We recently caught up with Greg Forst, director of marketing at Factom Protocol, an open-source, enterprise-grade, developer-friendly blockchain protocol for large companies and businesses. Forst provided important updates regarding Factom protocol’s ongoing development and new product launches such as Factom Pro.
CryptoCoreMedia: What are the main use cases for the Fatcom protocol?
Greg Forst: “As a platform to build on there is no one use case. With our pure data layer you can do simple data hashing or with our layer 2 solutions you can do smart contract, digital identities, asset tokenization and much more.
Ultimately, the Factom Protocol significantly reduces the cumbersome nature of storing data on a blockchain by grouping information into chains, making it more easily examinable in virtually all industries, proper maintenance of documents and data is paramount to running an efficient operation. Logistics, law, finance, real estate, healthcare, Government bodies, and many other industry verticals rely on accurate record keeping in order to function. In addition our layer 2 solutions let industries of all types develop more complex solutions.”
CryptoCoreMedia: When you say you’re storing data with the help of the Factom protocol, you most likely mean storing pointers to that data, because keeping the actual data on the blockchain itself would slow processing down considerably. Please explain how Factom’s data storage technology works.
Greg Forst: “This I would need to pass to our core code committee for the super technical answer but in simple blockchain terms the hash of the data (document, video, mp3 etc…) is in the ledger on the blockchain and a hash as always stays with the data. Hashes have been on data forever.”
CryptoCoreMedia: How do Factom’s 26 Authority Nodes manage the Factom network? Please explain and clarify whether this is done through some version of proof-of-stake (PoS) or other type of blockchain consensus mechanism.
Greg Forst: “White paper here –
Another piece to look at – https://factomize.com/uploads/
CryptoCoreMedia: Tell us more about De Facto’s (one of Factom’s Authority Nodes) new product Factom PRO.
“Factom PRO is a cloud blockchain portal for securing business data, allowing users to store data on the Factom Protocol, and is anchored to the Bitcoin and Ethereum blockchains at a low fixed price of $0.01 per write. Factom PRO serves as a B2B/B2G platform for evidence capture, decentralized identities, tokenization, smart contracts, and verifiable credentials.
Use cases for Factom PRO’s decentralized data storage system include intellectual property protection, supply chain tracking, secure voting systems, fraud detection, trade and credit financing, and verification of insurance claims.
Factom PRO does not require users to handle cryptocurrency, or setup, maintain, and monitor their own blockchain nodes. Instead, the product acts as an accessible gateway for businesses to leverage blockchain-based data storage, allowing users to read and write data on the blockchain using a traditional REST API.”
CryptoCoreMedia: Factom Protocol is utilized by the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation. Please explain how they are using the protocol.
“The Bill & Melinda Gates Foundation recognized the potential of the Factom Protocol to keep globally distributed medical records secure with biometric verification. The management of medical records has traditionally been paper-based, and the implementation of blockchain technology provides a much-needed layer of security, protecting records from manipulation. As such, we have developed a portable medical wallet for the Bill & Melinda Gates Foundation to record a patient’s medical information on a blockchain, giving each individual a secure medical identity that cannot be compromised.
The technology provides identity management and improves the management of healthcare information. The globally distributed records will be accessible anywhere and by any authorized person with biometric verification. The Bill & Melinda Gates Foundation can use this technology to improve delivery of vaccines, HIV relief efforts, and other diseases by having a tool that is borderless with the capability to follow the patient throughout their lifetime, regardless of location.
Our work with the US Department of Homeland Security (DHS) has been focused on IoT devices and addressing IoT-related security issues. Given the prevalence of issues such as undisclosed surveillance and hacking of sensitive data, the importance of safeguarding IoT data is more pronounced. The objective of our work with the DHS is to highlight how IoT devices can maintain high levels of reliability while eliminating the ability to modify data from ground sensors and cameras, creating an identity log that secures the identification of a device – clearly identifying the manufacturer, lists of available updates, known security issues and granted authorities.”