The $192,380 prize money was except for the final phase of the Silicon Valley Innovation Program (SVIP). Factom hopes that by combining critical infrastructure like sensors and cameras with blockchain technology, it can assist to protect the authenticity and continuity of the data. When the project leverages blockchain technology, it “does not require the creation of blockchain-specific technology.”
The early phases of Factom’s work has informed architecture choices and design decisions inherent in integrating blockchain with existing technology. In Phase IV, Factom will deploy this technology in a realistic field environment with Customs and Border Protection (CBP) to understand its operational impacts.
S&T Identity Management Research and Development Program Manager
With the results of the beta test Factom will be able to access its impact in an outside environment. The idea is to imitate the conditions that US Border Patrol Agents conduct in that include limited internet connectivity and differing weather conditions.
Factom is aimed to demonstrate that IoT devices can be highly dependable from ground sensors and cameras and that the data they capture cannot be modified, spoofed or disrupted. If Factom prevails, they will produce a more commercially viable product available to the market.
Factom is not the only firm that sees a great possibility to secure data from smart devices using blockchain. In January 2017, Cisco, Bosch, the Bank of New York Mellon, Foxconn, Gemalto, and several blockchain startup companies, decided to work together to establish a similar system that leverage blockchain technology and IoT.