That's absolutely mind-blowing: not the smart-contract thingie, but the trusted oracle. Auditable, trustworthy financial data: just think of what that could do for binary options!
Can you elaborate please?
Binary options are bets on financial instruments. Let's say I'm a gold bull and want to bet that gold will be above US$1,350 as of 5 PM ET next Tuesday. I can buy a "binary option" which essentially is a bet on gold being >$1,350 at 5PM ET August 2nd, 2016. If gold isn't above that level, I lose my bet. But if it is, I win the bet.
The way a binary option differs from a regular bet is the payoff amount. With a regular bet, I win the fixed bet amount. But with a binary option, I'd win the difference between the real price and my bet price. Example: if gold closed at $1,352.5 at that time, I'd win $2.50.
The binary option sector is a) huge b) widely regarded as scammy. Factom's financial-data Trusted Oracle could help clean up the industry or at least take away the smell to it.