Factom is the blockchain technology to solve real-world business problems It provides an unalterable record-keeping system. Factom’s distributed ledger technology secures millions of real-time records in the blockchain with a single hash using cryptographic isolation. Factom’s technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency, while at the same time maintaining user privacy in an increasingly digital world.
The idea for Factom grew in January 2014, while a conversation between Paul Snow (now CEO) and David Johnston (now Chairman of the Board) about how blockchains could support a form of distributed identity.Under six months of conversation it was progressed to the first Github commit, and within the first year both the Factom white paper and Version 0.1 were released. The first software tokens (Factoids) were sold in March 2015.A major part of Factom’s history has been their partnerships with major institutions, such as the government of Honduras (to secure the land deed record and avoid the problem of fraudulent and incorrect land title claims) and the Department of Homeland Security in the US (for securing Internet of Things devices).
The layering effect of security ensures the immutability of its blocks.
Factom also has built-in layers of redundant security that other blockchains do not offer.
The Factom Blockchain is orders of magnitude less expensive and has orders of magnitude more capacity for transaction volume.
The Factom blockchain offers is a theme tracking capability that helps those wishing to do large volumes of transactions. This enables the ability to chain together data you care about and forget the rest of the data set.
Factom’s data management tool for the mortgage industry. Harmony brings transparency and trust to a sector where, in the past, even major providers have been caught in fraudulent activity. Because of this Factom expects to continue growing. it offers a new range uses of the blockchain concept. Hopefully, Factom will fulfill all the hopes that they and their fans in the blockchain community have set out.
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