Oops! No data is available for Factom at this time. We’re working on correcting this.
One of the criticisms levelled at emerging blockchain providers is that they aren’t always necessary. Sure, they might be a step forward in terms of technology, but this doesn’t make the old technology redundant. Many expected TV to kill radio. It didn’t. Many expect blockchains to kill databases. Maybe they will, but they don’t need to.
Factom is one such example where blockchains are being promoted in situations where databases are doing just fine. Factom technology secures data for private and public organizations by publishing encrypted data or a cryptographically unique fingerprint of the data to Factom’s immutable, distributed Blockchain. The only real ‘innovation’ here is the concept of immuability – the fact that records cannot be altered thus providing a seemingly enhanced audit trail.
If you’re thinking that another innovation is the blockchain, then consider the environment in which this blockchain is deployed. If the blockchain is private, is it truly decentralised? Sure, it’s decentralised within the confines of a private governance wrapper. How different is this really to existing databases with governance layers, permissions, and processes for auditing?
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