Factom signs smart city deal to roll out blockchain verification across China

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; Factom's Blockchain-based systems will be deployed in 80 smart cities in China.

Jack Lu, CTO of Factom, told IBTimes: "Factom is heading back to China this month to work on more official contracts and define the scope of current and future projects. Sensor data will be stored; so things like pollution sensors, traffic sensors, etc. Factom will have a full scope of what exactly in the next 6- 8 weeks. We will give you an update. We are building a custom "Factom China" in order to accommodate a vast amount of data we will be putting in."

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.

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".