What is Factom?
Factom operates by securing data for organizations, both privately and publicly. This is realized by placing encrypted data, or a cryptographically unique fingerprint of the data, on the immutable and distributed Blockchain that Factom deploys.
The platform is an open source project as it was built to secure data and systems. It is at times dubbed a publishing and auditing engine. Factom allows users to write data to its ledger for a small fee. Feeding data into the Bitcoin blockchain is prohibitively expensive at volume. Moreover, the Bitcoin blockchain cannot handle high transactional volumes.
The Factom Blockchain is less expensive while at the same time has more capacity for transaction volume. This means that an immutable audit trail is created with a mechanism to communicate changes in a system.
Founder: Paul Snow
Release Date: October 6, 2015