Factom and Intrinio partner to put Wall Street financial data on the blockchain, enabling fast query of US stock market data

Factom, a blockchain technology company dedicated to creating interfaces that can be plugged into and interact with existing systems, has established a partnership with financial data material company Intrinio to put Wall Street on the Factom blockchain.

Building reliable financial applications

The partnership will reportedly see data on the 3,000 most valuable U.S. stocks published to the Factom blockchain every 15 minutes.

Factom claims that with this partnership, they are now at the forefront of blockchain industry development. This claim is also supported by the fact that they use valuable and actionable real-world data, which enterprise developers can use to facilitate smart contracts and preliminary audits.

Factom Chairman David Johnston said:

“By providing financial market data to Factom, Intrinio has helped us build the foundational datasets that will help our users audit their financial records. By publishing all of these different stock prices on Factom, developers now have a reliable way to build their financial applications, and because the blockchain is stored permanently on a distributed basis, a resource that is growing every day, the wealth of past knowledge is always available for verification, without everyone having to store data locally in their applications.”

Adding affordable APIs

Intrinio CEO Rachel Carpenter said the most promising financial technology companies are often limited by financial data markets because of high prices and large-scale redistribution costs, and her company and Factom aim to change that.

She explained:

“We offer an affordable, developer-friendly API for both existing companies and startups, leading the industry in terms of flexibility. Zero redistribution fees means developers can easily and quickly deliver data to end users.”

She also said that this flexibility can be seen in the various apps that have been created using Intriinio, and that companies like Factom, which are leveraging blockchain technology, are very interested in this.

She concluded:

“Financial data has never been stored or organized this way before, so what we’re seeing is just the beginning. When you combine flexible, affordable financial data APIs with the revolutionary features of blockchain, I can’t wait to see the innovations we’ll see. This fundamentally changes the way investors view the markets.”