Welcome to our Factom (FCT) news page. Here you'll find some of our featured Factom Harmony content pieces as well as all our latest Factom Blockchain posts.
Factom & FPT Software Form Factom Harmony Blockchain As A Service
Strategic Partnerships, mergers, and acquisitions are blueprints to sustainably develop any economic ecosystem and this trend is catching on in the world of blockchain too. The latest of the big name strategic partnership comes from FPT Software and Factcom.
FPT and Factom are working together to offer Blockchain Technology Platform through Factom Harmony that will deliver solutions to customer’s business needs by allowing space for innovation through workshops. Both the companies are optimistic about the marketability of practical Blockchain solutions.
The new Factom Harmony Blockchain As A Service platform will seek to deliver innovative solutions to Factom’s business patrons like workshops and proofs of concept (PoCs) and give them access to advanced blockchain solutions, while also enhancing FPT’s digital and product engineering services. The strategic partnership will enable FPT employees to train in Factcom technology to assist in the blockchain technology into existing client systems.
The partnership between Factom and FPT is a valuable opportunity to showcase the practical use and applications of blockchain technology on an enterprise scale. FPT and Factom share a vision of the future where blockchain-as-a-service is available to all companies looking to preserve, ensure and validate their data or decisions.
Factom’s technology platform will enable will enable FPT to deliver a superior experience to their customers by delivering cutting-edge, differentiating blockchain solutions. With Factom’s blockchain platform harmony and FPT Services, FPT will enhance operational efficiency and effectiveness for their clients.
Factom specializes in designing and producing faster blockchain applications to handle large data for complex institutions and boasts an incredible organizational clientele of the US Department of Homeland Security and the Bill and Melinda Gates Foundation. FPT is a Vietnam based company that provides informational technology, products and digital engineering services to large businesses in the U.S., Asia and Europe in industries like manufacturing, energy and utilities, healthcare and communications.
Factom Blockchain Gets Homeland Security Grant To Protect Border Patrol Data
The Department of Homeland Security’s (DHS) Science and Technology Directorate (S&T) on June 15 awarded $192,380 to Austin, Texas-based start-up Factom to beta test its blockchain technology used to secure Internet of Things (IoT) data.
The deal comes as Factom enters the fourth and final phase of Homeland Security’s Silicon Valley Innovation Program, which fast-tracks technologies with the potential to solve national security challenges. Factom is just the second company to enter the last stage of the program. The funding is the fourth tranche of a grant provided to Factom by the DHS in the course of its Silicon Valley Innovation Program, which allows tech companies to apply for $800,000 in funds over a 24-month period.
Using blockchain to track the data coming off CBP devices, Factom’s software would help guarantee the integrity of that information while helping thwart attempts by bad actors to spoof, modify or otherwise disrupt the data. The Border Protection data itself isn’t stored on the blockchain. Instead, the software creates a unique “fingerprint” for the data, which can later be used to locate that information in a secure data store. It’s that fingerprint that goes on the blockchain.
“Factom’s project combines blockchain technology with critical infrastructures–such as sensors and cameras–to protect the integrity and authenticity of data collected by these devices. The capabilities developed by this project integrate with existing IoT devices and does not require the creation of blockchain-specific technology,”
DHS S&T said in a statement.
DHS already successfully piloted a prototype of the technology. The upcoming tests in Texas will run the system in environments commonly faced by border patrol officers, such as limited internet-connectivity and extreme weather. Final testing is scheduled to last three to six months, after which the agency intends for the technology to be fully ready for a public- and private-sector use.
The technology will be tested in the field with DHS’ Customs and Border Protection to determine whether the technology can operate in the conditions under which U.S. Border Patrol agents operate. This will represent a major feat for the start-up and an even greater value for blockchain technology.
Factom (FCT) Submits Blockchain Document Verification Patent Using Multi-Signatures
Factom Filed Patent to Verify Documents Using Blockchain Technology
Factom (FCT) has filed a patent within the U.S. Patent & Trademark Office with the intention to verify documents stored on a multi-sig blockchain.
