An introduction to Factom
Factom use cases
What is Factom?
It is the first usable blockchain technology, which focuses on resolving real world business problems. They are doing so by providing an unalterable record keeping system of transactions. Fatcom creates a data layer on top of Bitcoin blockchain, which is a ledger technology that can secure millions of real time records, with a simple hash using cryptographic isolation technology. Now, governments and businesses can use Factom to keep their documentations in check. These documents cannot be modified, backdated, or deleted once on the server. Factom is using technology to withdraw record keeping, by making sure that the stored data’s integrity stays intact. The idea is to offer complete transparency, while making sure that user privacy is maintained in the digital world.
In simple words Fatcom is a decentralized, distributed protocol that runs over Bitcoin. Which is why no-one can control it, as it is a software that is used to make sure the protocol is working. It is an open source software, and anyone can access or audit its services. Fatcom also works as a building tool, and can be used to generate new applications, that can be used for other reasons, not just securing data.
If you are using an application that requires a central server to systematize processes, you might have a chance of eliminating the central server in the benefits of using Factom. Unlike that other databases, the blockchain has been shared widely across the internet; so it will be impossible to even try to shut it down. On one hand bitcoin blockchain is a simple record of transactions, whereas Factom can store any type of data. This is why Factom is seen as an ideal performer in various applications, which include medical records, financial systems, voting system, supply chain management, legal applications, property titles, and much more.
When looking at the funding rounds we can see that:
In October, 2016 there was a $4.2 million investment, October 2015 saw a $400k investment, June 2015 saw a $1 Million investment, and April 2015 saw a $140k investment.
As you know the Factom stores information in their own blockcain servers, which then mixes the data, and stores it into the bitcoin blockchain. Factom is working on adding similar services to other digital currencies such as Ethereum and other blockchain corporations to add extra protection.
After their contract with 20 cities in China, they are working along with other countries to help create an immutable data base. This technology will help governments to secure their data, and stream line it at the same time.