Review on Factom by Fanuel PORPORTY
FACTOM, store data that can never be altered in order to guarantee an irrefutable authenticity.
Factom is a protocol that separates the immutability of blockchain technology from the parts that are generally linked to this blockchain. This makes things easier and less expensive for companies that want to store data on the blockchain.
Factom is also trying to solve 3 problems that the Bitcoin network encounters (The speed of transactions, The cost, The maximum number of transactions per second). In addition, documents and data stored using Factom can be easily audited.
Factom is therefore particularly useful for companies in which important data must be regularly exchanged. For example, documents such as real property titles and medical records must prove their authenticity when transferred from one person to another and Factom will guarantee this. Data storage on the blockchain provides immense added value to these companies. Managing recordings on paper is expensive and traditional digital storage is often vulnerable to human manipulation. Each information you want to store has a "chain ID". This chain ID determines which subgroup should include this information. The data you want to store cannot be more than 10kb, but it is possible to include several different entries and link them together for the most voluminous information.
Pros
- The company already has a functional product and it is already used by many people.
- Storing data on the blockchain offers a guarantee of non-falsifiable authenticity to documents that need it.
- The cost of storing sensitive data is much lower than traditional solutions.
- Ability to find the desired information without having to browse the entire bitcoin blockchain.
- The partnerships we have forged are excellent: the American border guards and the Bill Gates foundation. In addition, a Chinese court of law rendered a judgment by collecting information stored via Factom.
- The Factom database currently contains more than 11 million different documents.
Cons
- NEM is a competitor that should not be taken lightly, its market cap being much higher than that of Factom. However, the NEM foundation having recently declared that it is short of funds to finance development, Factom seems without any real competitor at present.
