Factom Outlines Record-Keeping Network That Utilises Bitcoin's Blockchain
A new white paper from the Factom team outlines a conceptual framework for a system that secures and proves the authenticity of records, documents or other important types of data that are later enshrined on the bitcoin blockchain. The concept of using the blockchain to cryptographically prove the 'truth' of a piece of information is one of the cornerstones of the crypto 2.0 movement, and the concept itself has been implemented in the past. Factom, however, proposes a new architecture that exists outside of the bitcoin network, but relies on the digital currency's globally distributed....
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Last week The Factom Foundation released its latest project development news update. Factom is this year's most awaited project in the cryptocurrency space. The concept behind Factom is a very innovative one since it enables company's to use the technology without ever owning cryptocurrency. Factom is a distributed, decentralized protocol running on top of Bitcoin. The software is open source, and anyone is free to use it for any purpose. The Factom network gives developers the tools to build a new generation of applications that use blockchain technology. Factom uses a data layer on top....
Factom is one of those ideas that just seems too crazy to be real, yet simple enough to be feasible. This company, built on the bitcoin blockchain, seeks to turn record-keeping into an automated, simplified process. The way Factom hopes to accomplish this goal is by focusing on the hashes in the blockchain. Their process is currently in testing, but Factom puts data into hashes and stores it on the blockchain. The information is accounted for, and every time the record is changed a new hash is stored. If there’s any tampering with information previously accounted for, the change shows up....
Factom is perhaps the most anticipated project in the cryptocurrency ecosystem for 2015. Factom promises to introduce new blockchain based software that will bring developers the tools to build a new generation of applications using the blockchain technology while making it available to every type of organization. Factom introduced the first functional blockchain technology that provides an unalterable and safe record-keeping system. By using another data layer on top of the Bitcoin blockchain, the Factom protocol can secure millions of real-time records in the blockchain with a single....
One of the cool things about the bitcoin blockchain is the amount of possibilities it entails. Bitcoin isn't just a financial asset; it's a piece of technology that changes everything. One company is building a business on record keeping by utilizing the blockchain. The company of focus is called Factom. Factom is am open-source Bitcoin 2.0 blockchain based company using the technology for non-monetary purposes. Also Read: Factom Whitepaper Released: New Service Leverages Bitcoin Blockchain. Factom and the Future of Blockchain Technology. There are so many possible problems with....
Factom has received $1.1m in new funding as part of an equity crowdsale hosted by crowdfunding service BnkToTheFuture. Billed as a data and record keeping layer for bitcoin, Factom had offered 7.8% equity toward a $700,000 minimum investment goal to be reached by 9:39am GMT today. The project ultimately exceeded this goal, drawing 323 investors; each providing an average contribution of roughly $3,400. Factom Foundation chairman David Johnston credited the positive perception of the company as a key factor in the raise, telling CoinDesk: "The community has been very supportive of Factom....