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Factom

Factom FCT

  • Document storage
  • Data storage
$16.53 Price
-10.35% % 24h
-2.08% % 1h
Score
$144,584,520 Mkt. Cap
$7,561,100 Vol. 24h
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Factom project purpose and description

Short description

We create products that transform the way organizations secure and share their data. Our products safeguard the most critical government, commercial, and non-profit systems.

Abstract

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.In this paper, we describe how Factom creates a distributed, autonomous protocol to cost effectively separate the Bitcoin blockchain from the Bitcoin cryptocurrency. We discuss client-defined Chains of Entries, client-side validation of Entries, a distributed consensus algorithm for recording Entries, and a blockchain anchoring approach for securiity.

Link to Roadmap: N/A
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