The Factom (FCT) Protocol — World’s first blockchain based data integrity platform used by U.S Department of Homeland Security
Bitcoin disrupted ‘currency and payments’ with a new kind of decentralized governance model, giving a new way to use digital currency and transact with each other without the need of a central authority. The fundamental technology that bitcoin used is called blockchain, which provided the basis for new decentralized disruptions in the ecosystem.
The early version of blockchain platforms were purely focused on currency and payments. The 2nd generation of blockchain platforms focused on taking the existing technology one step further, and providing a more open platform which extended the applications of blockchain beyond currency and payments, just like Ethereum. After the 2nd generation, the next trail of blockchain platforms focused on some of the key issues like scalability and privacy. This is where we started seeing many niche blockchain platforms that wanted to solve the core problems faced by the previous generation.
However if we look closely, blockchain has one fundamental application beyond currency and payments, and that is ‘security’. Blockchain provides a new distributed architecture which secures the public ledger of transactions, no matter what the cryptocurrency we are talking about. People have tried to make blockchain platforms more open, scalable and customizable but very few actually focused on its core application, i.e. security!
Just like blockchain can be used to initiate a transaction and secure a public ledger, why it cannot be used to secure your data on your local computer or on the cloud? Blockchain is the most secure system on the planet, then why enterprises use proprietary softwares instead of an open source blockchain platform catered to their specific needs? Well, Factom is here to do just that!
Factom Protocol — Data Integrity and Security
Factom Protocol is a blockchain platforms that isn’t made for regular transactions or smart contracts, but for data integrity and security. It brings the robust security of blockchain technology and make it available to companies and enterprises. Since its launch, Factom protocol has gained significant amounts of traction and is utilized by the U.S Department of Homeland Security and the Bill and Melinda Gates Foundation.
The protocol provides easy integration into legacy systems without the need to handle cryptocurrency. Factom protocol is completely open source, and strong set of companies are working actively towards its development making it the most powerful data integrity protocol for businesses and enterprises out there. It uses the same traditional decentralized governance model to secure the data and distributed it across the network.
According to their website, ‘By providing high throughput, low fixed cost, and secure data entry that easily integrates with your existing systems, the Factom protocol solves the data integrity needs of today. Using Blockchain technology, the Factom protocol enables efficient immutable publication of data, benefiting people and companies by providing a source of indisputable truth and verification to all parties.’
Factom platform has a native currency called FCT. As of September 2019, a single FCT is traded for $3.10 USD and has surpassed a total market cap of $30 Million USD and a daily 24h trading volume of just around quarter of a million dollars.
It is still in its early stages but Factom managed to secure a position in top 100 cryptocurrencies according to Coin Market Cap (CMC) because of its traction and fast paced enterprise adoption. We recommend Factom to any investor who is looking for an option which is cheaper at the moment but holds a lot of future value.