Factom announces partnership with Bitsapphire

Announcements | May 15, 2015 By:

On Wednesday, May 13, Factom announced partnership wiith Bitsapphire to build an identity management system, targeted at financial institutions seeking more reliable KYC solutions.

“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,” said Factom president Peter Kirby.

According to Factom, the partnership will also be producing a data storage solution for municipalities in Bitsapphire’s homeland of Kosovo. Bitsapphire will be adding their unique KYC solution to Factom’s data recording product to test a new “anti-corruption” version.

Factom is a blockchain technology providing an unalterable record-keeping system. Bitsapphire is a platform where large amounts of data can be verified using the Blockchain.