2016

Aug
24

Wall street goes on the Blockchain

Blockchain technology company, Factom , which creates interfaces embedded into the existing financial system, signed a contract with the company – provider of financial data, Intrinio, in order to translate the whole wall – street on the blockchain, Factom.

The creation of robust financial applications

The partnership was created in order, to data for 3000 the most valuable assets the U.S., was published in the Factom blockchain every 15 minutes.

Development company Factom, after this step proved to be far ahead of most institutions working in the framework of the blockchain industry. This statement relies on the fact, they use real data, that is valuable and relevant, because developers can use these dataflows to implement smart contracts and checks at the initial stage.

David Johnston , the Chairman of the Factom, says:

“Intrinio, providing financial market data for Factom, helped us to build the fundamental datasets for our users to check their financial reports. Posting all these different stock prices , the developers of Factom

now have a reliable way to build their financial applications, because the blockchain is stored forever on a distributed basis, this resource , which is growing every day and the knowledge of the past is always available to check,”.

Improvement of available APIs

Rachel Carpenter , CEO Intrinio, says , what's most promising FinTech entrepreneurs , as a rule , limited market access of financial data, due to high prices and commissions, but in cooperation with Factom can we change this situation.

He explains:

“We offer easy to develop APIs, which are available, for established firms and start-UPS, and also occupy a leading position in the industry, when it comes to flexible terms. Zero fees and commissions mean, developers can easily and quickly provide data to end users “.

Carpenter suggests, what is the application of this flexibility can be seen in various applications already built with the data Intrinio, and they are especially interesting for such companies, how Factom, that use the Blockchain technology.

He concludes:

“Financial data has never been stored or structured in such a way, as it is now, this is only the beginning. I look forward to when you combine the power of flexible, available APIs, financial data with the revolutionary nature of the Blockchain. This will radically change the way, by which the investors see the market “.

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