Blockchain provider Factom Inc. and financial analysis platform developer Intrinio have announced that they are working on a joint project with the aim of storing Wall Street data on the Factom blockchain. Every 15 minutes, the pricing data for the 3,000 most valuable US stocks are now being published into the Factom blockchain, providing not only an immutable record of the data but also allowing fintech applications to be developed around it.
Developers can use these data streams to enable smart contracts and audits open these massive real world data sets to a wider audience. The Intrinio and Factom teams are publishing what they deem interesting and important data sets as a public service. It presents a new way for applications to verify and audit the world’s financial systems with more transparency and confidence than previously.
Chairman of Factom Inc., David Johnston said: “Intrinio is providing financial market data to Factom helping 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,”
Rachel Carpenter, CEO of Intrinio, stated: “The most promising Fintech entrepreneurs are typically restricted from the financial data market, due to both high prices and massive redistribution fees. Intrinio is changing that. 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. 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. 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.”