Factiiv is a groundbreaking blockchain platform and one of the most important Web 3.0 solutions built by Lumen Spei. Establishing business credit has never been easier than now. With Factiiv, companies can build their business credit by simply connecting and interacting with businesses through their everyday activities.

Credit bureaus have reigned over the US credit industry for decades simply because they were the main source of trustworthy information. Still, errors are widespread in all their credit reports. With the use of blockchain technology, we changed the credit industry landscape for good. We eliminate the need for credit bureaus.

Lumen Spei built an innovative credit reporting platform on blockchain


The main challenges

Before we even designed the Factiiv platform, we needed to know exactly where to go with the app. Right from the start, we needed to define which problems we aim to solve with Factiiv and how we will eliminate the need for credit bureaus altogether.

When companies want their transactions to be reported to credit bureaus, that is done through an intermediary, a company that uses reporting to credit bureaus as their main selling point. These transactions are often inaccurately reported, thanks to intermediary companies and credit bureaus. Inaccurate data means lower credit scores, in most cases. This was the main issue we wanted to solve.

Building the entire platform on the blockchain was the primary idea – we want to respect users’ privacy, prevent data exploitation, and put users in control of their own credit reports.

Essentially, the entire endeavor was huge. We knew we were building an industry-altering solution, which pushed us to go outside the box many times. Important to say is – Factiiv is still under construction. We have created the MVP and continue to build upon it.

Another challenge we faced was tokenization. Creating the FACT token, building the community, and ensuring the token gets listed on all important exchanges are monumental challenges, and we decided to take them head-on.

One challenge our team is currently facing is the credit score algorithm. Credit bureaus like TransUnion, Experian, and Equifax have long ago created their credit score algorithms, which take a substantial amount of math operations in the background to accurately calculate the credit score. We are currently working on such a solution for the Factiiv platform, and we will post an update on this matter the moment we push it to production!

Now, several months after the first design was created, Factiiv represents more than just a platform – it’s a movement. We want our users to independently manage their business credit, create their credit reports and reputation reports, connect with other businesses, form partnerships, and so on. It all becomes possible with blockchain.

Users can build their credit history by themselves with Factiiv



To create the entire Factiiv platform, our team used Java EE, Spring Boot, and MariaDB for the backend, web3.js, ethers.js, and Express for the relayer, and React, web3.js, and ethers.js for frontend.

Factiiv enables users to create their reputation reports safely, securely, and accurately. Accordingly, we have created an algorithm for calculating reputation score, which credit lenders can use to get insight into how trustworthy a certain business is. These reputation reports can easily be shared publicly. To ensure users get the most out of a reputation report, every reputation report contains a reputation score, a list of previous transactions, and partnership ratings.

Factiiv offers users to create reputation report on blockchain


Rate partnerships with ease

In Factiiv’s partnerships module, users can create new partnerships with the companies they’re doing business with every day. In short, users can take an active role in building their credit history. They can describe every single partnership, rate it, and designate which type of partnership they want to create. Whether you want to record a purchase, lending, or selling of any kind of service or a product – you can do it independently!

Create new business partnerships on blockchain with Factiiv


Manage all reports and documents

In the Reports & documents section, users can add their own financial reports and documents. The same goes for documents generated by users on the Factiiv platform. This feature allows users to place their key financial information on the blockchain and ensure that all their confidential information is safely stored and accessible only through their own accounts.

Gather and view all your financial reports and documents in Factiiv blockchain platform

Another crucial feature we needed to enable was – the effortless sharing of user-generated financial reports through custom links and QR codes. When starting a new business partnership, you can easily share your reports created in Factiiv to start off new partnerships with a high level of trust. Lenders and creditors prefer working with trustworthy companies, and one way to prove this to them is by sharing your Factiiv-generated reports.

Factiiv allows users to share their financial reports through links and QR codes


Keep track of your transactions

Inside Factiiv’s transactions module, users can keep track of all of their transactions, filter their transactions, and view all their partnership ratings. This way, users know at all times the volume of their financial transactions every month.

Factiiv allows users to get insight into their complete transaction history


Factiiv’s referral system

Through Factiiv’s referral system, we enabled users to invite their business partners to join the platform and earn additional FACT tokens upon joining! Providing benefits for both users ensures that the platform can continue growing through simple word-of-mouth.

Users can invite their business partners to join Factiiv and earn FACT tokens


Users can control their finances with Factiiv wallet

Factiiv’s wallet functionality enables users to quickly overview their balance chart, view their entire transaction history, and buy FACT, the official token of the Factiiv platform.

Factiiv allows users to manage their finances with Factiiv wallet

As most of the target market isn’t fully acquainted with cryptocurrencies and the entire world of blockchain, we wanted to keep it as simple as possible. To make it easy for users to buy FACT tokens, we enabled them to buy FACT with fiat currency via credit cards.

Factiiv allows users to buy FACT token with credit cards and cryptocurrencies


You’re looking for a reliable Web 3.0 partner? 

Firstly, if you’d like to find out more about Factiiv, we encourage you to visit Factiiv’s official website and learn more about some incredible features.

At Lumen Spei, we strive to deliver only the highest-quality software, as our primary concern is customer satisfaction. With more than 15 years of hands-on experience in the software industry, we’ve had numerous chances to gain a deeper understanding of customers across various markets. We recognize blockchain as the future technology – and we want to play an active role in shaping it. 

Whatever digital solution you need, we’ll ensure that your customers stay as happy as possible and loyal to your brand experience. Reach out to us, and let’s talk about your ideas!