Factom is a blockchain-based platform looking to wield the power of distributed ledger technology for purposes other than financial services. Their bread and butter revolves around record verification and auditing existing infrastructure. In the end, more transparent solutions are created, which will also cut down on overhead costs. Their recent partnership with iSoftStone will see the introduction of the blockchain verification for Chinese smart cities.
Factom And iSoftStone Join Forces
The concept of creating smart cities has been a hot topic for many years now, as it proposes a mix of new technology and innovation with existing infrastructure. It is no secret how recent technological breakthroughs will help shape the smart cities of the future, but there are several important steps along the way to complete first.
Over in China, consulting firm iSoftStone has been working on a strategy for creating smart cities. By tackling things from the bottom up, the main focus will be on auditing, verification services, and data storage. However, none of the traditional technological solutions is capable of achieving all of that in a secure manner, which is where Factom comes into the picture.
The blockchain-based provider is specialized in all of these key areas, by wielding the power of distributed ledger technology. Rather than relying on centralized solutions, Factom and the blockchain will provide a distributed ledger that will always be accessible to its users. Such a modern marvel of technology complements the concept of smart cities quite well.
What makes Factom such an intriguing partner for iSoftStone is how the company’s servers will create the entry and directory blocks itself, which are then hashed and put on the blockchain. Doing so creates irrefutable time-stamped proof of every activity taking place. Plus, these logs cannot be altered afterwards as new entries will provide additional validity to previously hashed information.
The smart cities of the future will heavily rely on increased transparency and accountability, both of which are provided in abundance by the blockchain’s distributed ledger technology.On the other hand, this partnership will help smart cities in cutting costs all across the board, freeing up funds that can be used for other features that need to be addressed.
Blockchain Meets Smart Business and IT Services
The partnership between iSoftStone and Factom is a great example of how distributed ledger technology can make an impact on the daily lives of citizens all over the world. All of our cities will need to become smarter over time, wielding powerful technology in a secure environment while removing the need for centralized service providers.
It is important to note that iSoftStone has launched strategic planning for no less than 80 smart cities across China. By combining their vast experience in the IT and smart business industries, iSoftStone is a major player in this particular segment. This makes the partnership with Factom all the more important to the digital currency world.
Being able to participate in such an innovative project is a major boon for both companies. By putting together industry leaders with expertise in different areas of the field, Chinese smart cities are getting one step closer to becoming a reality.
Source: IB Times