The use of blockchain technology for fintech companies is on the rise and Factom, a blockchain-as-a-service (BaaS) technology company, specializes in solving the major pain points companies face when implementing blockchain technology.
Providing a scalable solution with a predictable cost model, Factom has the ability to handle complex data, while providing cryptographic proofs to satisfy audit and compliance requirements — all packaged into robust API calls that don’t require cryptocurrencies or long development cycles.
“From the beginning it was clear that trying to fit all business use cases into a coin transaction, as Bitcoin, Ethereum, and most other blockchains require, would be an awkward approach to handling many real-world problems,” said Laurie Pyle, COO of Factom.
“What was needed was a blockchain specifically built to deal with complex business data and documents rather than one optimized for tracking a value transfer.”
The Factom Blockchain was designed to handle many complex business use cases and the data required, including those in the mortgage industry, resulting in a robust solution for audit and compliance requirements.
Unlike other blockchains, the Factom Blockchain features a fixed-cost model that protects enterprises from volatile cryptocurrencies and is designed to efficiently store business records and associated entries in chains for fast searching.
Factom’s product, Factom Harmony, is an enterprise-grade solution that can be integrated seamlessly with existing services to create blockchain-powered audit and compliance workflows through the mortgage ecosystem.
Harmony also allows developers to start using blockchain without dealing with cryptocurrency or standing up their own network node. Users can create portable, archivable cryptographic proofs to use as trusted inputs for internal and external audits.
And a private blockchain can be used for permissioned networks, with public anchoring available.
What makes Factom Harmony a game-changer is that it reduces the time and resource requirements to perform audits and meet compliance objectives. Using Harmony, blockchain capabilities can be implemented seamlessly into existing business processes via simple integrations.
When audits are conducted, companies will have proof that their business process decisions and conclusions were made according to protocol.
Writing these decisions and points to a blockchain can save a company time, money and valuable resources that could be more efficiently spent elsewhere.
“The mortgage industry has a trust problem that results in costly audits and re-audits during the origination process and over the life of the loan. Blockchain can put an end to the redundancy of current audits and result in more cost-efficient and streamlined processes,” said Pyle.
PRODUCT: Factom Harmony
SNAPSHOT: Factom Harmony is an integration platform designed to allow enterprises and software vendors to quickly add blockchain capabilities to any application or workflow using simple API calls.