What is Factom?
Factom is a blockchain protocol that separates the immutability of blockchain technology from the currencies that are usually associated with it. Buy Factom (FCT) India. This makes Factom effortless and inexpensive for businesses to store data on the blockchain.In simple words, Factom is creating a range of products which changes the storage and sharing of data in the business environment. It aims to keep the data safe, honest and transparent.
Factom is aiming to solve three problems associated with the network of Bitcoin, which are:
- Speed — Bitcoin transactions speed has decreased in recent years. It usually takes 10 minutes for one confirmation. It becomes a painful experience when you have to wait for a total of 6 confirmation (a community standard).
- Cost — Bitcoin transaction fees have skyrocketed along with a decrease in the speed of transaction. Market analysts expect the trend to continue in the coming year as more and more people will join the network.
- Block Size — With block size restricted to 1 MB, the number of transactions possible per second is also restricted. A number of experts believe implementation of SegWit and Lightning Network will not be enough.
Storing data on the blockchain is cheap as compared to maintaining paper records. And it is more secure than traditional digital storage which remains vulnerable to tampering.
Factom in day-to-day life
On using Factom technologies, one can easily imagine a world where an individual’s personal medical records are secure. So, anyone who is not approved by you will not have access to them. Few experts even believe secure and fair vote casting from home is possible through the use of Factom.
The combination of Factom data layer with blockchain results in enormous amount of potential. It can provide security to financial documents and even keep personal identity data safe.
By deploying three types of proofs, Factom presents a platform which ensures safe and secure record keeping on a global level. The three types of proofs are as follows:
- Proof of Existence: a document existed in this format a certain time.
- Proof of Process: both the old and the new version of a document can co-exist in the system.
- and Proof of Audit: an updated document can be verified to have changed according to a set of rules.
The currency used by Factom is called Factoids.
What Factom Promises?
Factom is providing a new method of record keeping which is more secure than the widely used present methods. Hackers are targeting big corporate house more frequently than ever. Recent attacks on Sony, HBO and JP stole information worth over millions. In an era of vulnerable information, Factom is promising unmatched security and that too at a global level.
This method has a number of benefits. One of the important benefits of them is that it reduced the possibility of stealing of data (financial or personal). This, in turn, can wipe out fraud and corruption forever. There is scope to change the way we keep our medical documents and how we can implement a voting system across the world which would wipe out corruption.
Buy Factom (FCT) in India
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