Factom Filed Patent to Verify Documents Using Blockchain Technology
Factom (FCT) has filed a patent within the U.S. Patent & Trademark Office with the intention to verify documents stored on a multi-sig blockchain.
This is a very important patent that arrives in a moment of frenziness related to blockchain patent filings. We can mention some companies trying to work with blockchain technology including IBM, Mastercard, Walmart and American Express, among others.
Factom is a known and respected blockchain project that works with companies related to data integrity, compliance and protection. The platforms that the company is building are offered to governments, businesses and non-profits organizations.
Following the patent, it describes a process for peers to verify digital documents. But the interesting point is that it does it with various digital signatures. Furthermore, different kinds of signatures can be used just in one document. This robustness of the signature verification process is related to one of the main goals of Fanctom: eliminate data tampering in business settings.
For example, one of the use cases of this concept would be to ensure that documents retain their integrity through the entire life-cycle.
The patent filing reads as follows:
“Authentication of electronic document is based on multiple digital signatures incorporated into a blockchain. Structured data, metadata, and instructions may be hashed to generate the multiple digital signatures for distribution via the blockchain. Any peer receiving the blockchain may then verify an authenticity of an electronic document based on any one or more of the multiple digital signatures incorporated into the blockchain.”
Even when Factom struggled at the very beginning, it experienced an important support when Microsoft announced that it was going to be integrated into the Azure cloud platform. Factom has also signed important partnerships with other companies from all over the world.
Blockchain technology has been expanding in many different industries in the last years. For example, JP Morgan has already developed its own private network. JD.com, an important Chinese company is tracking food shipments to improve their control and reduce health problems.
At the moment of writing this article, Factom (FCT) is the 114 most important token with a market capitalization of $67 million dollars. Each FCT token can be bought for $7.72 dollars, according to CoinMarketCap.