Factom and iSoftStone join hands to build a “smart city” based on blockchain

Recently, iSoftStone Information Technology (Group) Co., Ltd. (hereinafter referred to as iSoftStone) and Factom (Notary Communication) jointly issued a memorandum of cooperation, and the two parties reached a cooperation intention on the integration of iSoftStone's smart city solution and Factom's blockchain technology. Factom will provide commercial and technical support to assist iSoftStone in further expanding its business strategy using blockchain technology. As part of iSoftStone's smart city solution, Factom's Apollo product will provide data storage, auditing and verification services, and will be promoted in several regions in China.

Factom is a cryptocurrency project that performed well in 2015, and has raised millions of dollars through two rounds of crowdfunding and one round of financing. Factom uses Bitcoin's blockchain technology to revolutionize data management and data recording in the commercial community and government departments. Blockchain technology is used to help the development of a variety of applications, including audit systems, medical information records, supply chain management, voting systems, property deeds, legal applications, financial systems, etc.

As Chinese cities develop rapidly, governments and institutions are building modern facilities to accommodate the rapid growth of cities. Judging from the development of other countries in the world, information systems using blockchain technology will help the safe construction of smart city facilities and will increase the transparency of the construction process, while clarifying the main responsibilities and saving costs. In this context, iSoftStone and Factom will work together to promote the application of blockchain technology in the field of smart city construction.

Regarding this cooperation, Mr. Ye Yuping, Executive Vice President and Chief Technology Officer of iSoftStone Group, said:

“The cooperation with Factom will help iSoftStone integrate leading blockchain technology into financial services, smart city big data services and the construction of big data exchanges, injecting more innovation-driven power into future development. This cooperation is a fusion of the advantages of both parties. We look forward to the integration of blockchain technology and smart cities bringing more development opportunities in the future.”

Jack Lu, Chief Technology Officer of Factom, said:

“We are very much looking forward to this innovative cooperation project with iSoftStone. As an industry leader, iSoftStone will help us integrate into the Chinese market faster and build a framework to connect and support modern cities.”

Editor: Meng Dada
Source: Babbitt Information (http://www.8btc.com/factom-isoftstone)