Last week The Factom Foundation released its latest project development news update. Factom is this year’s most awaited project in the cryptocurrency space. The concept behind Factom is a very innovative one since it enables company’s to use the technology without ever owning cryptocurrency.
Factom is a distributed, decentralized protocol running on top of Bitcoin. The software is open source, and anyone is free to use it for any purpose. The Factom network gives developers the tools to build a new generation of applications that use blockchain technology. Factom uses a data layer on top of the Bitcoin blockchain, the Factom’s distributed ledger technology securing millions of real-time records in the blockchain with a single hash.
Factom’s technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency while at the same time maintaining user privacy in an increasingly digital world. Factom is the first usable blockchain technology to solve real-world business problems by providing an unchangeable record-keeping system.
Why use Factom?
Unlike most databases, the blockchain is distributed across the Internet, making it