Is Factom just another blockchain? We don’t think so, but we’re biased.

By Jay Smith – CMO

We ended 2017 with a Reddit AMA session that was a lot of fun for us here at Factom, and a long overdue re-engagement with the community at large. Many members of the community expressed encouragement and support of our recent efforts and have been asking what they can do to help. This is a very good question and one we thought we’d take a stab at answering to start out the new year.     

But, before I answer the question above, let's talk a bit about how Factom defines success.  We have a cryptocurrency, the Factoid, but we are not a cryptocurrency company. I can hear the collective gasp of all of those who own Factoids, but let me finish. We are an enterprise software company offering a unique implementation of Blockchain technology, optimized to solve enterprise data provenance problems. In addition, we have the tools that can integrate this solution into the software systems of large industries.  

We define success at Factom as embedding the use of the Factom protocol into business processes far and wide. We do not define our success by the success of the Factoid. Rather, our success in embedding use of the Factom protocol into business processes will ultimately drive the success of the Factoid over the long term.

However, we believe the community can help.  The more industries that adopt the Factom solution to solve data problems, the greater the demand will be for Factoids. We want members of the community to evangelize the features and capabilities of Factom. We want the development community to build projects upon the Factom platform.

The simple answer to the question, “What can we do to help?” is to talk about Factom, but more specifically talk about ways to use the Factom blockchain to solve business problems.   Problems that blockchain 1.0 implementation optimized for tracking a coin can’t handle. Talk about 2.0 blockchain implementations, like Factom’s, optimized for solving real business problems. Talk about all the use cases where using the Factom protocol would solve a problem and reduce business risk. The number of use cases across every industry is astounding.

Factom is a solution for any industry where a decision is made that can be questioned later resulting in a lawsuit or regulatory action. Factom embeds the evidence to support decisions in the immutable bedrock of blockchain. Factom provides the proof to support decisions: Why did you deny that claim? Why was this payment made? Can you prove you met the requirement to "Know Your Customer"?  Did you miss a step before you foreclosed on that family's house? The list goes on and on.

Factom community, talk about how the Factom protocol is a perfect fit within so many of the tools supporting enterprise organizations.  What tools could use an option to Factomize the evidence supporting a decision in the Factom blockchain? Talk about how Factom Harmony’s tool suite makes it easy for any enterprise to embed blockchain into their existing enterprise systems.  

Second, look for ways to demonstrate the protocol's utility.  If you are a developer, think about what you can build on Factom.  We get attention when you win hackathons, develop applications, and generally use Factom to solve real world problems.

We are committed to being more active in supporting the community with understanding Factom but this takes time. Creating the supporting materials such as use cases, how-to guides and developer guides is a combination of art and science - technical enough that it is accurate, but engaging enough to be shared.

If you have questions, business introductions or other inquiries, always feel free to reach out to us at hello@factom.com. We look forward to engaging with the community in the coming year.

About the Author

Jay Smith

Jay Smith

CMO

Before joining Factom, Smith was at Virtusa where he lead creation of a new agile consulting practice, a new market for the company. His past work experience includes leading large accounts as a senior program manager for Wipro and directing business units at CGI for 18 years. Through his 25 year career, Smith designed and built a broad range of systems for financial services firms giving him a deep understanding of the needs of the industry.

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