Building New Fintech Solutions with Blockchain
Rongdu and Factom signed an agreement to begin integrating Factom’s distributed data layer with Rongdu’s Fintech solutions. Factom will provide an application interface, data storage, and validation services for Rongdu’s blockchain implementation. This integration will provide a blockchain backend for Rongdu’s existing software architecture. The marriage of these two technologies will extend the inherent transparency and auditability of a blockchain to Rongdu’s financial tools.
Blockchain is the underlying technology that enables digital currencies, such as Bitcoin to thrive. It maintains a continuously-growing list of data records hardened against tampering and revision. As a result of its transparency and immutability, blockchain technology has peaked the interest of governments and financial institutions. Many are experimenting across a wide range of use cases, including smart contracts, securities trading, e-commerce, social networking, proof of identity, crowdfunding, and many more.
Fintech has become a hot topic in recent years as well. Many financial institutions are investing heavily in this growing field to expand their product offering, comply with tightening regulation, and hedge against the onslaught of new fintech startups that are seeking to take market share. The merger of blockchain and traditional fintech may lead to new revenue sources, added security, and better auditability.
Rongdu is capitalizing on the paradigm shift in data integrity unlocked by the Factom data layer. This new type of truth engine will empower their systems with a “trusted rail” for their data. Once Rongdu has validated their data within their system and anchored it within Factom, the data can never be erased without leaving an audit trail. In effect, they create a permanent, yet transparent record of all the information within their system. They expect to lower their auditing costs while keeping their customer’s private data private.
About Rongdu Rongdu provides digital financial solutions to enterprises and is known for having introduced Fintech systems in China. Their innovative approach has marked them as a leader in the fintech industry. Rongdu has partnerships with more than 1000 well-known enterprises and their customers include banks, fund securities institutions, leasing companies, guarantee companies, and many more within the financial industry. Visit erongdu.com to find out more.
About Factom Inc. Factom Inc. is at the forefront of the blockchain revolution. Governments and corporations will find Factom to be a relevant solution to many pressing data security problems. The Factom data layer integrates into existing systems and makes them immutable, extending the transparency inherent within a blockchain, validated by math. Governments and corporations can now create a new level of trust and transparency with real-world implications. For more information on Factom, visit us at factom.com.