Factom and Yooya 13 Dec 2018 07:09
The Board of AIM-traded FastForward Innovations Limited Company is pleased to announce that its investee company Yooya has announced today their adoption of the Factom® Harmony™ platform as their blockchain solution delivered through Wancloud, Factom's re-seller in China. This will deliver immutable recording and validation of the performance of online video content in China. FastForward has a current equity interest in Factom of 2.06% and an investment of US$6million under a SAFE Agreement (see terms as announced on 23 July 2018). FFWD owns 15% of Yooya.
China has the world's largest online video market, with nearly 610 million online video users on fifty competing online video platforms generating over 31.9 billion hours of video viewing per month. As such, validating actual traffic and performance data for online video is a growing problem for brands and advertisers alike.
Yooya has adopted the Factom® Harmony™ platform for its blockchain solution delivering highly transparent and data-centric solutions without the requirement for unwieldy new tokens, wild price fluctuations, specialized cryptocurrencies, proprietary wallets, or other similar overhead. Few, if any, other blockchains offer the scale required to keep up with Chinese media demand while also creating an efficient, decentralized digital media exchange. Harmony™, resold by Wancloud in China, is done with Factom in collaboration with strong economic benefits for both companies. This also allows Factom to now publish to the Factom® blockchain both inside and outside China.