The company of focus is called Factom. Factom is am open-source Bitcoin 2.0 blockchain based company using the technology for non-monetary purposes.
There are so many possible problems with centralized record-keeping that could be solved through the decentralized blockchain method. For example, multiple mortgage companies, such as CitiBank, were fined billions of dollars due to a mishandling of records. One of these companies was Bank of America who fell victim to a $17 billion fine, also known as the largest fine in history.
In response, Factom made the video below to showcase how they could utilize the bitcoin blockchain to keep Bank of America’s records permanently engrained in the distributed public ledger.
“Factom organizes all of the documents of a mortgage into a chain of entries. Every tax return, every credit report, every title document gets hashed and put into Factom. Factom also records every payment made, every loan service transfer and every piece of court documentation related to a foreclosure.”
Watch Factom use the Bank of America fine as a case study below and leave you feedback for what you think the future of record keeping on the blockchain holds.
Images from Factom, Ken Wolter and Shutterstock.
Last modified: June 10, 2020 5:25 PM UTC