Serica + Factom Announce Collaboration
London, UK March 10th, 2015
Today, Serica and Factom jointly announced a collaboration wherein Serica will leverage the Factom technology to enhance their transparency & auditing strategy, and the Factom Foundation will use Serica as an important part of its asset allocation model.
Serica Proof of Audit
Serica uses Factom for global custodian auditing
Serica’s token transaction transparency strategy focuses on eliminating trust through cryptography. The Factom technology uses the same cryptography behind Bitcoin to mathematically prove the existence of any data it receives by hashing that data and embedding the resultant traces into the Bitcoin blockchain. This creates a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail of Serica’s asset inventory reports, published by its custodian partners.
“With Factom integration, Serica wallet users can take comfort knowing that their assets and the published custodian records, surrounding the chain of ownership will be forever secured by Bitcoin’s blockchain in a way that doesn’t bloat the system” said Taariq Lewis CEO of Serica.
Factom Hedging Plan
Factom selects Serica as part of its asset allocation strategy
Factom has selected Serica to be one of its partners on its asset allocation model. More details will be announced in the coming weeks, along with a breakdown of the best practices Factom will employ in its software sale. Since Serica can offer digital tokens tied to the value of physical Gold and Platinum coins that have massive liquid markets and historically stable prices, this shields the value the Factom Foundation collects from the volatility associated with market price swings and preserves the value contributed by Factoid purchasers.
Peter Kirby, Factom Foundation’s President, stated “It’s important that Factom is able to preserve the value users contribute to our token sale and precious metals are a proven way to achieving that type of stability”.
Who is Factom?
Factom is a generalized data layer for the blockchain that allows users to publish and verify any kind of digital information. The Factom technology is especially compelling for those who want to build trust with users by providing complete transparency and real time audit ability of their systems of record, while at the same time maintaining user privacy. Blockchain based authenticity verification and auditing of document and offers significant value for any business process one wants to make honest and accountable. Check out examples and videos that explain how different companies can use this new platform: Factom.org
Serica is disrupting the legacy financial system’s approach to asset management by offering a more modern approach physical asset acquisition and trading that no longer requires a trusted 3rd party or intermediary. Serica created the world’s first blockchain-enabled platform that creates digital tokens representing real world assets fully reserved, 1-to-1 backed by physical commodities including precious metals, soft commodities, and real estate. Serica’s mission is to allow all Bitcoin companies and individuals to trade any physical asset as if it were digital money. With a commitment to full transparency, audits, and compliance, Serica is the most secure, fast, and low-cost way to buy, sell and trade precious metals, anywhere in the world using bitcoin. Serica digital tokens can be obtained at Sericatrading.com.