Proof of Process
Publishing cryptographic hashes during each step of a mission-critical business process provides an irrefutable “proof of existence”. Sensitive data itself is not stored on the blockchain. Instead, its hash proves the existence of such data. Factom provides transparency in an otherwise opaque process.
Utilizing proof of process, maintenance reports for heavy equipment, such as major manufacturers or military facilities, can be logged on the Factom blockchain for accountability. Using Factom Integrate, protected data points are entered on the blockchain without inadvertently exposing process information to competitors.
Audit & Review
By making data verifiable and independently auditable, audits and reviews of data are streamlined. Integrate creates portable proof of your claims. This means blockchain-based verification can be shared among parties. Others, using Connect or Integrate, can attest to your claims making audit and review results even stronger over time. This creates an immutable trail and reduces audit costs.
When reviewing large collections of information (like those needed for a home loan), the review process is improved by reducing human error, reducing review time, and documenting proof of decision making based on specific data points. Factom’s blockchain solutions allow your business to quickly share review and audit results with any party you choose. All data is independently verifiable and traceable to the person who entered it.
Factom’s unique model of developing individual data chains mirrors existing recordkeeping models, ensuring and demonstrating compliance with all governmental and industry regulations. Factom Harmony integrates directly with your API, seamlessly combining your document management system with a blockchain backend.
Demonstrating compliance is important in any industry, especially for documenting business processes. Enabling real-time compliance reporting for all business processes allows you to seamlessly gather information for regular reporting. Simply push a button and all your reports are there.
Data entered on the Factom blockchain can never be altered or removed. Therefore, you have a foolproof record of everything that goes in and out of your system. Integrate makes it easy to manage who originated and who has access to that data. Changes made in your applications are signed by the altering party. Meanwhile, unauthorized changes are ignored and automatically discarded by Harmony.
Sensitive data and documents must be controlled by their owner. These documents, such as medical records or high security clearance materials, must be governed in a manner appropriate for their use. Access to data and documents can be controlled by the owner amongst interested parties using permissions and restrictions, ensuring sensitive data was used obtained correctly and responsibly.
Our API integrates directly with your existing software, allowing you to share, audit, and exchange sensitive data and documents that are stored privately behind your firewalls. Your developers can leverage our APIs, in tandem with tools like AWS, to create a seamless experience. All changes or access to data is logged on the blockchain by Factom Integrate to provide you a clear view into who has done what with your data.
With Integrate, you can share sensitive software updates with clients without worrying about third-party interference slipping backdoors into your code.
With Factom Integrate, you can leverage the Factom blockchain to build smart contracts that can execute with no outside action needed. As data is published to the public Factom blockchain, your contract responds in real time. You can choose what data to use, how, and even where, to process it. All stakeholders involved are able to verify the actions of the contract as they progress. Decentralized processing means you can be sure actions were executed as desired and with no interference.
Factom Integrate automation greatly enhances the execution of complex payment scenarios, such as the disbursement of royalties to interested parties, which can be automated and tracked using Integrate.