Factom blockchain to be implemented into Japanese social security system
If you noticed a surge in the price of Factom FCT and were wondering why, it's because of this news.
It looks like it hasn't hit mainstream yet so i thought i would share it with fellow Steemies.
This is not a copy and paste. It is written in my own words with my own research in the quest for due diligence.
I have no connection to any of the companies mentioned except for having just invested 0.2btc (it is all i had spare) in Factom on Poloniex.
Japans' Social Security system to implement Factom Blockchain.
Kaula Inc has announced that they are currently developing a blockchain solution for Japans social security system using the Factom blockchain.
The use of the Factom blockchain enables data to retain authenticity and is of benefit in providing tamper resistance of logs generated when the social security systems data is accessed, modified or deleted.
They have already completed Proof of Concept to confirm that the record management system can retain log record authenticity. Moving forward they will progress to experimental proof then applying the system to business applications.
Kaula Incorporated has partnered with Attris corporation in a joint development for this project.
Established by the founding members of Sun Microsystems Java.
In case you aren't aware, Java is on almost every pc, mobile phone, tablet, smart appliances and the majority of the internet of things is programmed in Java!
The Japanese social security implementation is the first of many possible use cases for this partnership. It seems that they intend to offer software as a service using Factom for documents and log records, loan records, securities and insurance contracts, and medical data.
Why I have picked Factom as a good long term investment
One of the strengths of Factom is it's versatility with relevance to supply chain and shipping companies like Amazon and DHL (paperless records) extending to finance and military applications. Any digitized information can be added to the block chain to provide proven authenticated records without the need for costly paper records and time consuming authentication.
Factom have already announced a partnership with HealthNautica to develop software that can prove the integrity of medical records while maintaining patient privacy. Building on this it opens a path for easily authenticated prescription services and insurance industry applications.
I'm really excited about the possibilities that Factom and other blockchain based companies present. I feel like this is definitely an industry that is leading us into a greater future.
Long term gains
Since November 2016 FCT has had gains of almost 2200% (thats an average 11% gain per day!)
Note that i haven't included the initial drop when the coin first listed.
About the Companies:
Attris Corporation specializes in providing advanced technology research for critical information systems in business, government, medicine and finance with a focus on providing business analysis and development of mission critical business applications. . It was established by the founding members of Sun Microsystems Java center in 2004.
Kaula Incorporated uses blockchain technology to develop services in record management, the 'internet of things' and other applications. They provide companies with the ability to restructure and reform to effectively in an evolving market.
They develop blockchain applications and system architecture in the fields of micropayments, security and data transparency incorporating Artificial Intelligence technologies.
In researching the company members i was able to ascertain that they have been active in the blockchain community in japan for a number of years at least with records of them as organizers of a block chain meetup group in Tokyo dating back to 2015.
This is not just a company that has jumped on the bandwagon. They have shown genuine interest and support (including monetary) for blockchain development with a real understanding of it's potential.
Kaula Inc is a member of the Enterprise Ethereum Alliance which includes members such as Microsoft, J.P. Morgan and Santander and a large number of other Fortune 500 companies.
[Kuala Inc Press Release June 13 2017] (https://kaula.jp/2017/06/13/kaula-atrris-factom/)
[Kaula Incorporated] (http://www.kaula.jp)
[Attris corporation] (http://www2.atrris.com)
[Enterprise Ethereum Alliance] https://entethalliance.org/
[News Article on Factom and kuala funding 2015] (https://bravenewcoin.com/news/kuala-innovations-injects-funds-into-factom-to-unlock-embedded-value/)
[Factom] (https://www.factom.com/)
Would love to hear some other opinions from everyone else here on steemit.
Maybe @kingscrown or @denismir0712 or one of the other crypto experts could go more in depth?