Factom is a giant database that provides one single permanent document catalog, where anyone can input data directly on the blockchain. It identifies and stores details about a transaction permanently, using blockchain for data management and security. Values and verification processes are recorded on the Factom blockchain. Transactions and such are cryptographically saved unallowing them to ever be changed. It’s basically one huge distributed ledger where things can be written but never unwritten. This blockchain technology company is US based, in Austin, Texas. Factom was founded in 2014, by Paul Snow and David Johnston. Factom can avoid critical failures due to user error or hackers because of its decentralizing the data through the blockchain. It has the capability to greatly reduce costs but also the difficulty when dealing with audit trails, managing records or complying with the governments regulations.
Factom has only 9 million coins, and when more people use it the factoids are burned.
The US Department of Security has already donated 199,000 to Factom to contribute to the security of digital identity for IoT devices. A little about in the scheme of things, but A LOT of money to be distributed by a branch of the federal government. So far Factom has proven to be credible. Factom may very well have the power to take out notaries - such as uber and lyft did taxis. The need for verification is unnecessary because it’s originality is documented if ever put on the Factom blockchain.
This will allow things to remain credible because they will be easily verifiable because of the fact once you put something on it, you aren’t able to change or delete it. Period.
I LOVE FACTOM
not investment advice
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