Factom Inc. is a blockchain innovations company that aims to protect the distributed records, information and documents that have been challenging to synchronize. Around May 2018, Factom was built as an open-source, fully decentralized platform, and continues to offer and support new advancements and adaptations.
Factom Inc is built on the Factom blockchain for the derivation of data and integrity solutions that are built on the Factom blockchain. Factom helps its clients to build apps ready for a business that can safeguard evidence, demonstrate agreements, increase the transparency of the process, automate transactions, and streamline the audits. Factom provides all these facilities at a low cost which is a major advantage.
Advantages of Factom Blockchain API
The mortgage industry is complex with many moving pieces. Be it loan origination, servicing to compliance and auditing. An unalterable proof is necessary to indicate what happened when and by whom. The blockchain technology can prove the state of the user’s data, files, and their system by assuring its validity, integrity, and history of the provided information.
The Factom’s blockchain API integrates directly with the user’s existing software, which allows them to share, audit and exchange sensitive data and documents. Stored privately with the help of blockchain technology. Factom being an extensive platform reduces the accountability of lost documents, older or incomplete versions which on the whole reduces the review time and prevents disputes related to costs.
Factom’s unique model of developing individual data chain stimulates existing record-keeping models. The Factom system directly integrates the user’s application, data or documents that are shared through a simple API. These capabilities make Factom economically feasible for audits, service transfers, and UW submissions.
Factom Can Solve IoT Security Problems
For issues related to the Internet of Things (IoT) such as raw data, undisclosed surveillance, and attempts of hacking, there is a major need to cope with these issues as of now.
By constructing identity management capabilities into the core blockchain protocol, Factom aims to solve common IoT security problems. Factom creates an identity chain for users or groups of users or any devices or system resources. The process works in a manner where one identity chain can have attributes that are assigned to them and further can assign an attribute to another and so on. Each identity can be accessed through a set of keys that is exclusively given to the user which can further limit access to specific devices or entities.
Factom Making Healthcare Better
Along with these, Factom is also working in the healthcare sector making it better with the advancements. Factom has developed a portable medical wallet for the Bill and Melinda Gates Foundation that keeps the records of the patient’s medical information private on the blockchain. Each healthcare record can be secured and transported amongst clinics and the owner can be assured of the record’s integrity.
Factom was built to make the blockchain technology economically feasible, and easier to use. Factom creates software that makes it possible to change the past and solve problems related to audit and business. It primarily aims to build a better honest and transparent world.