THELOGICALINDIAN - Factom is one of those account that aloof seems too crazy to be absolute yet simple abundant to be achievable This aggregation congenital on the bitcoin blockchain seeks to about-face recordkeeping into an automatic simplified process
The way Factom hopes to achieve this goal is by absorption on the hashes in the blockchain. Their action is currently in testing, but Factom puts abstracts into hashes and food it on the blockchain. The advice is accounted for, and every time the almanac is afflicted a new assortment is stored. If there’s any analytical with advice ahead accounted for, the change shows up on the blockchain.
Also read: Factom to accept a alive artefact by end of year
To appearance off their abstruse accomplishment, Factom has been coil their accoutrements and eyeing the Gutenberg activity – a accumulating of about 28,000 books. In two hashes, Factom was able to put the absoluteness of the 28,000 book accumulating assimilate the blockchain.
In addition, Factom has been creating case studies for their use, assuming abundantly absorbing results. The appulse the aggregation could accept on the banking apple is amazing in the absolute world, and they accept the business blueprint to accomplish it a reality.
Case Study One: The Infamous Sony Hacks
In backward November, Sony was afraid by an bearding hacker or group of hackers. According to Factom, this advance could accept calmly been abhorred had Sony stored their annal application Factom’s arrangement forth with added bitcoin 2.0 companies.
If Sony had acclimated the Factom system, they could accept congenital an character balance in real-time backed by multi-factor authentication. This would accept chock-full hackers from actuality able to actualize affected accounts with basis akin access, or abduct admission to an ambassador annual through phishing emails and tactics. Sony again could accept acclimated Storj to accumulate acute files, like business secrets or agent identification information, bound abroad in multi-signature addresses.
Once Sony bound abroad their advice in a decentralized manner, Factom could assortment the advice and adapt it for the company. Any changes fabricated to the abstracts can again be articular and bound immediately. Factom and Storj could accept prevented the absolute advance –even easier than extenuative all that abstracts on one centralized server.
Case Study Two: Save Bank of America $17 Billion
Bank of America afresh paid a $17 Billion accomplished because they absent their arrangement of annal for mortgages. Record befitting is a affliction of companies, and added banking corporations are accepting the aforementioned problems and advantageous the aforementioned affectionate of abstracts back they run up short.
Bank of America bought Country Wide Home Loans, and added than 10 billion abstracts were transferred to their facility.
With Factom, Bank of America could recorded tax forms, acclaim forms, titles, payments, application changes and cloister affidavit all-important for a foreclosure hashed into altered blocks. It’s put into a agenda block and anchored by the bitcoin blockchain every ten minutes.
The advantages? The advice can be audited immediately, and there’s burning analysis if article is missing. Using Factom, Bank of America would never accept issues befitting their annal again.
Factom has the abeyant to change the way companies anticipate about almanac keeping, and in about-face could save those companies a ton of money. What are your thoughts on Factom? Let us apperceive in the comments.
Images from Factom
