Factom Receives Nearly $200,000 Grant from the U.S. Department of Homeland Security to Improve IoT Security with Blockchain

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Factom Receives Nearly $200,000 Grant from the U.S. Department of Homeland Security to Improve IoT Security with Blockchain

The U.S. Department of Homeland Security's Science and Technology Directorate has awarded Factom a $199,000 grant to advance the development of digital identity security for IoT devices. Factom, based in Austin, Texas, was one of the companies that submitted proposals to Silicon Valley's Other Transaction Solicitation late last year, and the company was selected for its proposal titled "Blockchain Software to Prove Integrity of Captured Data From Border Devices."

IoT devices are becoming an integral part of our daily lives, from the cars we drive to the devices we wear. These devices connected to the Internet are constantly exchanging information, and this data exchange combined with automation will give IoT devices a degree of autonomy, so protecting these devices from attacks becomes particularly important.

The Internet of Things connects mobile phones, information technology networks, sensors and other devices. IoT technology is leading the latest technological trends. As the number of devices continues to increase, the security requirements for devices are also increasing accordingly. The US Department of Homeland Security's project aims to find solutions for the security of IoT devices, which are already part of their infrastructure.

Factom will use blockchain technology to verify IoT devices and prevent unauthorized access caused by device deception to ensure data integrity. With all relevant device information, such as manufacturers, update lists, known security issues, and other details registered on the blockchain based on timestamps, it will be difficult to change past device data and tamper with device identities.

Reference source: https://www.dhs.gov/science-and-technology/news/2016/06/17/st-awards-199k-austin-based-factom-inc-iot-systems-security