Factom is a cryptocurrency which works on data integrity and promotes honesty and transparency in the world. It is data layer protocol which is built on top of the Bitcoin and is open-source. Thus, people can make applications on the Bitcoins blockchain with the help of Factom.
Bitcoin blockchain is considered one of the safest and immutable platforms for financial transactions and Factom uses these advantages of Bitcoin for evolving into a better platform.
The man motive of Factom is to maintain transparency so if something is recorded on the Factom platform stays forever without any changes in it. It becomes irreversible and cannot be changed. This makes it a trusted database against which any copy can be verified again and again without any chances of error.
Factom helps in providing scalable blockchain technology for handing and sorting complex data. Its top clients include the Melinda Gates Foundation and the U.S. Department of Homeland security. It not only handles, preserves and ensures the digital assets but also validates them.
Factom platform is governed by FCT (factoids) and are traded in the cryptocurrency market like all other cryptocurrencies. FCT link the Factom to the Bitcoin blockchain by securing data.
Future of Factom
Factom platform is an easy way of using the advantages of the Bitcoin blockchain without buying the Bitcoin cryptocurrency. Factom opens up the Bitcoin platform for a wide range of services and used in the real world.
Factom can be used for medical records, legal applications, security systems, voting systems, Journaling applications, statistical compilations and every other application which needs data integrity.
Some of the popular uses of Factom already in use are:
- Iris: the Factom Iris is a tool which is used for tracking the identity of IoT things.
- Harmony: Factom Harmony solves the problem related to the mortgage industry in the entire world by keeping a clean record of all the properties.
- Apollo: Factom Apollo is a tool developed for providing an all-time solution for auditing services.
- 4. dLoc SMARTRAC: Factom dLoc SMARTRAC is a verification and authentication tool.