Tradle and Factom have partnered to deliver connected, blockchain-based economies of scale. This collaboration will leverage Tradle’s supply chain model with Factom’s data layer on the blockchain to provide organizations in the finance, manufacturing, distribution, and wholesale industries with the efficient means of verifying processes and coordinating activities.
Also read: Factom And Tether Announce Partnership
David Johnston, Chairman of the Factom Foundation Board of Directors, commented on the partnership, stating:
“We are excited that Tradle has chosen Factom as one of the fundamental technologies it will leverage to build new blockchain based applications.”
Tradle CEO, Gene Vayngrib had the following to say:
“Our team spent substantial time researching the technologies and protocols available to build applications for these industries and the conclusion we reached is that Factom had a solid approach and architecture for publishing and securing general data to the blockchain.”
Factom is a blockchain technology innovating how organizations manage and record their transaction data. Businesses can now reliably look to Factom for decentralized record keeping using their API, without having to ensure their information is being stored in a compliant and private manner.
Because all the data managed by Factom is hashed (a process by which mathematical algorithms encode data into a different form), information such as names, addresses, transactions, and finances are impermeable. Only the person who sent the information into the Factom layer is aware of what data it contained; the result is an indistinguishable string of alphanumeric characters.
Tradle believes that keeping both the data and the location of the data private is essential to many business and consumer transactions. This also allows the Factom blockchain to achieve much higher throughput, which is especially important for Tradle in Financial and Industrial Internet use cases. Tradle complements Factom’s blockchain by providing data retrieval and validation on the client nodes.
Tradle’s mission is to externalize inventory, processing, and governance onto the blockchain to facilitate secure permissionless and frictionless commerce. By defragmenting the markets and leveling the playing field Tradle aims to achieve a much higher diversity of commerce with the enormous opportunities for entrepreneurs worldwide.
Existing technologies are failing to withstand cyber attacks on all types of Enterprises, from the financial sector to the entertainment industry. Tradle’s view is that the technology that is resilient to work outside the firewalls is the only way to reinforce the internal systems. With that view, Tradle has identified the core IT systems that will benefit from the pervasive deployment of blockchain-based technologies, like Factom.
Tradle is committed to decentralized open source technology and is building a network of partners, in the blockchain area, in professional services, in Enterprise education, and among the app developers in B2B, e-commerce and social media.
With Factom’s technology allowing businesses that want to build trust with users the capability to provide complete transparency and real time audit ability, this seems like the perfect collaborator for Tradle. What are your thoughts on this partnership?
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Entrepreneur living in Atlanta with an interest in the emerging decentralized economy.
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