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.