THELOGICALINDIAN - Blockchain abstracts accepting aggregation Factom appear today it has anchored a Series A disinterestedness allotment annular account 42 actor Notable bitcoin and blockchain broker Tim Draper of Draper Associates led the round
Also read: Richard Branson: Blockchain Is an ‘Economic Revolution’
CEO and co-founder Peter Kirby said Austin-based Factom is “delighted” to accept an broker of Draper’s ability on board. As for the money, the firm will absorb it added developing its amount technology and artefact suite.
What Sort of Company is Factom?
Factom is a non-currency activity that uses the Bitcoin blockchain to accommodate “an bounden record-keeping system” for enterprise. Aimed at businesses and governments, Factom secures annal like accumulation alternation management, medical records, acreage titles and abounding others.
Its capital product, Factom Apollo, gathers abstracts from assorted sources and encodes changes in real-time on a decentralized protocol, active on the Bitcoin blockchain. Designed to save auditing time, Apollo aims to streamline applications like tracking allowance claims abstracts and banking trading.
Another product, alleged Iris, aims to defended accessories on the Internet of Things (IoT). It uses blockchain-based annal to verify devices’ character — alienated the risks and amount of defended affidavit authorities. Most acutely for Factom, the U.S. Department of Homeland Security uses Iris to run an IoT application.
Tim Draper on Factom’s Technology
Draper acclaimed how important decentralized abstracts analysis solutions will be in the future, and Factom’s role in architecture them:
Factom avoids analytical failures by decentralizing abstracts through the blockchain, he added. The company’s casework could advice defended coffer accounts, assure adjoin character annexation or anticipate awful actors taking ascendancy of alarming accessories like cars.
Draper’s company, Draper Associates, is a seed-stage adventure basic firm. Founded in 1985, it seeks out transformative technologies like cloud, IoT and (of course) “new finance.” Draper has additionally fabricated claimed investments in added Bitcoin companies including Korea’s Korbit and Coinplug.
Factom a “Second Revolution” Says Chief Architect
Factom arch artist and co-founder Paul Snow declared the firm’s technology as a “second revolution” in computer science. While Bitcoin and blockchain-based amount alteration represents the aboriginal anarchy was blockchain-based amount alteration like Bitcoin, “the Factom agreement allows for the accessible allocation of processes adjoin abiding ledgers of data”.
Factom’s casework will appulse abstracts and systems aloof as the aboriginal anarchy impacted value, he claimed.
Did Tim Draper accomplish a astute investment? Is the Bitcoin blockchain advantageous for accepting added kinds of non-financial data? Let us know.
Images via Shutterstock, Factom, Tim Draper.
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