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Factom, Intrinio partner to bring US stock market data to blockchain
Factom, a blockchain-based data management solution, has partnered with Intrinio, a financial data and apps provider, to put Wall Street on the Factom blockchain, meaning that immutable US stock market data is now available to the world.
“Every 15 minutes the pricing data for the 3,000 most valuable US stocks are now being published into the Factom blockchain”, Factom said in an online post. “This is an exciting new development for the blockchain technology space as it will enable a whole new generation of fintech applications to be developed”.
Intrinio and Factom have taken it upon themselves to pull in interesting and important data sets as a public service. It offers an amazing way for applications to verify and audit the world’s financial systems with more transparency and confidence than ever before.
The data streams can be used by enterprising developers to enable smart contracts and audits. As the Factom system does not have the same core limitations that other blockchains experience around data size or the number of entries, the massive real world data sets are now open to a wider audience.
“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,” said David Johnston, Chairman at Factom Inc.
Founded in 2012, the Intrinio Data Marketplace provides investors and developers with instant, affordable and restriction-free access to a range of financial data sets including pricing, fundamentals, corporate actions, estimates, sector & industry, economic, news, bank data, metrics, ratios, forex, and much more.
Rachel Carpenter, CEO of Intrinio, said that the company provides developer-friendly APIs for established firms and startups, with zero redistribution fees, meaning developers can easily and quickly pull data through to end users. Carpenter anticipates a fundamental change in the way investors see the market as the power of flexible, affordable financial data APIs is combined with the revolutionary nature of the blockchain.
“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”, she said.