The Factom project recently raised more than €1 million in the investment round. Alexey Tereschenko asked Chairman of Factom Project David A. Johnston four short questions about the perspectives of the company.
The company finished the round on 23 of July and gathered more than €1 million.
CoinFox: Did you expect such a success with the investment?
Johnston: We are glad to see the support the investment community has shown Factom Inc. and our mission for bringing blockchain technology to enterprise businesses
CoinFox: Are you planning to attract more investors in the near future?
Johnston: Factom Inc. is always building relationships with strategic investors, however we do not currently have another funding round planned for 2015.
CoinFox: How do you see the role of your sidechain in the cryptocurrency ecosystem?
Johnston: Speaking from the perspective of the Factom Foundation and open source technology we see Factom as a means of scaling up usage of the blockchain for securing and auditing large amounts of data without flooding the blockchain with too many extra transactions.
Coinfox: Could you say a few words about the project you completed for the Honduran government or about any similar initiatives?
Johnston: The project with Honduras is still in an early stage and we are hopeful that our work can provide a new path for governments to secure their people's land titles in a fully audit able and tamper proof way.
Factom is a data layer built on top of the bitcoin blockchain to record and securely store data using the blockchain technology. The data layer can be used for financial record-keeping by businesses and for a wide range of other purposes like medical records, voting systems, property titles, and legal applications.
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Two UK-based organisations, Innovate Finance and Hartree, in collaboration with IBM and with the support of the UK government open a lab to research the public ledger technology behind the bitcoin digital currency. The founders hope to move the blockchain one step closer to mass adoption.
