Using blockchain technology to store and secure data is definitely a viable business model. Although a lot of projects are trying to explore this option, it seems Factom might be inching ahead of the competition as of right now. Rewardchain is introducing FactomAuthorize, which is currently still in beta. An interesting project which can offer specific advantages.
The FactomAuthorize Concept
The main objective of this relatively new project is to allow anyone in the world to secure a hash of their data on the Factom blockchain. Although securing data is theoretically possible on any blockchain, Factom’s solution seems to be in high demand for this specific purpose. FactomAuthorize will also issue official certifications to authenticate this data in the future.
How Does it Work?
By using the native cryptography which makes up Factom’s ecosystem, users can access the API or user interface associated with FactomAuthorize. This allows them to protect their own – or their client’s – IP in a cost-effective and mathematically verifiable. For artists, content creators, and even lawyers, such a solution can be quite worthwhile to explore in the future.
Another option to explore for FactomAuthroize is how cease and desist orders can be enforced. Is a creator has a cryptographic proof they owned a specific work or a piece of content first, they can effectively win court cases a lot easier. This will primarily pertain to the arts and entertainment industry first and foremost, but it is still an option that can be very worthwhile in the future.
Under the hood, FactomAuthorize relies on four different pillars. Users can drag and drop their files through the UI, and have their document fingerprint created. This data is then entered into Factom, where it can be verified by the user later on. All information is hashed, and a merkle root from the hash is entered into the Bitcoin blockchain.
The Road Ahead
As is always the case with blockchain-based solutions like these, it remains unclear if people will actually use this technology in a meaningful manner. Factom’s blockchain seemingly lends itself to bridge trust when it comes to accessing and storing data. This allows for creating a “more open world”, although that will only happen if FactomAuthorize and similar solutions gain mainstream traction.