Blockchain-based data management solution Factom is to integrate its technology with Ancun Zhengxin's electronic data notarisation services in China.
Factom will offer advice and technical guidance as Ancun Zhengxin shapes its blockchain strategy for its notarisation services for more than 100 locations in 28 provinces across China, the companies said in a statement.
Ancun Zhengxin is a subsidiary of Ancun Group, which offers electronic data notarisation services and has partnerships with more than 100 notarial offices in China, as well as a range of voice and internet services including email, documents, contracts, copyright, electronic government, medical data and instant messaging. They also have partnerships with more than 100 notarial offices in China.
The internet has become an integral part of China's economic infrastructure where an increasing amount of digital data is embedded in business transactions, social development, technology progress, and international communication. Secure storage of said data is an important concern.
The joint statement said Factom is providing Ancun Zhengxin with an application interface to blockchain for its back office operations and also build an application interface to integrate with Ancun Zhengxin's existing software systems. These blockchain solutions will secure data history and timestamp Ancun Zhengxin's notarisation service.
Not so long ago Factom signed an MoU with technology consulting firm iSoftStone to shape a smart city strategy to roll out data storage, auditing, and verification services for several regions in China.
The Factom blockchain system issues Factoids, the token value transferred among users who purchase entry credits and record entries. Factom servers create entry blocks and directory blocks; a hash of the directory blocks is secured onto the blockchain.
Bing He, who is responsible for the technology of Ancun Zhengxin, said: "We are focused on providing our customers with a one-stop shop Internet technology solution, to meet their electronic data storage and notarization needs. Through collaborating with Factom, we anticipate speeding up the process of providing blockchain technology-based solutions to our customers, while helping the industry move to the next level in technology, information integrity and data security."
Jack Lu CTO of Factom added: "We are honoured to have the opportunity to work with Ancun Zhengxin, They are a wonderful company that can guide us as we move ahead with our China strategy. Jointly we will build added security within online commerce and communication. This is an exciting opportunity, and we are looking forward to more collaborations in the future."