One of the cool things about the bitcoin blockchain is the amount of possibilities it entails. Bitcoin isn’t just a financial asset; it’s a piece of technology that changes everything. One company is building a business on record keeping by utilizing the blockchain.
The company of focus is called Factom. Factom is am open-source Bitcoin 2.0 blockchain based company Factom and the Future of Blockchain Technology
There are so many possible problems with centralized record-keeping that could be solved through the decentralized blockchain method. For example, multiple mortgage companies, such as CitiBank, were fined billions of dollars due to a mishandling of records. One of these companies was Bank of America who fell victim to a $17 billion fine, also known as the largest fine in history.
In response, Factom made the video below to showcase how they could utilize the bitcoin blockchain to keep Bank of America’s records permanently engrained in the distributed public ledger.
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