Factom Blockchain’s Second Patent in a Month is for Secret Data Sharing

Factom’s Second Patent in a Month Petitions for a Stealth-Oriented Platform

Earlier this month BitcoinExchangeGuide had reported that Factom had filed a patent application for a system enabling document validation on the blockchain, a feature likely to be integral for the future operations of the platform’s services to governments, companies, and non-profits.

Now, on August 23rd, the data distribution company published another proposal with the U.S. Patent & Trademark Office (USPTO). The patent’s abstract reads as follows:

“Confidential, secret data may be shared via one or more blockchains. Mortgage applications, medical records, financial records, and other electronic documents often contain social security numbers, names, addresses, account information, and other personal data. A secret sharing algorithm is applied to any secret data to generate shares. The shares may then be integrated or written to one or more blockchains for distribution.”

The scheme is intended to defend sensitive financial and personal information shielded with a hashing algorithm that divides the sensitive data into separate shares and then assigns the shares over different blockchains for added protection. The information is necessarily encrypted and then collected in separate blockchain data vaults, a design that could prove very highly secure if well executed.

Blockchains are difficult to hack due to the information being distributed, updated, and verified across multiple computer nodes instead of just one, meaning multiple nodes need to be forcibly controlled for hackers to seize sensitive information or attempt to alter it. The new patent may take things a step further by distributing secured data in scrambled parts across multiple distributed ledgers.

The Factom Blockchain is an open source project. It was built to secure data and systems. Often it is described as a publishing and auditing engine. It allows users to write data to its ledger for a small fee.

Factom provides a distributed mechanism to lock in data, making data verifiable and independently auditable. This simple function is extremely powerful when applied to business transactions and processes. It enables people and businesses to use a mathematically provable “notarization” service. Factom’s use cases span from being used as a shared ledger for multiple parties as a source of truth to creating an immutable, indisputable trail for “proof of process” or “standard of care”

Currently, with a market cap of over $41 million Factom is the 121st largest coin according to CoinMarketCap. It is trading at $4.78 USD.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,200FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Market Wrap: Bitcoin Never Going to Zero, Philanthropist Giving Away Money to Buy BTC

This week, the price of bitcoin moved, although it continues to trade in a tight range and is still hovering around $9,200 on low...

Bearish Catalysts for Bitcoin Price

This week, Bitcoin is ranging between $9,050 and $9,500. Currently, we are trading just above $9,200 after yesterday, Bitcoin’s price dropped $150 in seconds...

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today