Factom Has First 1 Million Transaction Customer Live on Mainnet With More To Come

3rd September 2018

World Blockchain Forum, London, September 3rd, 2018

Sphereon is happy to announce bringing its first 1 million transactions customer live into production on the Factom mainnet.

As of today, we have our first customer live in production on the Factom mainnet. The customer is expected to register an estimated volume of 1 million transactions per year, as a result of anchoring and signing its incoming documents for Proof of Authenticity and Proof of Existence.

Our Blockchain-as-a-Service solution creates digital fingerprints(hash) of documents and stores them in a blockchain. Once committed any change in the original document would create a new hash and not match the one stored in the blockchain.

This allows any stakeholder to determine if the original document was modified in any way. This is an ideal solution for individuals, businesses, organizations, and governments who need accurate and provable record-keeping.

“Although this is the first Sphereon customer to go into production, it is a major milestone for us and the Factom community. We expect two additional customers to go live and into production this month. With more to follow.”, according to Maarten Boender, one of the cofounders of Sphereon.

More about Factom

Sphereon believes in the Factom protocol, which is a fully decentralized public blockchain platform for building precise, verifiable and immutable record systems.
The network creates a censorship resistant blockchain, where no one party can control the network. It provides a platform where diverse parties can collaboratively publish and interact without relying on a middleman.

Entries into the Factom Network are governed by federated and audit nodes and additionally protected against change using the Bitcoin hashpower. Applications can write an unlimited number of entries into the system on their own distinct Factom chains. This allows applications to read only their own chains of data, while ignoring unrelated data, thus giving developers a scalable framework.

The entries are organized into hierarchical sets of blocks. These blocks are then used to compute for a single hash every 10 minutes. It takes these hashes and anchors them into other blockchains for added security. This design allows applications to write transactions faster, at a much lower cost, and with greater scalability than other blockchains. It also has a mechanism that allows business users to forgo dealing in tradable tokens.

About Sphereon

Sphereon develops Software Services for Blockchain, AI and Document Processing aimed at Software Developers and System Integrators. Sphereon is based just outside of Amsterdam, The Netherlands. info@sphereon.com