Factom is building products and protocols to help secure data for businesses and organisations. Factom protocol is built on top of Bitcoin blockchain and thus brings blockchain features like immutability, easy audit, temper resistance to data storage for organisations. This helps create better record keeping, maintains integrity of data and because of decentralised nature of the platform it is hack resistant and secure.
Traditionally most of organisational data and records have been kept on centralised databases which are prone to hacking and also have additional security risks like the central authority might compromise our data. So this requires essential trust in these centralised organisations who are regularly coerced by governments to share data etc.
Bitcoin blockchain and other blockchain protocol provide a great way to secure
Factom protocol combines decentralised databases, end to end encryption and creates silos of data which are given access to admins based on certain rules and logs are maintained for every access.
All the data is cryptographically hashed and the key to unlock remains with data owners. Factom provides 2 different products to businesses to manage their data and documents
1. Harmony : It is an API which lets business softwares to interact with Factom protocol and share,edit and exchange sensitive documents stored on Factom
2. Smartrac: A document authentication service
1. Sensitive document sharing by organizations .
2. Maintaining authenticity of documentation
3. Acess control with owners for e.g you can control with whom your medical records or academic record are shared
4. Audit of documents and proof that the document existed and when and how it was updated
1. Decentralised Secure Document storage
2. Document validation protocol
3. Open source
4. APIs to share sensitive documents
Factoids(FCT) tokens are what power the Factom ecosystem. To secure your data on Factom platform you will need to make payments in Factoids. During the ICO Factoids were priced at 0.12 dollars. Since then it has grown multifold in value.