The anticipated release of Factom’s newly re-designed site is coming soon!
In case you missed the latest AMA in Factom’s subreddit on June 6th, we’ve picked out some goodies to share here.
The team answered important questions on many topics including: Why Factom is the perfect ICO platform? How Factom plans to evolve in the cyrpto world? What makes the Factom team most excited? And much more!
With the volatile changes in the crypto space, what changes have affected Factom the most?
The recent downturn in the price of Bitcoin, hasn’t been helpful. However, Factom is excited to see the optimism surrounding blockchain as a solution to real world challenges beyond the financial scope. The ability to increase discussion surrounding the use of blockchain technology has generated more opportunities that were difficult to imagine even just a year ago.
Can you explain why Factom is ‘the perfect platform’ for many new ICO’s?
The brilliance of the Factom protocol is that it provides documentation, trading, and utility. Compliance requires not only the ability to provide utility and trade tokens, but also documentation. Other ICO (Initial Coin Offerings) are lacking documentation and are only providing trading and some utility.
Are clients more inclined to the idea of using private vs public chains? Or does that vary based on the specific use of the protocol?
Generally, public chains are more popular. But, one of the biggest benefits of Factom’s protocol is the flexibility to build private layers if needed. The work with the Gates Foundation is a perfect example of utilizing a private layer anchored to the public Factom blockchain. This is allowing them to create separate chains for each country’s patients, while still being able to exchange patient data between other countries on the shared public layer.
How many clients are utilizing Factom protocol and has Factom looked into B2B partnerships with other companies?
Currently, there are eight clients using Factom protocol with more to follow suit. A couple of these clients like FPT are integration partners who have on-boarded multiple other clients that aren’t accounted for. Factom’s recently signed partnership with FPT, a Vietnamese based system integrator, is an exciting and valuable partnership. The partnership provides an important and beneficial entry point into banking, finance, and healthcare sectors, by showcasing the practical use and applications for blockchain technology on an enterprise scale.
This has generated the interest among fortune 500 companies who want to develop their own POCs.
Additionally, we have a partner in China who has set up a local Factom network within their cloud including access to the Factom network, which they are actively marketing in the Chinese market. This is very exciting for us as they have effectively become and extended sales and marketing organization specific for the Chinese market.
What avenues of do you think provide the most growth opportunity for Factom?
The construction and deployment of universal tools and features that can be integrated on top of Factom provide the biggest growth opportunities for the platform. Factom’s potential to to be one of the better ICO and Smart Contract platforms due to its customizable and flexible identity solution design.
Factom is very excited about having created and built a platform that can easily be implemented for use across diverse enterprises. This platform offers a solution to many industries that were in dire need of solutions that were previously unavailable. Factom’s implementation approach has taken into consideration the major stumbling blocks of blockchain technology and found ways to clearly and address each impediment in order to take the technology mainstream.
Is IoT (Internet of Things) a major focus now or in the future? Do you currently have any IoT clients?
Currently, Factom’s biggest IoT client is the Department of Homeland Security, which is now entering the 4th phase of the SVIP (Silicon Valley Innovation Program).
The dLoc partnership with SMARTRAC- the leading developer of RFID (Radio Frequency Identification), qualifies as an IoT and is in demand among institutions that issue vital records including governments, banks, hospitals, and universities. However, the implementation of technology to such big enterprises results in a slower start-up processes.
In the past, Factom has had limited resources to attack markets outside of mortgage and banking. However, IoT is a going to become more of a strategic focus for Factom in the coming months. One of the major advantages of having IoT clients, is they will likely drive the entry credit usage up more than any other sector
What is Factom’s plan for future expansion?
Factom is thrilled at a recently reached a new milestone, having recently signed on with a tool vendor start-up, wanting to integrate the Factom protocol to drive their application. Once the company is ready to make the announcement more details will be released.
Over the past few months, Factom has invested in attending numerous financial services conferences and is hoping to broaden their influence in the financial services market.
Factom successfully completed 3 phases with the Department of Homeland Security and is in the process of entering the 4th phase of field testing. They’re expecting phase 4 to also be a success, at which point they want to try and make a bigger push in the IoE market (Internet of Everything).
“The thing that has made us giddy lately has been the PoC (Point of Concept) refugees that have been showing up on our doorstep.” Said Jay Smith, Factom
What use cases/ industries are you most excited to pursue?
The opportunities provided by being able to layer technology on the Factom protocol is what’s currently exciting the Factom team the most. This includes:
- Using Digital Identities to create an ‘Internet of Integrity’ where proofs can’t be faked.
- Enacting absolute data integrity that is documented and backed by digital identities; promoting asset trading on the Factom platform.
- Deploying Smart Contracts that combines Digital Identities, Data Integrity, and Assets that can be easily accessible and verifiable.
The ability to customize the technology means it can radically transform the banking and insurance industries in addition to the government and society.
To explore more on Factom or read the full AMA in visit the Factom subreddit.