Factom, iSoftStone Plan Integration of Smart City Solution & Blockchain
iSoftStone, a China-based IT consulting firm, and Factom recently signed an agreement to integrate iSoftStone’s smart city solution and Factom’s blockchain-as-a-service technology.
Factom, a blockchain-based distributed applications provider, will offer business advice and technical knowledge as iSoftStone, a technology consulting firm, shapes its blockchain strategy for its smart city solution.
As part of this solution, Factom’s Apollo Product will offer a data storage, auditing, and verification layer for several regions in China.
Ye Yuping, Executive VP & CTO of iSoftStone, commented:
“By applying Factom blockchain technology to our financial services, smart cities big data services, and construction of data exchange, we will drive more innovation in China. By leveraging the advantages of both parties, we look forward to seeing a brighter future. We are sure that the integration of Factom and smart cities will bring more development opportunities for both sides.”
Jack Lu, Factom’s CTO, has been integral in getting the blockchain technology firm partnerships in China, including a deal with cryptocurrency exchange Yuanbao. Lu spoke about the iSoftStone partnership:
We are excited to participate in such an innovative project with iSoftStone. They are industry leaders that can help guide us in the fast moving Chinese market. With iSoftStone’s help, we get to build the framework that will underpin connected modern cities.
iSoftStone focuses on two major businesses: smart business, and information technology services. The Chinese company says it has begun strategic planning for more than 80 smart cities around the country.
The push towards building “smart cities” in China and elsewhere may create an immense opportunity to use blockchains to secure the smart city infrastructure. Blockchain-based systems could theoretically provide greater transparency and accountability while cutting administrative and audit costs.