This is a very important patent that arrives in a moment of frenziness related to blockchain patent filings. We can mention some companies trying to work with blockchain technology including IBM, Mastercard, Walmart and American Express, among others.
Factom is a known and respected blockchain project that works with companies related to data integrity, compliance and protection. The platforms that the company is building are offered to governments, businesses and non-profits organizations.
Following the patent, it describes a process for peers to verify digital documents. But the interesting point is that it does it with various digital signatures. Furthermore, different kinds of signatures can be used just in one document. This robustness of the signature verification process is related to one of the main goals of Fanctom: eliminate data tampering in business settings.
For example, one of the use cases of this concept would be to ensure that documents retain their integrity through the entire life-cycle.
The patent filing reads as follows:
“Authentication of electronic document is based on multiple digital signatures incorporated into a blockchain. Structured data, metadata, and instructions may be hashed to generate the multiple digital signatures for distribution via the blockchain. Any peer receiving the blockchain may then verify an authenticity of an electronic document based on any one or more of the multiple digital signatures incorporated into the blockchain.”
Even when Factom struggled at the very beginning, it experienced an important support when Microsoft announced that it was going to be integrated into the Azure cloud platform. Factom has also signed important partnerships with other companies from all over the world.
Blockchain technology has been expanding in many different industries in the last years. For example, JP Morgan has already developed its own private network. JD.com, an important Chinese company is tracking food shipments to improve their control and reduce health problems.
At the moment of writing this article, Factom (FCT) is the 114 most important token with a market capitalization of $67 million dollars. Each FCT token can be bought for $7.72 dollars, according to CoinMarketCap.
Sphereon Launches on the Factom Blockchain, First 1 Million+ Transactions in Production
Sphereon Launches on the Factom Blockchain
Sphereon, a subsidiary of the larger Factom project that provides Blockchain-as-a-Service products, recently announced that the platform successfully processed their first-ever live customer on the Factom network. Factom and Sphereon are entities that build blockchain solutions for data security and auditing purposes. The news broke out during the recently concluded World Blockchain Forum that was organized in London.
According to projections by Sphereon, the first client is expected to record at least 1 million transactions annually from the signing and anchoring of documents. Every document will be allocated a distinctive hash-based digital fingerprint. This service is intended for the enterprise market and runs on the Proof-of-Authenticity protocol. As per the cofounder of Sphereon, Maarten Boender, the introduction of the first customer is a significant milestone for both Sphereon and Factom. Maarten expressed optimism that more customers will soon join their platform.
Sphereon is an Amsterdam-based platform that stores and monitors documents belonging to individuals, corporate institutions and even documents. On the event that such documents are modified or accessed illegally, the service automatically sends a notification to the original owner. Moreover, this services leverages AI technology to automatically classify documents and tag media files. The primary objective of Sphereon is to increase the efficiency of transactions and simplify the processes by eliminating intermediaries. Since documents are stored on an immutable blockchain ledger, this platform also reduces the prevalence of disputes.
Earlier this year, Sphereon formed a partnership with the Factom Blockchain Innovation Fund. The deal was approved just after Sphereon had completed the development of Kofax Capture and Sphereon Orion ScanIT, both of which are enterprise document processing solutions. Kofax Capture is used to register scanned documents while Orion ScanIT integrates third-party apps such as Microsoft Office and SQL Database Management Systems.
The Blockchain Innovation Fund is a nonprofit that aims to foster the adoption of distributed ledger technology, especially the Factom protocol, among enterprises. As of now, the market is flooded with blockchain solutions that are specifically tailored for business with the intention of increasing swiftness of operations and minimizing the consumption of resources. Factom also runs its own document auditing services and has formed multiple partnerships since its launch four years ago. Notably, the company has received donations from the US Department of Homeland Security as well as the Bill and Melinda Gates Foundation.
Although Factom has been severely affected by the ongoing bearish crypto market, it has seemingly found some support against Bitcoin, which is almost establishing a stable value against the US dollar. If this materializes, the value of Factom will soar. The launch of multiple projects on the Factom ecosystems will be good test for its limits. On the other hand, Sphereon will leverage the Factom platform to further grow its client base.