FACTOM USE CASE: Unlocking $9 Trillion in Land Value FACTOM USE CASE: Protecting Sony Pictures with Blockchain Countless hacks, the most recent being Sony Pictures, have shown storing data in a centralized database opens up wide amounts of risk, exposing customer information, key business strategies, and intellectual property. With Factom all data entered into the database can be verified, and if any changes occur employees can be notified in real time. Pairing Factom with Storj allows the entire databases and files to be stored in a secure cryptographic decentralized manner, that makes hijacking access to the data vastly more difficult. Each piece of information is separated into a lockbox, meaning that data is completely separated and multi-signature capabilities allow you to increase the security for more sensitive data.
The Factom idea ties together a number of concepts discussed since the first block was mined on the
Blockchain. A decentralized ledger allowing you to verify authenticity of documents, a decentralized network that computes the necessary information to be submitted, and an internal token to drive decentralized participation in the network. Like Bitcoin the project is open-source and documented, so you can dive as deep into the processes as you want or you can stick to the higher level concepts and interact with the simple to use API. Factom aims to solve real world problems by improving security and transparency and bring practical Bitcoin technology to those inside and outside of the cryptocurrency space. Watch for the crowdsale announcement at the North American Bitcoin Conference in Miami on January 16th & 17th. â€”S
How to use Factom? With Factoids. Factoids are the internal token used for Factom. To submit a request to the API you utilize your Factoid balance as payment to use the network. This help keeps the network running and decentralized by distributing the payment to the other decentralized parties that keep the network running. Factoids will be easily available, and mean that you pay only for what you need, no subscription, no upfront fees. If you want to participate in the network you contribute for your use, thus keeping a fair and balanced economy, providing a more robust set of servers, and reducing the potential for network spam.
Land Title Records for in developing nations is a huge issue. Many records are stored in dusty books and old databases. In Latin America an estimated 70% of the land is undocumented with no official record keeping, meaning the poor have no way to prove ownership of land. The amount attributed to undocumented land is estimated at 9 trillion dollars in the developing world. Factom can use the Blockchain to digitize contracts for land titles, and unlock the value of the land in developing nations. Factom can take records out of the central databases and into the hands of the people, secured by thousands of computers.