Factom strives to become a data and record keeping layer of Bitcoin. The project has received ample attention the world over, as the startup has even partnered with the Honduras government to work on a land title initiative and with USAA as an informal consultant. The startup released the genesis block of its protocol a few weeks ago.
The data on Factom is kept off block chain, and the protocol features its own distributed public data layer. Every ten minutes, Factom compiles the data in a merkle tree anchor and publishes it into the Bitcoin block chain.
When you think of Factom, it might help to become familiar with Project Gutenberg, which secures 30,000+ public domain digitized books. “[The Gutenberg Project] is an awesome opportunity to demonstrate how Factom technology can use the blockchain to permanently time-stamp documents in an immutable, distributed ledger,” Peter Kirby, CEO of Factom, says. In the Factom model, private information always remains private.
“Factom lets you publish a ‘hash’ of a document, like a permanent digital fingerprint of the document,” Kirby told CCN.
This fingerprint lets you validate and verify the document