Factom, the blockchain-based record verification and auditing infrastructure provider, is working with technology consulting firm iSoftStone to shape a smart city strategy, which will roll out data storage, auditing, and verification service 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.
China is looking to construct new modern infrastructure to match its rapid pace of urban development, building so-called "smart cities". There's plenty of opportunity therefore to use blockchains to secure the smart city infrastructure. Blockchain-based systems can provide greater transparency and accountability while cutting administrative and audit costs, said a statement.
Ye Yuping, executive VP & CTO of iSoftStone, said: "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."
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, including telecommunication, banking, insurance, power utilities, transportation, manufacturing and retail, it said.
Jack Lu, CTO of Factom, said: "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."
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".
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