Factom These trailblazers transform the way enterprises manage secure data with Factom, ensuring that privacy remains intact, and issues like forgery and fraud are relegated to history.
With the addition of Factom's open-source data layer, vast amounts of records can be compacted into a single blockchain hash, providing unparalleled tools for conducting real-time audits.
'The inception of Factom was driven by the ambition to foster a transparent world. Our method is straightforward: develop software that locks the past and address significant business challenges,' shared Peter Kirby, CEO.
Our comprehensive beginner's guide to Factom unveils the potential this blockchain-based marvel holds for businesses and what this could signify for their future strategies.
The Threat of Centralized Databases and Cyber Attacks
Critical information housed in centralized databases is at the mercy of trusted parties and becomes an attractive target for hackers, leaving organizational data dangerously exposed. Although the Bitcoin blockchain offers an exemplary, secure method for record retention, its capacity limitations in speed and storage size impede the management of extensive records.
A security breach in a centralized database unveils all sensitive personal and professional data, exposing everything from confidential emails to social security details and sensitive business deals to financial data.
Factom locks out unauthorized access completely, fortifying entry points with identity ledgers and multi-factor authentication that prevent any malicious root access to corporate records or the creation of fraudulent admin accounts.
Securing Information with Decentralized Databases
Employing a decentralized database with encrypted storage end-to-end, Factom scatters records across separate secured containers rather than consolidating in one. Selective access allocation restricts availability to authorized individuals, with Factom diligently monitoring permissions to swiftly address and remedy any modifications.
Linking into the Bitcoin blockchain at the Factom data level, cryptographically secure records are disseminated across myriad global nodes, ensuring system resilience against singular server failures, enhancing security further.
Who can use Factom?
As an open-source frontier, Factom empowers developers to construct transparent and secure systems on blockchain technology that preserves the integrity of records eternally. Utilization incurs a minimal cryptocurrency fee in factoids, mitigating mass spam entries into the ecosystem.
How Might Factom Integrate into Everyday Practices?
Through Factom's technological innovations, we can envision a future where your medical data is confidential yet accessible solely to trusted physicians, and voting in elections can be securely conducted via mobile devices.
The possibilities with Factom's data layer and blockchain are far-reaching, potentially reshaping how we manage financial, identity, and real estate documents securely.
Factom delivers a robust platform for building globally secure record-keeping systems with three assurance types:
- Proof of Existence: Affirms a document's presence at a specific moment in its current state.
- Proof of Process: Verifies a document's status and its connection to newly updated versions.
- Proof of Audit: Confirms an altered document has been modified under predetermined criteria.
The Team Behind Factom
Based in Austin, Texas, Factom operates internationally from additional sites in Shanghai, Beijing, Honduras, London, and Sunnyvale, CA, ensuring they meet the demands of their global clientele.
Factom's conceptual roots trace back to a 2014 dialog between Chief Architect Paul Snow and Board Chairman David Johnston, inspiring a mission to champion transparency through their software offerings.
Beyond this, they cultivate a workplace ethos that acknowledges team strength, fostering a dedicated workforce poised to steer the future.
'Factom's workplace culture inspires employees to become their best selves. Our people are our greatest asset,' states Abhi Dobhal, VP of Business Development.
In June 2016, Factom launched a groundbreaking endeavor with the US Department of Homeland Security titled 'Blockchain Software to Verify Integrity of Data from Border Devices,' concentrated on fortifying digital identity security for IoT devices.
ICO details
Factom initiated its ICO on March 31, 2015, witnessing the immediate purchase of over a million tokens via Bitcoin in its inaugural 24 hours.
Bitcoin disbursement for Factom occurs in 33% segments. The initial batch became available upon reaching Milestone 1, a subsequent release followed Milestone 2, with the rest due post-Milestone 3.
The Factom ICO amassed 2,278 Bitcoin, equating to $1.1 million USD (valued at ICO time), from a participant pool of 323.
Factoids Currency ( FCT )
Factom's currency, dubbed Factoids, originally priced near 12 cents, climbed to approximately $25 per FCT (reported on September 4, 2017), with a peak value reaching $33. You can purchase FCT from exchanges like Poloniex and Bittrex. Users can generate an address and procure the Factom Federation wallet for secure storage at the official website here.
Conclusion
By overhauling conventional systems, Factom is not only revolutionizing data storage but also its defense, permitting unprecedented longevity. With cyber-attacks on corporations such as Sony, Target, and JPMorganChase rising, data's vulnerability grows in parallel.
Adopting a decentralized model buttressed by blockchain technology, business records acquire a safeguard without the usual risks. Cryptocurrency use grants enterprises absolute control over system-hashed records, while Factom's routine assessments promptly pinpoint any security anomalies, initiating immediate alerts.
Factom aspires to more than successful product creation; it's a quest to instill honesty in record storage—potentially revolutionizing contemporary business operations. Moreover, Factom's data layer, coupled with blockchain innovations, promises extensive application across diverse sectors, directly impacting our personal lives.
This record-keeping methodology may significantly diminish identity and financial document theft risks, potentially eradicating fraud and corruption altogether. It opens avenues to reform how medical records are managed and global voting systems instituted, making deception obsolete.
Products by Factom can effectively neutralize the threat posed by hackers, working towards a safer, more trust-filled global environment.
Our assessment is that Factom holds significant potential to tackle real-world issues around data permanence and trust, offering large-scale practical solutions.
