Factom FCT

$10.54
Market Cap $ 92.195 MM (#93)
24h Volume $ 66.098 K
Chg. 24h: 1.14%
Algo. score 3.6/5  (#111)
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Factom project purpose and description

Factom clarity of purpose

Factom purpose and aspects

Transparent public records, Unlimited data storage, Copyright proof, Counterfeiting documents impossible, Fraud resistant, No single point of failure. Auditing solutions, Identification, Prevents corrupt data, Near Field Communication (NFC) RFI Solution, Document Authentication

Factom categories

Document storageData storagePlatform

Short description

Factom is a system for securing millions of realtime records in the blockchain with a single hash. This gives you the tools to build applications with all of the security of the blockchain without the speed, cost, or size limitations. Our goal is to involve the Bitcoin and Crypto community to engage with us, look at our work, and collaborate with developers across the industry and beyond. Factom is a next generation platform for creating enterprise tools and applications using Blockchain technology. Factom allows you to build applications on top of the Bitcoin blockchain. Factom uses a simple API that lets you build projects that were not possible before while still harnessing the trust and security of the Blockchain.

Abstract

In today’s global economy trust is in rare supply. This lack of trust requires the devotion of a tremendous amount of resources to audit and verify records - reducing global efficiency, return on investment, and prosperity. Moreover, incidents such as the 2010 United States foreclosure crisis demonstrate that in addition to being inefficient, the current processes are also terribly inaccurate and prone to failure. Factom removes the need for blind trust by providing the world with the very first precise, verifiable, and immutable audit trail. In the past, records have been difficult to protect, challenging to synchronize, and impossible to truly verify because of the manual effort involved. Computers automated some of these tasks, but they are even harder to protect, synchronize, and verify because computer records are so easy to change. Authority is fragmented across innumerable independent systems. Blockchains provide a distributed mechanism to lock in data, making data verifiable and independently auditable. Bitcoin’s blockchain is the most trusted immutable data store in existence; however, it is not very useful for non-Bitcoin transactions. Factom gives businesses access to blockchain technology without getting bogged down in currencies.

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