Factom Partners with iSoftStone China to Launch Blockchain Verification Services for Smart City Strategies

Baozou Comment : Although this is not the first cross-border cooperation between blockchains, one of them is a world-renowned blockchain company and the other is a traditional Internet company from China. This cooperation should be a very interesting case. Factom provides very professional services based on blockchain and provides many digital storage and verification solutions for many regions. This is also a good choice for China's current huge administrative costs. We have not yet learned more details of the project, but it is certain that this is a good start for the Chinese market to embrace blockchain technology in 2016.

Translation: Prince Gong

Factom is a provider of infrastructure services that uses blockchain technology to record, verify, and audit. It is currently working with technology consulting firm iSoftStone to provide smart city strategies and will launch data storage, audit, and verification services in several administrative regions in China.

Factom's blockchain system issues Factoids, which are tokens used to trade between users and purchase access credits and records. The Factom server creates the entry blockchain and directory blocks; the hash of the directory blockchain is securely stored on the blockchain.

According to the release, China is building new modern infrastructure to support its rapid urbanization process, known as "smart cities." There are many opportunities to use blockchain technology to ensure the security of smart city infrastructure. Blockchain-based systems can provide greater transparency and auditability, and can reduce administrative and audit costs.

Ye Yuping, Executive Vice President and Chief Technology Officer of iSoftStone, said:

“By leveraging Factom’s blockchain technology for our financial services, smart city big data services, and data exchange, we will drive more innovation in China. By leveraging the strengths of both parties, we seek to find a brighter future. We are certain that integrating Factom and smart cities will bring more development opportunities to both parties.”

According to reports, iSoftStone focuses on two major businesses: smart business and information technology services. In its smart business field, iSoftStone has launched smart city strategic plans for more than 80 cities across the country; in the field of IT services, the company has accumulated rich experience in more than ten industries, including telecommunications, banking, insurance, power utilities, transportation, manufacturing and retail.

Factom’s CTO, Jack Lu, said,

“We are delighted to be involved in innovative projects like iSoftStone. They are an industry leader and can help inform our approach to the rapidly growing Chinese market. With iSoftStone’s assistance, we have established a framework to support connected modern cities.”

Factom has been at the forefront of blockchain technology innovation and is constantly shaping the future of blockchain technology. Factom products help enterprises and government departments use blockchain technology to obtain data security without being bound by the inherent scalability limitations of blockchain technology. Currently, Factom is using this technology to help government departments and financial institutions achieve secure data recording and management. The company is headquartered in Austin, the capital of Texas, and has established offices in California, the United States and London, the United Kingdom.