Factom: China Embraces Blockchain Verification
Factom has announced a deal with iSoftStone to begin researching and implementing Blockchain solutions in 80 urban areas across China. The move comes as China looks for cost-effective and reliable methods to realize its “smart-city” concept - Factom was an excellent choice as it has been successfully experimenting with optimizing land registries using the Blockchain technology. According to Jack Lu, Factom’s CTO, the scope of the new project is a substantial move from the start-up’s original experiments: the company expects to collect and store data incoming from a variety of streams....
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With an eye to the future, China’s government is working with Factom, a blockchain based record verification and auditing infrastructure company along with consulting firm iSoftStone to plan blockchain based administration projects for smart cities. The plan will include strategies for storage, auditing and verification services. Named after the Factom brand, Factoids, a token value, are issues and transferred among users who purchase entry credits and record entries. Factom servers will create entry blocks and directory blocks. The hashing of directory blocks is secured onto the....
This news comes during a time when the price per Factoid is on the rise. Factom’s native currency will be used to secure information on the supported blockchains. The Factom project has been attracting a lot of attention over the past year. Using blockchain technology for things outside the financial sector is always exciting. The project’s team is working on anchoring sensitive data into the blockchain. However, they will be using both Bitcoin and Ethereum blockchains to do so, thanks to a new feature called M2. Contrary to what most people believed to be true, Factom will not be....
Founded by Paul Snow and Peter Kirby, Factom is a 2.0 solution built on top of the Bitcoin blockchain. By distilling data to single hash and inserting it into the blockchain via a transaction, Factom allows the verification of any kind of record or information. NewsBTC's Andrew Wagner managed to get a hold of Peter Kirby to ask him a few questions about what's going on with their new technology, and its likely future. Andrew Wagner: first, tell us a bit about your background. How did you come to be doing Factom? Peter Kirby: I'm a long time entrepreneur and have been in sales/marketing for....
Blockchain-based data management solution Factom is set to integrate its technology with Ancun Zhengxin's electronic data notarization services in China, International Business Times reports. Earlier in February, Factom signed a deal with technology consulting firm iSoftStone to collaborate on a “smart cities” initiative for several regions in China. Factom says it wants to apply blockchain technology to solving real-world business problems. According to the company, Factom’s back-end infrastructure allows corporations, governments and organizations to securely integrate, manage and secure....
Factom has announced an initiative with Ancun Zhengxin in China to bring together blockchain or distributed ledger technology with electronic data notarization services in the country. A new partnership sees Factom, a blockchain-based solutions and infrastructure provider come together with Ancun Zhengxin, a Chinese data notarization provider to further blockchain technology for real world applications in the country. As a subsidiary of the Ancun Group, Ancun Zhengxin offers notarization services in over 100 locations spanning across 28 provinces in China. As a part of the agreement,....