THELOGICALINDIAN - Factom the startup which believes the use cases of the Bitcoin blockchain extend far above banking annal and into annal of all types has appear an aboriginal alive adaptation of their abstraction which currently alone runs on the Bitcoin testnet
After a contempo accord was addled with Honduras, area acreage appellation anthology is a abiding challenge, the aggregation has had a flurry of announcements, including a accord with Coinapult and a acknowledged crowdfunding campaign on Bnk to the Future. The attack has aloft added than $1 million, before its ambition with a few canicule to go.
Also read: Exclusive Interview With Factom CEO Peter Kirby
“Blockchain” is still a new chat in the all-around lexicon, and few bodies accept what it agency or what it’s declared to mean. It’s become commonplace to apprehend of above investments in new “blockchain” ventures, with 2024 before 2024’s advance numbers aloof center through the year. Governments, allowance companies, banks, and others accept articular the amount of the blockchain and are gluttonous to advantage it to cut costs.
Factom provides alike added avenues to leveraging the blockchain but differs from others in its category, as it seeks to use the Bitcoin blockchain, which is the best defended blockchain in the world. There are competitors who accept developed “coin agnostic” solutions which crave no bill at all, with some alike blame for solutions which do not crave “mining,” the cryptographic action which ensures authority and accurateness of the capacity of a the database.
In the words of Factom CEO Peter Kirby,
The Advantages Of Factom
The advantages of Factom do not lie in the actuality that it is decentralized, as a aggregation adulatory to advance it charge run servers. However, added accurateness in almanac befitting can save exponential sums of money back acclimated properly. Large warehouses disturbing with agent annexation and malfeasance, for instance, could accomplish abundant use of an abiding ledger. Accuracy makes it all the added difficult for bribery to appear at any date in the accumulation chain, and speaking of transparency, a arrangement like Factom would be ideal in a voting situation.
Factom excels at streamlining the accomplishment appropriate by companies to advance their almanac befitting and administration processes by attached the credibility of abortion and abbreviation all-important steps. Their eyes is actually for a few curve of cipher to accredit organization-wide changes, dressmaking the Factom belvedere to bung into bequest systems rather than ambitious the opposite. This is conceivably why so abounding investors accept apparent fit to assurance their funds with Factom, in the acceptance that they will in about-face acquisition a bazaar able-bodied in charge of them.
Although, they will not be abandoned in this market. At atomic one austere adversary was afresh acquired by Blythe Masters, HyperLedger. This aggregation is not necessarily bedeviled on accepting the Bitcoin agreement represented in its accomplished product, but it is aggressive in the aforementioned space.
The advantage that Factom has over others is that it is application the oldest, best trusted blockchain to verify its the capacity of databases congenital about it. The Bitcoin blockchain is by far the longest, with the best cryptographic aegis acicular at it, in the world. It is accordingly the atomic acceptable to disappear, with accordant timestamp advice activity with it.
Exploring Factom And Factoids
The applications of Factom go above bald almanac befitting and asset management. Factom could acquisition uses in copyright, educational, and acknowledged law settings. Governments accept already begin uses for the technology, and their applications will acceptable abide to be discovered. Countries with va
st populations could accomplish use of Factom in taxation and demography endeavors, alike acid the amount of the closing by an acute degree. Imagine adaptable accessories communicating with Factom servers, afterlight abiding annal and acid absolute stages out of abstracts access processes.
Factom has additionally created a badge for its platform, alleged the Factoid, which will be accessible to acquirement Factom services. Aboriginal investors accept had the befalling to buy Factoids for months now, and with the release of the beta client the units will be traded on ShapeShift.io and Cryptsy, two of the top altcoin exchanges. Some aboriginal investors were cogent abundant action at time of writing, with one saying, “I’ve never acquainted so abundant abeyant in an altcoin acquirement before.”
Factom actual abundant embodies the contempo accepted acumen that the “blockchain is brilliant.” Its massive beachcomber of advance is adumbrative of this. Interested parties still accept a few canicule to advance in Factom’s public allotment round, application Bitcoin or StartCoin or acceptable acquittal methods as well.
Image from Factom
