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   435

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.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   95

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.