The application of Bitcoin blockchain is far beyond expectations

Factom, a startup that believes that the application of the Bitcoin blockchain goes far beyond financial accounting and accounting of all things, has released an early available version of the product based on their design concept, but it currently only runs on the Bitcoin test network.

Despite the troubles in registering in Honduras, the company has made some progress, including a partnership with Bitcoin wallet provider Coinapult and a successful crowdfunding campaign on Bnk. Factom has raised more than $1 million, exceeding the goal set a few days ago.

Exclusive Interview with Factom CEO Peter Kirby

"Blockchain" is still a new term in the world, and few people know what it means or what it is. 2015 is only halfway through, and venture capital in the past six months has exceeded the total of 2014. In the field of "blockchain" investment, this new term is commonplace. Governments, insurance companies, banks, etc. have realized the value of blockchain and are looking for ways to use it to cut costs.

While Factom uses the Bitcoin blockchain, it offers more avenues than other approaches in the industry. Competitors have developed “blindly arrogant” solutions that don’t require currency at all, and some even forgo “mining,” the cryptographic process that ensures the validity and correctness of a database’s contents.

Peter Kirby, CEO of Factom, said:

“We have a great solution to a seemingly unsolvable problem. It’s so simple that we plug it into a legacy system that’s already in use. When that system is upgraded, we plug it into a blockchain in the background and expose a few APIs (application programming interfaces), which means that from now on there is more integrity and clear responsibilities. There’s no need to completely overturn everything that was done before.”

Factom's Advantages

The advantages of Factom are real. Factom is decentralized and every company that wants to use it must run its servers. Proper use of Factom can improve the accuracy of record keeping and save a lot of money. For example, large warehouses often worry about employee theft and malfeasance. At this time, they should make full use of the unchangeable ledger. The transparency of the ledger makes it more difficult for corruption to occur at any stage of the procurement chain. Since we are talking about transparency, a system like Factom is suitable for voting.

Factom excels at helping companies become more efficient, improving their record keeping and management processes by reducing errors and streamlining necessary steps. They hope to use some code to deal with global changes and embed legacy systems into the Factom platform to deal with emergencies. This may be why so many investors are happy to invest in Factom, because they believe that the market will need Factom.

These investors aren’t the only ones willing to back companies like Factom. At least one serious competitor was recently acquired by Blythe Masters, HyperLedger, a company that doesn’t express an obsession with the Bitcoin protocol in its finished product, but competes in the same space as Factom.

Factom's advantage over its competitors is that it uses the longest-running and most reliable blockchain to verify its database. The Bitcoin blockchain is by far the longest-running and best-encrypted blockchain in the world, and with a reliable timestamp, it is the least likely to disappear.

Explore Factom and Factoid

Factom’s applications extend far beyond record keeping and asset management. It can also be applied to copyright, education, and contract law. Governments have already found uses for this technology and will continue to explore its possibilities. Countries with large populations can use Factom for taxation and census, which will greatly reduce the cost of the latter. Imagine mobile devices communicating with Factom, constantly updating unchangeable records, and deleting invalid entries throughout the process.

Factom has also developed a token for its platform called Factoid, which will be used to purchase Factom's services. Early investors have had the opportunity to purchase Factoid for several months, and with the release of the Beta client, these Factoids can be traded on two major altcoin exchanges, ShapeShift.io and Cryptsy. Some early investors could not hide their excitement while waiting, and one said, "I have never wanted to buy altcoin so much before."

Factom is a perfect example of the recent mainstream view that "blockchain is unparalleled." The large investment amount is a great affirmation of it. Interested parties still have a few days to participate in Factom's public financing using Bitcoin, StartCoin and traditional payment methods.