Factom Wins Homeland Security Award To Develop Blockchain-Based Anti-Fraud System
The Department of Homeland Security Award (DHS) Science and Technology Directorate(S&T) has awarded Factom Inc a grant of $197,292 to develop a blockchain-based anti-fraud system
The Texas-based company got the award to help in developing a blockchain network system that would give agencies the capacity to detect and carry out investigations against illegal imports.
According to the correspondent of the report, S&T are looking to explore the blockchain system network and distributed ledger technology (DLT) for issuing out credentials via digital means, strengthening security and ensuring interoperability which would help fight against fraud.
However, this award is the second in place for Fatcom, Inc. from the DHS SVIP. The first being issued in 2016 and focused on making use of the blockchain network for data security which was primarily designed for the U.S. Border Patrol’s sensors and cameras to detect tampering, deletion, as well as spoofing.
As it stands, Factom will have to continually partner to sort out the internet of things (IoT) security technology at the scale of production.
As further explained, the award for the Phase 1 project is centered on applying the use of Cross-Blockchain Technology for fraudulence on forgery and counterfeiting as well as licensing.
This should further create a platform that will enable organizations to manage licenses and certification that links with the monitoring of importation of raw materials with an open system that can guarantee the authenticity of the credentials provided by the importer.
With this approach, mechanisms will be set in place to provide the needed business constraint to make sure regulations are strictly followed.
This will also make sure that the selective guidelines are not abused as it definitely should showcase accountability, efficiency, transparency, and audibility.
Simply put, Factom is addressing the technicality problems related to global businesses and is aiding interoperability.
This is by adapting the already existing Harmony products to support the emergence of World Wide Web Consortium standards like the decentralized identifiers and credentials, albeit verified.