Blockchain technology company, Factom, which builds interfaces that plug into existing systems and enable interaction, has collaborated with financial data feed company, Intrinio to put Wall Street on the Factom blockchain.
Building reliable financial applications
The collaboration is said to enable data for the 3,000 most valuable US stocks to be published into the Factom blockchain every 15 minutes.
Factom claims, following this development, to have moved ahead of the majority of establishments within the blockchain industry. This claim is backed by the fact that it uses real data that is valuable and actionable, saying that enterprising developers can use these data streams to enable smart contracts and audits initially.
David Johnston, Chairman at Factom, says:
“Intrinio, in providing financial market data to Factom, has helped us build the foundational data sets for our users to audit their financial records. By publishing all these different stock prices on Factom, developers now have a reliable way to build their financial applications, and since the blockchain is stored forever on a distributed basis, this is a resource that grows every day and the wealth of past knowledge is always available to verify, without everyone having to store the data locally in their application.”
Enhancement of affordable APIs
Rachel Carpenter, CEO of Intrinio, says that the most promising Fintech entrepreneurs are typically restricted from the financial data market, due to both high prices and massive redistribution fees and her company, in collaboration with Factom, is out to change that situation.
She explains:
“We provide developer-friendly APIs that are affordable, for established firms and startups, and lead the industry when it comes to flexible terms. Zero redistribution fees mean developers can easily and quickly pull data through to end users.”
Carpenter says that the applications of this flexibility can be seen in the diverse apps already being built with Intrinio data, and are particularly interesting for companies like Factom that are utilizing Blockchain technologies.
She concludes:
“Financial data has never before been stored or structured this way, so what we are witnessing is just the beginning. I'm eagerly anticipating the innovations we'll see when you combine the power of flexible, affordable financial data APIs with the revolutionary nature of the Blockchain. It's fundamentally changing the way investors see the market."