FPT and Factom Announce Global Partnership

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FPT Software, one of the largest Vietnamese IT companies, and Factom, a Texas-based blockchain-as-a-service company, have announced a strategic partnership. 

Blockchain-as-a-service (BaaS) refers to any product that utilizes distributed ledger technology for a specific use case, such as storing data.  FPT Software hopes to integrate blockchain technology to enhance their Digital and Product Engineering.  

Factom is a leading blockchain integrator for companies.  The Factom Harmony platform provides a blockchain-based document storage system that is both immutable and transparent. 

Storing vital documents within a blockchain ensures that the information contained in those documents cannot be tampered with.  It also ensures that a record of all documents saved on the system will be accessible in the event of an audit.    

FPT and Factom plan on working together to offer a Blockchain Technology Platform through Factom Harmony that will deliver solutions to customer’s business needs by allowing space for innovation through workshops.

FPT and Factom are clearly confident in the marketability of practical Blockchain solutions.  FPT plans on working with Factom to train FPT employees in Factom technology to assist in the integration blockchain technology into existing client systems. 

Phuong Dang, CEO of FPT Software US, said,

“We are looking forward to collaborating with such an experienced and progressive partner like Factom.  Their technology platform will enable us to deliver a superior experience to our customers by delivering cutting-edge differentiating Blockchain solutions.  With Factom’s Blockchain platform Harmony and FPT Services we will enhance operational efficiency and effectiveness for our clients in no time.  This is a testimony to our global talent pool and technology strengths.”

Paul Snow, CEO of Factom, said,

“The partnership between Factom and FPT is a valuable opportunity to showcase the practical use and applications for Blockchain technology on an Enterprise scale.  FPT and Factom share a vision of the future when Blockchain-as-a-Service is available to all companies looking to preserve, ensure and validate their data or decisions.”

As more and more people and institutions begin to recognize the multitude of potential applications for blockchain technology, we have seen many forward-thinking and tech-savvy entrepreneurs and corporations integrating various aspects of blockchain into their business.

One important effect that this has is to distinguish blockchain as a technological innovation from blockchain-based digital currencies.  To continue along the path of widespread adoption, blockchain must prove that it has applications outside of finance.  If not, then society’s perception of the value of this technology will be tied to the market price of virtual currencies.

If, however, blockchain is able to fit itself into many different facets of life, then it will cease to be limited by its use in fin-tech, and will be perceived as useful in and of itself, outside the digital asset market.