Austin based blockchain system Factom has raised $4.2m in Series A funding led by Tim Draper. Factom is a non-currency project that uses the Bitcoin blockchain to provide “an unalterable record-keeping system” for enterprise. Aimed at businesses and governments, Factom secures records like supply chain management, medical records, property titles and many others.
Its main product, Factom Apollo, gathers data from various sources and encodes changes in real-time on a decentralized protocol, running on the Bitcoin blockchain. Designed to save auditing time, Apollo aims to streamline applications like tracking insurance claims data and financial trading. Another product, called Iris, aims to secure devices on the Internet of Things (IoT). It uses blockchain-based records to verify devices’ identity — avoiding the risks and expense of secure certificate authorities. Most prominently for Factom, the U.S. Department of Homeland Security uses Iris to run an IoT application.