An insurance company could use this innovation in order to:
- Simplified document management: Contracts, KYC-related documents, claims records, etc. managed between an insurance company and its customers.
- Document tracking: an insurance company and the customer can access and track the documents which have been shared at any moment.
- Factom is a data management software provider for industries to record and secure their sensitive data through the use of blockchain since it ensures a permanent, time-stamped record of data. In May 2015, Factom has partnered with the government of Honduras to build a permanent and secure land title record system.
- Companies’ developers can use Factom to create applications that store data in the blockchain and can prove the correctness (i.e. that it has not been altered) of the data using the anchors Factom places in the Bitcoin blockchain.
- The Factom blockchain system issues tokens called Factoids and transferred among users who purchase entry credits and record entries. Factom servers create entry blocks and directory blocks; a hash of the directory blocks is secured onto the blockchain
- Immutable audit trail: Factom blockchains store and time-stamp data permanently.
- Unlimited storage space: The blockchain ensures an unlimited storage space to its users.
- Large data gathering: Millions of real-time records can be secured in the blockchain with a single hash.
- Open-source protocol: Developers can improve Factom.
How to use
- Factom organizes data as sets of entries called Factom chains. Users create a Factom chain with a given unique ID, then write entries into that chain overtime. Entries may be of any format at all, up to 10K in length each. 1K costs $0.001.
- Factom is still at a prototype level but the use of the blockchain allows several applications, including audit systems, medical records, supply chain management, voting systems, property titles, legal applications, and financial systems.