Surfaces

Land registry adapters

Complete

File readiness

The wedge

Warehouse seat

A warehouse that writes the event is worth more than a bank that only reads it.

Why the desk took it

A real job, not a ticker.

They brought a redacted bill, not a tokenised barrel.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Belfast. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 85/100. Sprint day 9 of 14. A national registry counterpart, not a scrape. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Which law governs title — written, not assumed.

A commodity NFT is the thing this file will not be. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Most Property title decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

US traffic was taken off the public surfaces in the first working session. Heath Dock did not argue. Adult companies do not costume a US offering.

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Heath Dock does not attest to its own facts.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 17
Counsel hours on file: 73
Asks / week: 28
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Zara Santos, Chief executive

This company

Heath Dock

The copycats will arrive after certification. That is why the window is now.

In the same conversation

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

The bet

Why this company exists.

A warehouse that writes the event is worth more than a bank that only reads it.

Banks want to digitise without putting a commodity on a public chain. Warehouses will not be first movers. A permissioned title event they already recognise is the on-ramp.

Documentary trade is a trillion-scale flow. Software that shortens a hold by two days is a spread.

Versus the field

The incumbent brand sells the relationship. Heath Dock sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Named: Belfast. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Belfast. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01A document that already exists is hashed and evented
02Title changes when the parties that already can change it say so
03Financiers see the state they are underwriting
04No public listing of the cargo as an asset
05Title changes only when the parties that already can change it say so
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Contour / we.trade (history)
CargoX
Bank trade portals
Not a commodity NFT

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Named operators
33%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
19%
A counsel memo that can survive a later reader.
Control environment
17%
The remaining certifications and the second named market.
Second market
31%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Warehouse seat
Who pays: A national registry counterpart, not a scrape.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: Dual-control on title change — the fraud case is the feature.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A commodity NFT is the thing this file will not be.
Why we listed it: They brought a redacted bill, not a tokenised barrel.

Next twelve months

What has to be true.

Which law governs title — written, not assumed.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Land registry adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Belfast is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product75
Customers62
Legal path62
Tech maturity63
Demand54
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Legal title

If the court still wants the paper, the chain is a copy. Ask which jurisdiction has said otherwise.

Warehouse adoption

One bank is not a network. The warehouse has to write the event.

Public token

Tokenising the cargo for a crowd is a different, usually worse, company.

Fraud

Digitising a fake bill faster is not progress. Dual-control is the feature.

Paper still wins in court

If the court wants the original, the chain is a copy. Ask which jurisdiction has said otherwise.

Single-customer gravity

If the first named buyer is also the only buyer, Heath Dock is a services shop with a ledger. Ask for the second.

Ask these next

01Which geography is actually locked, and which is a hope?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Has counsel written the perimeter in a memo you can file?
04Who can unpublish a public sentence in 24 hours, by name?
05Is the waitlist demand for a product, or a queue for a coin?
06What happens if a founder later wants a public token?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Heath Dock Ltd
Path on file: Not offering — locked
Posture: No public sale
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Belfastnamed
Global publicrestricted

Team

Who runs it.

Zara SantosChief executive
Kofi SantosChief compliance

Stack

Land registry adapters
Property title
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Meridian Tax

Who can decide

Zara Santos (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

If the first customer renews, the adapter work pays for itself. If they do not, Heath Dock is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Heath Dock does not sell a token to the public on this pad	Posture lock	live
The product is property title sold to institutions	Architecture + customer type	live
Land registry adapters is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Belfast	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:32
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

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