Factom Win Grant from U.S. Homeland Security

Factom Win Grant from U.S. Homeland Security

The Department of U.S. Homeland Security’s Science and Technology Directorate (S&T) have awarded blockchain innovators Factom a grant worth $197,292 to create a security system to detect fraud relating to imports. The news follows the Department’s request last year for blockchain solutions pertaining to “Preventing forgery and counterfeiting of certificates and licenses.”

The Factom platform will ensure “…the provenance of issued credentials” and “…allow for the selective disclosure of process-relevant information and improving auditability, accountability, transparency and efficiency.”

Operational Impacts in the Field

Founded in 2014 in Austin, Texas, Factom was initially conceived as an enterprise-grade blockchain layer and sought to address scalability issues on the Bitcoin blockchain. They released their native Factoid (FCT) token in 2015 and during the pre-sale over a million tokens were sold in under 24 hours.

The Department of Homeland Security (DHS) have previously recognised Factom’s potential and have established a traceable level of working co-operation.

Factom received their first award from S&T’s Silicon Valley Innovation Program (SVIP) in 2016 to develop a blockchain solution to advance security of digital identity for Internet of Things (IoT) devices for the U.S. Border Patrol.

A further grant was made in 2018 and at the time, Anil John, S&T’s Management Research and Development Program Manager, stated that “…Factom will deploy this technology in a realistic field environment with Customs and Border Protection (CBP) to understand its operational impacts.”

If Factom prove successful during the latest trial they will have the opportunity to receive additional funding up to $800,000 in total to “…develop and adapt commercial technologies for homeland security use cases.”