Blockchain Startup Factom Receives $192K Grant From US Department Of Homeland Security

Blockchain, Investing, News | June 19, 2018 By:

The US Department of Homeland Security (DHS) Science and Technology Directorate (S&T) has awarded a $192,380 grant to blockchain startup Factom to support beta testing of a blockchain platform designed to secure Internet of Things (IoT) data.

Factom is a system for securing millions of realtime records in the blockchain with a single hash. It stores the world’s data on a decentralized system using blockchain technology for solutions in the mortgage industry, IoT device integrity, digital assets and database integrity. Using the immutability of blockchain, the company provides third party compliance, audit and due diligence certainty.

In June 2016, Factom was awarded $199,000 by the DHS to advance the security of digital identity for IoT devices. Titled “Blockchain Software to Prove Integrity of Captured Data From Border Devices,” Factom’s project combines blockchain with critical infrastructure, such as sensors and cameras, to protect the integrity and authenticity of data collected by these devices. The capabilities developed by this project integrate with existing IoT devices and does not require the creation of blockchain-specific technology.

The latest award is part of the fourth and final phase of the DHS’s Silicon Valley Innovation Program (SVIP), which allows tech companies to apply for $800,000 in funds over a 24-month period.

“The early phases of Factom’s work has informed architecture choices and design decisions inherent in integrating blockchain with existing technologies,” said Anil John, S&T Identity Management Research and Development Program Manager. “In Phase IV, Factom will deploy this technology in a realistic field environment with Customs and Border Protection (CBP) to understand its operational impacts.”

Factom’s project will be tested in an environment with limited Internet connectivity and variable weather conditions to gauge its performance in a live Border Patrol scenario. The goal is to demonstrate how IoT devices can maintain a high standard of reliability while eliminating the ability to spoof, modify or disrupt data from ground sensors and cameras. The end objective is to produce a commercially viable product ready to enter the market.

“Operational testing in a realistic US Border Patrol environment will greatly benefit the development of this technology,” said Melissa Ho, SVIP Managing Director. “SVIP’s goal is to partner with companies to produce the best possible market-ready products that address homeland security needs and we feel that this project could reach that point.”