Factom Signs Deals for Blockchain Notarization Services and “Smart Cities” in China
Blockchain-based data management solution Factom is set to integrate its technology with Ancun Zhengxin's electronic data notarization services in China, International Business Times reports. Earlier in February, Factom signed a deal with technology consulting firm iSoftStone to collaborate on a “smart cities” initiative for several regions in China.
Factom says it wants to apply blockchain technology to solving real-world business problems. According to the company, Factom’s back-end infrastructure allows corporations, governments and organizations to securely integrate, manage and secure data of any type, from any source, and at a massive scale. The result, Factom says, is a new generation of audit and accountability tools for a safer, more affordable way to handle secure and tamper-proof transactions.
The Internet continues to become an integral part of China’s economic infrastructure, notes the Factom press release announcing the Ancun deal. This trend is characterized by an increasing amount of digital data that is embedded in business transitions, social development, technology progress and international communication.
“We are honored to have the opportunity to work with Ancun,” said Factom CTO Jack Lu. “They are a wonderful company that can guide us as we move ahead in our China strategy. Jointly we will build added security within online commerce and communication. This is an exciting opportunity, and we are looking forward to more collaboration in the future.”
Ancun, an electronic notarization services provider offering electronic data storage and notarization, is a leader in the Chinese Internet industry. Ancun Zhengxin, the Ancun Group subsidiary that will directly collaborate with Factom and which is responsible for Ancun Group’s platform development and maintenance, has partnerships with more than 100 notarial offices in China, as well as a range of voice and Internet services including email, documents, contracts, copyright, electronic government, medical data and instant messaging.
“We are focused on providing our customers with one-stop-shop Internet technology solution, to meet their electronic data storage and notarization need,” said Ancun Zhengxin CEO Hang Gao. “Through collaborating with Factom, we anticipate to speed up the processing of providing blockchain technology based solution to our customers, help the industry to move to next level of technology, information integrity and data security.”
Factom will provide Ancun Zhengxin with a back office blockchain application interface to integrate with Ancun Zhengxin's existing software systems. Blockchain solutions will be used to secure data history and timestamp Ancun Zhengxin's notarization service.
In February, Factom and technology consulting firm iSoftStone announced a Memorandum of Understanding for the integration Factom’s blockchain-as-a-service technology with iSoftStone’s “smart city” solution. Factom will offer business advice and technical knowledge as iSoftStone designs and deploys blockchain applications for smart cities. Factom’s Apollo Product will offer a data storage, auditing and verification layer for several regions in China.
“We are excited to participate in such an innovative project with iSoftStone,” said Lu.“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.”
iSoftStone offers its Smart City Solutions for the development and deployment of state-of-the-art technology solutions to manage cities and improve their efficiency, as well as the residents’ quality of life. iSoftStone partners with governments to tackle a wide range of community challenges, such as congestion relief, economic growth and improved city services.
“Leveraging our global relationships, we developed our Smart City Innovation Showcase operating out of our world headquarters in Beijing, China,” notes iSoftStone. The company has developed simulated models for real-world urban issues to mobility, agriculture and housing issues.
“Sensor data will be stored; so [that will include] things like pollution sensors, traffic sensors, etc,” said Lu, as reported by an International Business Times’ story on the Smart City project. “We are building a custom “Factom China” in order to accommodate a vast amount of data we will be putting in.” Factom's blockchain-based systems will be deployed in 80 smart cities in China.
“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,” said Ye Yuping, executive vice president and chief technology officer of iSoftStone. “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.”
These developments show that China is fertile ground for innovative blockchain technology applications targeted at important issues in e-government and urban management, and innovative blockchain companies are well-positioned to particip