Factom is a blockchain-based system that runs on top of Bitcoin. Factom is optimized to store millions of realtime records with a single hash. Factom allows companies to create immutable database, and they store database in their own blockchain, create a hash of that data, and store it in the bitcoin blockchain.
Factom is useful for all kinds of business apps, and they have got a huge contract with more than 25 smart cities in China. They are also working with other countries to create immutable database, which will allow government to secure their data. Factom had initially raised 5.3 million dollars in its Series A funding, but the company is so appealing that private investors were compelled to increase their investment in Factom. Factom raised a total of 8 million dollars in April 2017 from various high-profile investors, including Tim Draper, Stewart Title, and Bill Gates.
