Wall Street Goes Blockchain With Factom, Intrinio
Blockchain-based data management platform, Factom, has announced its partnership with Intrinio, an application and financial data provider. The duo plans on putting Wall Street on the Factom blockchain to provide immutable and transparent US stock market data for the first time in history.
Also read: Dept of Homeland Security Awards $200K to Factom for ID System
Factom & Intrinio Tether Wall Street to Blockchain Technology
Factom tells press that their partnership with Intrinio will make relevant stock data available as a public service. The project hopes to align itself with applications that can validate and audit one of the world’s largest stock exchanges. Both firms believe this will increase trader confidence by creating a more transparent playing field.
Intrinio has built a custom API and pricing model targeted at developers looking for specific data types, making it profitable for the programmer. With Factom’s data layer integration, the two companies will reportedly make Wall Street’s data verifiable, transparent and more productive for the entire global economy.
David Johnston, Chairman at Factom Inc., comments on the partnership:
Intrinio is providing financial market data to Factom helping us build the foundational data sets for our users to audit their financial records. By publishing all these different stock prices on Factom, developers now have a reliable way to build their financial applications, and since the blockchain is stored forever on a distributed basis, this is a resource that grows every day and the wealth of past knowledge is always available to verify, without everyone having to store the data locally in their application.
Factom reveals that, every 15 minutes, pricing data for 3,000 of the most valuable U.S. stocks will be published and readily available via the Factom blockchain.
The company believes this project will enable developers to create a new layer of fintech applications. Factom says this platform will be one of the first times Wall Street has been tethered to a distributed ledger application.
Intrinio’s API Will Establish a Connection with Wall Street Data and Factom’s Blockchain Layer
Rachel Carpenter, CEO of Intrinio, believes there will be a significant paradigm shift when it comes to investors and developers harnessing Wall Street data. Carpenter claims that Intrinio’s developer-friendly APIs will enable businesses to prosper from this blockchain and Wall Street innovation.
Carpenter tells press:
The most promising Fintech entrepreneurs are typically restricted from the financial data market, due to both high prices and massive redistribution fees. Intrinio is changing that. We provide developer-friendly APIs that are affordable, for established firms and startups, and lead the industry when it comes to flexible terms. Zero redistribution fees mean developers can easily and quickly pull data through to end users. The applications of this flexibility can be seen in the diverse apps already being built with Intrinio data, and are particularly interesting for companies like Factom that are utilizing Blockchain technologies. Financial data has never before been stored or structured this way, so what we are witnessing is just the beginning. I’m eagerly anticipating the innovations we’ll see when you combine the power of flexible, affordable financial data APIs with the revolutionary nature of the Blockchain. It’s fundamentally changing the way investors see the market.
The two companies look forward to seeing what this technology will do for global market trading. Immutable and transparent data may bring more robust solutions of exchange, as well as ease-of-use for new traders. Factom and Intrinio hope that by putting Wall Street on a blockchain, other global exchanges will soon join the revolution.
Australia’s largest Stock Exchange, the Australian Securities Exchange (ASX) is also working with Blythe Masters’ Digital Asset Holdings on a similar project to put trade settlement on a blockchain.
What do you think about Factom and Intrinio putting pricing data for 3,000 Wall Street stocks on a blockchain? Let us know in the comments below.
Images courtesy of Shutterstock, Pixabay, Factom, Intrinio.
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