May 13, 2015

Factom announces its partnership with Bitsapphire

Anti-Corruption Tool, “Know Your Customer” Solution, Music Authentication, and more great things to come!

What’s Being Built on the Blockchain: Anti-Corruption Tool - Bitsapphire and Factom are working on an anti-corruption tool to manage the land municipal registry databases in Kosovo. They plan to use the Factom API to build a cryptographic record to prove the databases haven’t been corrupted.

The anti-corruption software processes are for local Municipalities in Kosovo. Bitsapphire is using a modified Eris stack for a permission based permit and GIS database/blockchain. Factom will be notarizing the checkpoints and be the independently encrypted storage of the databases and spreadsheets.

“Bitsapphire is building some of the most innovative solutions to KYC, data protection, and real time auditing on the blockchain. Factom makes it simple for them to create these products without bloating the Bitcoin Blockchain or building a complicated incentive system around a private blockchain.”

- Peter Kirby, President of Factom

KYC Solution - Bitsapphire and Factom are also working on an innovative solution to the “Know Your Customer” problem many banks face. They are now building an identity management system backed up by Factom’s API for Moonstone.
Moonstone will allow users to transfer and trade among Bitcoin, BitAssets, User-Issued Assets, and other tokens. It will be available in the next 6-12 months with customer identification via the Factom protocol.

“We are happy to announce that we are using new blockchain tech to solve old problems and that Kosovo Municipalities will be among the pioneers in this space. Kosovo is in our opinion the perfect place to test these new approaches due to its recent history and struggles, but also because new and thoughtful majors are looking to streamline their operations through technology.”

- Taulant Ramabaja, Co Founder of Bitsapphire

Music Authentication - Bitsapphire will be working with Peertracks to build an external verification system for music. The Factom API will be used to audit and verify content for intellectual property rights.We expect great things from this cooperation.