Factom

Factom FCT

Centralized > Hierarchical org. structure
  • Document storage
  • Data storage
67 Rank
$50.53 Price
3.35% % 24h
-0.55% % 1h
$441,882,133 Mkt. Cap
$15,136,000 Vol. 24h
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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

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.

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