Factom is a distributed archive system used to store huge amounts of documents on the blockchain, functioning as a verification and validation layer. The core concept of Factom is to separate the data layer (authentications) from the value layer (such as the Bitcoin protocol which facilitates the transfer of the value) thus allowing anyone to legalize document security in a separate system. A system folder anchor is then registered on the Bitcoin blockchain, ensuring the immutability of the underlying data. Factom requires federated servers (node-like function), which perform all operations and anchor all information.
Factom makes it possible to authenticate data on the blockchain immutably. This could be a revolution for the mortgage industry, banks and audit firms, retail with big databases, studios that have huge catalogs like Warner Bros. and governments for their historical records. It simply allows to prove the existence of data in the blockchain. Soon, the team will also be able to demonstrate a negative result, that is to say, the non-existence of a datum during a period of time, or the modifications that have been made to this datum.
Factom tokens are called Factoids, or FCT. The main reason for the existence of FCT chips is the idea of scarcity. Anyone can enter data into the Factom layer because it is non-discriminatory. In order to limit spam, the shortage must come into play. Therefore, FCT adds a cost value to the rights to put data in the Factom protocol, as well as to ensure that there is no centralization.
Applications of Factom:
Factom protocol applications can be extended to a wide range of industries. Essentially, Factom can be applied to any business or industry that has a need to efficiently organize data and preserve its integrity. These applications include:
Mortgage sector: Factom has launched a solution called Factom Harmony with a focus on mortgage data for banks
Health Care: Grant Funding Through the Bill & Melinda Gates Foundation to Resolve One of the World's Most Urgent Problems - Keeping Medical Records That Are Safe, Easily Accessible and Reliable
Smart Cities in China: Factom has sealed two historic agreements in China. The first agreement is to provide data integrity services to iSoftStone, which has strategic planning for more than 80 smart cities in the country, and the other agreement with Ancun Zhengxin, a leading Chinese notary service.
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