The Global Transparency Movement
“Factom removes the need for blind trust by providing the world with the very first precise, verifiable, and immutable audit trail.”
– Factom Whitepaper
Information + Resources
Factom is an Austin Texas-based blockchain project built on the Bitcoin blockchain’s OmniLayer protocol. It will soon will also use Ethereum blockchain to make the platform’s security more robust. Factom is fairly simple, it provides an immutable records system so that important information like government, school, and health records cannot be lost or altered – taking advantage of Bitcoin’s extremely powerful and mostly unhackable decentralized network.
The platform goes a lot farther by providing a sort of all-purpose information layer over the bitcoin blockchain, allowing all kinds of non-cryptocurrency applications from the financial to the public and entertainment sectors. This information “transaction” is handled by Factom’s FCT token to utilize Bitcoin’s raw power.
The company behind Factom aims to increase government or organization transparency by applying newer telecommunications ideas like distributed consensus and client-side validation. This will help keep governments in check so things like voting or public records cannot be tampered with without real consensus validation and clear paper trails. This will especially help in future networks where A.I. could forge or impersonate just about anything or anyone, as if trust in others isn’t low enough these days. This is exciting stuff, Factom has a lot of forward momentum and places like Dubai are already looking to adopt such kinds of systems to create “smart cities,” so expect Factom to catch a wave of demand sometime soon. Factom partnered with Honduras in 2015 in an experiment to help with land title corruption, but the project has since stalled. The company is building significant partnerships in China for land title databases as well.
Expect to hear more about Factom in due time, everything blockchain-related is early still and applications are mostly in development without much implementation. The team has about 38 members as of June 27, 2017. Their ethos seems really positive for reducing global corruption and bringing more people into a global participatory economy. I hope they preserve that moving forward as blockchain tech has massive potential but could just as well be monopolized, since implementation is fairly inaccessible, expensive, and experimental right now. This will change as economic efficiency via computer tech becomes radically more accessible as silicon chips get cheaper and blockchain tech is refined. As always, we’ll see where this takes us.
Future: Dat paradigm shift
Example of what permanent paper trails could prevent:
// Written June 27, 2017. Price at the time: $25.58 / FCT
// Edited Sept 27, 2017. Price at the time: $19.43 / FCT