Factom, the blockchain-based record verification and auditing infrastructure provider, offers business advice and technical knowledge as iSoftStone, a technology consulting firm, shapes its blockchain strategy for its smart city solution. Besides, as part of the solution, Factom’s Apollo Product offers a data storage, auditing, and verification layer for several regions in China.
The Factom blockchain system issues Factoids, the token value transferred among users who purchase entry credits and record entries. Factom servers create entry blocks and directory blocks; a hash of the directory blocks is secured onto the blockchain.
With the rapid urban development in China and other countries, corporations and governments around the world are focused on building new modern infrastructure to accommodate the growth. The push towards building “smart cities” creates an immense opportunity to use blockchain to secure the smart city infrastructure. Besides, blockchain-based systems provide greater transparency and accountability while cutting administrative and audit costs.
“By applying Factom blockchain technology to our financial services, smart cities big data services, and construction of data exchange, we will drive more innovation in China. By leveraging the advantages of both parties, we look forward to seeing a brighter future. We are sure that the integration of Factom and smart cities will bring more development opportunities for both sides,” said Ye Yuping, executive VP & CTO of iSoftStone.
Being a leader of smart city and industry Internet (Internet +) development, and a leading innovative technology services provider, iSoftStone focuses on two major businesses: smart business, and information technology services. In its smart business sector, iSoftStone has launched strategic planning for more than 80 smart cities around the country; in its IT services sector, the company has accumulated extensive experiences in more than ten industries: telecommunication, banking, insurance, power utilities, transportation, manufacturing and retail, etc.
Factom’s unique back-end infrastructure allows corporations, governments, and organizations to securely integrate, manage, and secure data — any type, any source, and at a massive scale. Factom was among the first blockchain startups to explore an optimisation of paper-based land registries, and it is also doing some interesting work such as Project Guttenberg, which it says offers “28,000 books on the blockchain with only four hashes”.
“We are excited to participate in such an innovative project with iSoftStone. They are industry leaders that can help guide us in the fast moving Chinese market. With iSoftStone’s help, we get to build the framework that will underpin connected modern cities,” said Jack Lu, CTO of Factom.