On January 3, 2009, at 18:15:05 GMT, Satoshi Nakamoto made history by mining the Bitcoin blockchain’s first block–known as the genesis block–for 50 BTC. Now, the Factom team hopes to make history again with the release of their own own genesis block, bringing new life to the original ledger.
Factom is a protocol and peer-to-peer network which maintains a data layer on top of the Bitcoin blockchain. Network files and applications are distilled to a single numerical hash value via Merkle trees, then inserted into the blockchain via a Bitcoin transaction. This allows a process known as proof of existence, wherein the authenticity of a file can later be determined by hashing again and comparing to the original.
Many applications of Factom have already been discovered and applied. It can be used to verify health records, property titles, and even other blockchains, all of which have their own distinct Factom chain. It’s conceivable that all public data will one day be hashed into the Bitcoin blockchain, an ultimate ledger forever preserved by the most powerful computer network