Bringing the blockchain to business
Factom is leveraging the technology behind bitcoin to create a new decentralised ownership and record keeping solution. Factom’s blockchain 2.0 solution uses the bitcoin blockchain protocols to take any file or application and store it in an immutable and unalterable form.
Factom recently received significant coverage when they announced they had a letter of intent with the Government of Honduras to provide a blockchain solution for the registration of land titles.
"With Blockchain technology, you could create a truly tamper-proof record system. Those land title records can go into the Blockchain in a way that I know if anybody tries to change it.”
Peter Kirby, CEO
Factom states that the World Bank spent over $100m solving the land title problems in a single country and that every country in the developing world needs an effective solution for land registration. Factom’s land title project demonstrates how the company is creating powerful blockchain applications from simple API calls from existing software.
Factom is currently negotiating terms of engagement with a number of large US companies including those in the banking, insurance and healthcare industries to provide blockchain based solutions and expects to generate revenues in the near term through a blend of consultancy fees, software licensing fees and entry credit fees.
Meet the Team
Peter Kirby - CEO
Paul Snow - Chief Architect
Brian Deery - Chief Scientist
Jack Lu - Chief Technology Officer
Tiana Larence - Chief Marketing Officer