What is Factom and why should I care?

“We started Factom to build a more honest and transparent world. We take a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems.”

Peter Kirby- CEO Factom

Before I start this post I think it’s fair to say that at Coinpupil we have no ties to Factom aside from being invested in their token. If you haven’t heard of Factom yet then you will soon. Factom is changing the way we do business. The mission at Factom is to bring honesty and transparency to our world’s system. They do this by using the blockchain to keep identities and records more secure.

Factom gives the promise of  immutable records to trillion-dollar industries like  the mortgage industry, banks and audit records. Retail giants like Amazon and Walmart, studios with enormous catalogs of entertainment and governments for historical information. Because of their blockchain, Factom helps companies save millions upon millions of dollars due to user error or malicious hacking.

“Using Factom™ data-layer solutions will save your company time and money on auditing tasks that can keep your people from focusing on customers and big picture initiatives. Factom™ technology is also architected to integrate seamlessly with legacy systems so companies can apply a blockchain backend to secure almost any system.” (http://bit.ly/2vmmSCi)

Factom will grow because the companies who are not yet using their platform need it. As organizations rely more and more heavily on data for their decisions, protecting that data and being sure that it hasn’t been tampered with is vitally important. I see Factom making a huge impact on the finance and possibly healthcare industry. The promise of immutable records and a more secure database is one not too many companies will shy away from. As we become a more transparent, data filled society Factom will continue to rise.

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