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Hello and welcome to this blog post about Factom FCT White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Factom FCT white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Factom (FCT).
I can ensue you that, you will be able to understand every bits and pieces related to Factom (FCT) after going through the Factom FCT white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Factom FCT White Paper
Factom FCT white paper will be going to provide you, all the information that is needed to get started with Factom (FCT), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Factom (FCT).
Abstract
“ In today’s global economy trust is in rare supply. This lack of trust requires the devotion of a tremendous amount of resources to audit and verify records – reducing global efficiency, return on investment, and prosperity.
Moreover, incidents such as the 2010 United States foreclosure crisis demonstrate that in addition to being inefficient, the current processes are also terribly inaccurate and prone to failure.
Factom removes the need for blind trust by providing the world with the very first precise, verifiable, and immutable audit trail.
In the past, records have been difficult to protect, challenging to synchronize, and impossible to truly verify because of the manual effort involved. Computers automated some of these tasks, but they are even harder to protect, synchronize, and verify because computer records are so easy to change.
Authority is fragmented across innumerable independent systems. Blockchains provide a distributed mechanism to lock in data, making data verifiable and independently auditable.
Bitcoin’s blockchain is the most trusted immutable data store in existence; however, it is not very useful for non-Bitcoin transactions. Factom gives businesses access to blockchain technology without getting bogged down in currencies.
In this paper, we describe how Factom creates a distributed, autonomous protocol to cost effectively separate the Bitcoin blockchain from the Bitcoin cryptocurrency.
We discuss client-defined Chains of Entries, client-side validation of Entries, a distributed consensus algorithm for recording Entries, and a blockchain anchoring approach for security.”
White Paper Link: Factom (FCT) White Paper
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