What is Factom?

What is Factom?

Factom( FCT)

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Factom (FCT) is a decentralized Blockchain-based cryptocurrency, which means that it is not controlled or back by a government of some sort, but rather the power is on the people who are FCT users. FCT keeps their user’s data safe, secure, and untampered from other people. It allows the users to create a digital fingerprint of their data, so private information stays untapped. After that, FCT publishes the digital footprint in a permanent ledger and will be distributed across the globe. These data are locked in place by the Blockchain- one of the safest technology that receives entries from users.

 

In accordance with the latest Factom news, the Chinese government is working with Factom to create a small city. The FCT developers added that it would be a city which is more connected up to the Blockchain. This is one of the reasons why there’s a significant number of crypto enthusiasts find FCT extremely interesting and promising.

 

It will add significant value if you have a whole city using the Blockchain technology. Another thing that is happening at the moment according to Factom forums is that FCT is working for mortgage documents to be kept track off on its blockchain. It also keeps records on loans.

 

How FCT works?

 

According to Peter Kirby, the CEO, and co-founder of Factom, he defined it as a blockchain technology company that lets the users write data that doesn’t ever go away. It allows the users to create transparent public records, which make fraud, corruption, and forgery extremely avoidable. The volume of information that can be secured with Factom is unlimited.

Factom video explanation

The FCT has the capability of obtaining tens of thousands of books in a single hash- a standard method of getting access to records and data. With FCT, the users will not lose their birth certificates, and no one can ever take credit for their works. In other terms, all documents can only be accessed by the person who has the exact digital fingerprint.

 

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