Blockchain Firm Factom Protocol Launches New Secure Data Storage Product For Business

Blockchain, News | September 19, 2019 By:

Blockchain platform Factom Protocol has announced that one of its 26 Authority Node Operators (ANO) De Facto has launched a new cloud blockchain portal for securing business data.

The Factom Protocol is a ready-to-use platform to efficiently build blockchain solutions. It provides the necessary frameworks to create comprehensive solutions, including digital identities, smart contracts, and stablecoins. The protocol has fixed costs to accurately budget projects, as well as public and private implementations, all without the need to handle cryptocurrencies.

In a press release, Factom announced the launch of a new secure data storage product, called Factom PRO, which will serve as a B2B/B2G platform for evidence capture, decentralized identities, tokenization, smart contracts, and verifiable credentials. The new product’s use cases include intellectual property protection, supply chain tracking, secure voting systems, fraud detection, trade and credit financing, and verification of insurance claims.

“Factom PRO does not require users to handle cryptocurrency, or setup, maintain, and monitor their own blockchain nodes,” Factom said. “Instead, the product acts as an accessible gateway for businesses to leverage blockchain-based data storage, allowing users to read and write data on the blockchain using a traditional REST API.”

According to the company, Factom PRO will allow users to secure business data using the Factom blockchain, anchored to the bitcoin and ethereum public blockchains, at a low fixed price of $0.01 per write.

“Factom PRO is a unique and innovative gateway for businesses to access blockchain-based storage without the need to handle cryptocurrency or deal with cumbersome deep tech,” said Anton Ilzheev, Founder of Factom PRO. “By anchoring data to the Bitcoin and Ethereum blockchains, we offer customers the most secure data storage option available in the industry, all at an incredibly low cost. Our aim is to empower businesses and organizations of every size to harness distributed ledger technology to improve their service offerings, operations, and more.”