“Factom was launched by Paul Snow in 2015, making it a bit older then other cryptocurrencies, but today has grown to have a team of over 30 experienced people. Factom’s idea is simple, to verify the integrity of data in the blockchain, creating an unalterable records system….”

Statistics

Coin Name: Factom
Token: FCT
Birth of project: 2015
Project Status: Active
Circulating Supply: 8,745,102 FCT
Validation: Proof-of-usage

Official Links

Official website: https://www.factom.com/
Official Wallet: https://docs.factom.com/#enterprise-wallet
Explorer: https://explorer.factom.com/
Other:

Introduction to Factom (FCT)

Factom was created by Paul Snow in June 2014, making it one of the oldest cryptocurrencies, but today has grown to have a team of over 30 experienced people. Factom’s idea is simple, to verify the integrity of data in the blockchain, creating an unalterable records system.

FCT has a protocol that registers information, and that registry can never be changed. FCT focus, therefore, on the protection and decentralization of information, while maintaining anonymity from users.

Factom checks who places the information on the blockchain, when that happened and what they put there, but it doesn’t check if what it was placed is correct or not. It’s a registry, not a cross-check of data. This seems ideal for public information that is necessary to be safely stored, like birth certificates or ID numbers, as well as ownership documents.

Businesses or governments that want to store data safely and immutably can use Factom. Unlike most other cryptos, FCT uses the Bitcoin blockchain, precisely because the information stored there is immutable.

By preserving the documents unchanged, Factom validates their authenticity. Let’s see the example of the Factom Harmony project, focusing on the mortgage industry, a co-work with Bill and Melinda Gates Foundation and the Department of Homeland Security, being the goal to attract banks to store their sensitive data.

Managing documents in a more effective way, a more transparent and secure process is created, locking everything in the blockchain, in what can be called the perfect digital vault for each process. Do note that this not only improves the relation between lenders and borrowers, but also makes easier for selling loans to other companies.

If a bank is selling debt to a debt collector, a huge audit and all the associated expenses would be necessary. If all of this was registered in Factom, this step would be safely skipped. The partnership with the Bill Gates foundation is extended to a project to track medical records in third world countries, solving the issues of record keeping in those countries.

The success of Factom will depend on the number of partnerships they can establish in the next years, as only that would make them progress and grow. If no partnerships and companies start use Factom, it will just remain as a good concept, with no utility.

This is a brief introduction to Factom, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!

4 Comments

  1. jaymish

    Great concept in my opinion. Most public registries have large amounts of data stored on them, I highly doubt they can manage this, we all know how governments operate(hint not very effectively).This is a good solution for data storage and I think should do quite well. They shouldn’t be a problem finding partnerships especially because they have specialized basically on this. They should try looking for partnerships in third world countries, that really need this solution.

    Reply
    • avsf

      I like the concept from Factom too, but like other cryptos with really practical ideas, I think this verification will just be an aspect from other more complex cryptos. Time will tell.

      Reply
  2. Martins

    Factom being the oldest cryptocurrency in existence till today shows how stable and trusted it is when it comes to ensuring how authentic data stored and handled. I definitely love the concept behind Factom and would probably suggest it to my company executive to check out the possibility of trying it out.

    Reply
    • avsf

      @Martins, Factom is not the oldest crypto, the first one was Bitcoin.

      It’s great to see some companies adopting Factom or any other crypto, it’s already happening.

      Reply

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