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Review on Factom by Vlad Bocharov
Very good project, which BTW existed long before many blockchain projectsβ¦
Very good project, which BTW existed long before many blockchain projects. Gread idea of blockchain implemention, easy and fast access to business records, and also a safe way to keep the data.
No doubt that in the future businesses will start using blockchain to keep and save their data on it. Factom was the first project that suggested it.
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Pros
- 1. Immutable business records. It means that no business record or document could ever be changed or deleted, and also cannot be fabricated - that means less corruption and more honesty. 2. Fast and easy access to documents. No need to dig through all the archives of paperwork in order to find some document. Any business record at your fingertips. 3. More "green" business. No paper would be wasted just to make some invaulable record and then burn it.
Cons
- 1. Is it centralised? On CMC there said that FCT is a coin, but I doubt it. It's more of a token, cause you can't mine it. And seems to me it can only be produced on Factom, so that's make it less decentralised. 2. Conservative businesses won't go for it. Cause they would be afraid of a scary word "cryptocurrency".
