Factom Startup to Win US DHS Grant

A grant of will help to test the platform for the protection of data from surveillance cameras and sensors of the US Border Service
18 June 2018   842

The amount of received grant is almost $200k. This is reported by Coindesk.

The early phases of Factom's work has informed architecture choices and design decisions inherent in integrating blockchain with existing technologies. In Phase IV, Factom will deploy this technology in a realistic field environment with Customs and Border Protection (CBP) to understand its operational impacts.

Anil John

Identity Management Research and Development Program Manager, DHS Science and Technology Directorate

Based in Texas, Factom is working on a technology that allows to integrate data from cameras and sensors into the blockchain, ensuring their security and eliminating the possibility of third-party interference or their modification. The solution will be tested on a platform with limited access to the Internet and the possibility of changing weather conditions, which will allow testing it under different scenarios.

This is the fourth grant received by Factom from DHS within the framework of the Silicon Valley Innovation Program launched by the agency, which gives technology companies the opportunity to apply for funding in excess of $ 800,000 over a 2-year period.

In addition to Factom, another 22 companies are currently developing solutions for DHS. Their field of activity includes work on products in the field of the Internet of things, unmanned aerial complexes, cybersecurity for financial services, systems for assessing passenger flows and wearable technologies.

US Federal Reserve to Consider Digital USD Issue

If a some country or company issues digital money that is widely recognized, this could lead to the loss its status by the USD, fed official believes
17 October 2019   66

The US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system. This was stated by President of the Federal Reserve Bank of Dallas Rob Kaplan, reports CoinDesk.

In his opinion, if a foreign government or company issues digital money that is widely recognized, this could lead to the loss of the status of the world's reserve currency by the dollar.

On the eve of the previous chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also expressed concern that the re-issuance by other countries of national currencies in digital form could lead to the dollar losing its dominant role in the world. He called for the release of a digital dollar on the blockchain.

Bank of England Governor Mark Carney said earlier that a digital currency like Facebook’s Libra can replace the dollar as a global reserve currency.

The emergence of an attractive and viable alternative to the dollar will reduce demand for US government securities, Kaplan said. This will lead to an increase in interest rates by 100 basis points (1%), which will increase the cost of servicing public debt by $ 200 billion per year.

I still think for the foreseeable future, the dollar will be the world reserve currency, we’re able to refinance our debt at relatively low rates, but I don’t think we should take that for granted.

Rob Kaplan

President, Federal Reserve Bank of Dallas

Kaplan noted that countries subjected to sanctions or increased trade tariffs by the United States are working most actively on the digital alternative to the dollar.