How Factom may end counterfeiting, secure identities, and change the way many businesses and governments operate

The Factom Protocol with its’ Factoid (FCT) token is a global utility that aims to be the means by which the world ensures data integrity and and finally secures identities. As an open protocol anyone can utilize, the possibilities are nearly endless. Factom Inc., is developing enterprise level applications that will utilize the protocol and establishing highly strategic partnerships in the process. One such partnership is with Smart Trac who have developed dLoc, a RFID-based means of authenticating documents and so much more. For a 3 minute overview of this technology, see this video:

As the Smart Trac website says, “Leveraging SMARTRAC and Factom technology, any institution that issues vital records – governments, banks, hospitals, universities – can use its private key to seamlessly retrace each document’s history. In addition, the chip inside the dLoc sticker can hold context information, such as images and biometrics, which can be stored as public data or as private data accessible to authorized parties only.”

Smart Trac was recently acquired by a much larger company called Linxens which is the global leader in a host of technologies. These technologies include e-IDs and e-Passports which I’ll get to later in this article. Abhi Dobhal, the Vice President of Business Development at Factom hinted at the magnitude of the dLoc and Factom marriage of technologies when he made the following tweet today:

Considering Factom is the anti-hype token and getting information out of them can be like pulling teeth from a rabid hippo on growth hormones, that the VP of Business Development would make such a tweet is akin to the Dalai Llama jumping in a MMA ring and fighting it out for three rounds. In other words, this is big.

Paul Snow, co-founder and Chief Architect of Factom then responded to the tweet by saying:

In the original tweet, Abhi Dobhal also provided us with an additional teaser in the form of this image:

On the right you have a birth certificate. Factom, along with dLoc can secure and render immutable and easily auditable any document whether that be birth certificates, deeds, land titles, contracts, scientific papers, and the list goes on which will change the way government operates. The small paper in the middle is a window tag for automobiles. Any entity from governments to rental car agencies will be able to tap into the immutable, easily auditable data integrity system that Factom creates. And finally, on the left, you have a certificate of authenticity. Factom and dLoc have the power to end counterfeiting. Thanks to their technology, whether it’s a Prada purse, an autographed picture of your favorite sports hero, or a used iPhone (yes, they’re widely counterfeited), with the proper application of Factom and dLoc technology, all you have to do is scan the item’s RFID inlay with your mobile phone to make an informed, safe purchase. In theory, even future, “Smart cash” fiat could be embedded with this technology which would ruin North Korea’s fun (someone get Trump on the phone).

As you may remember, I posted above about Linxens, the parent company of Smart Trac, which is a large provider of government ID and passport solutions. On the Factom solutions page, one of the solutions is, “ID Document Chain” where they say:

Establishing an identity with digital instances over time makes it harder for that identity to be stolen or manipulated. The linking of the e-PP and e-ID ecosystems to a public blockchain along with the dLoc system will take the world of digital ID’s to the next level. Linking an identity across multiple platforms, having it verified over longs periods of time will create an identity that to if hacked or stolen, someone must delete all the verified versions of that identity over multiple platforms. Making the practice of digital ID theft nearly impossible.

Now watch this video from Factom:

Factom Introduces SmartID™ from Factom on Vimeo.

Yes, Factom appears to have solved the global identity issue.

The above mentioned uses of the Factom protocol solve enormous, real-world problems. But there are countless possible use cases for the Factom Protocol. We know Factom is also developing Harmony for the mortgage origination process, is working with the Bill and Melinda Gates Foundation for medical records, and other companies such as Kuala are developing applications that will secure the Japanese Social Security System. To say that Factoids (FCT), which are integral to the protocol, are undervalued compared to the many coins above Factom in market cap is the understatement of the century in my (biased, do your own research!) opinion. FCT is a largely undiscovered, misunderstood gem in a giant pile of vaporware.

Leave a Reply

Your email address will not be published. Required fields are marked *