Factom is a blockchain protocol that aims to make it cheaper and easier for companies to store data on a blockchain. It is useful for businesses working with medical records; for example, different users can easily audit all stored documents. However, the documents remain safely stored and secured within the blockchain, avoiding unpractical paper records or digital ones that could easily be hacked.
The technology focuses on resolving three problems that are usually associated with the Bitcoin network:
-- The slow speed; at least 10 minutes to obtain 6 confirmations to process a transaction
-- The high fees
--The difficulties generated by the 1MB block size resulting in scalability issues
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