Factom has partnered with prominent Chinese data firm DataYes to provide stable stock market data based on blockchain technology.
Structured And Unstructured Data Based On Blockchain Technology
Factom announced the collaboration in a blog post indicating the strength of its platform that has achieved many partnerships of the same kind in recent times. The new partnership will see DataYes use the Factom data layer which integrates into existing systems and makes them immutable, extending the transparency inherent within a blockchain, validated by math to curate both structured and unstructured data from across the globe covering key economic metrics.
David Johnston, Chairman of the Board at Factom, described the collaboration as strategic which will enable the project to reach valuable companies based in China:
“Some of the largest stock markets and the most valuable companies in the world are in China and so we believe it’s important to make their pricing data available to developers on a blockchain.”
On the other hand, DataYes sees the integration as an opportunity to step into the future where all transactions will be recorded on the blockchain, changing the face of data curation as we see it today.
George Hu, General Manager at DataYes said:
“Today the exchanges send out the ‘mark to market’ price and we record them in blockchain as a two-step process. As Blockchain technology matures in the future, all transactions will be recorded on the blockchain, and the “mark to market” stock price as we know today will be evolved to ‘mark to blockchain’ naturally in one step.”
With this announcement Factom is quickly gaining a foothold in the Chinese market where some of the big names in Financial Technology operate. DataYes is the second company based in China to partner with Factom this year after Rongdu popularly known for its provision of digital financial solutions to enterprises and introduction of Fintech systems in China.