Ever wondered why you spend so much time and other resources shuttling between different healthcare facilities to get services? Well, Factom (FCT) might have the answer for you. This is a blockchain based application that targets how data is stored and shared. Data stored on the Factom ecosystem is unalterable.
This is a trustless ledger that secures your decentralized data keep your identity under wraps. This is a functional coin that will disrupt many industries including healthcare, mortgage and learning institutions’ systems. Data stored on Factom is secure due to its immutable capabilities.
Tim Draper has a soft spot for blockchain and stated:
“Centralized data is prone to critical failure by any individual mistake, whether by user error or malicious hacking. By decentralizing data through the blockchain, Factom avoids critical failures due to user error or hacker.”
Factom (FCT) price Check
The price of the Factom (FCT) has been a concern for many after the market plummeted early this year. The coin has been able to withstand the storm and emerge immediately after shedding the December-January gains.
Exactly a year today (April, 12, 2017), the coin was trading at $4.86 before skyrocketing to a high $78.37 early January. After the market crash, the coin dropped to a low of $19.51 and has been steadily rising to the current trading price of$24.57 and gaining 19.97% points against the dollar.
The steady growth is attributed to the increasing real world application capabilities of the platform. Organizations are turning to the platform for securing and sharing data and other sensitive information. The increasing use cases and more crypto users looking for blockchain real life uses will see the coin stability and value increase in the next coming months.
Factom (FCT) Use Cases
To start with, Factom (FCT) allows users to add entries to the blockchain. As an open source data layer system, it instills honesty on how data is stored by businesses, institutions and individual. Entries to the blockchain are reentered immutable and can only be edited with your consent.
Patient healthcare data is very private and confidential and needs a platform that allows it to be shared anonymously, securely and in a transparent manner. Factom in the health sector acts as a central depository where data is stored and shared between patients, practitioners and other stakeholders.
Big companies find data storage as a big challenge; Factom offers them a system that the can trust with their information. The platform is now being used as an anchoring system where information is authenticated and time stamped every 10 minutes.
Factom is already transforming the mortgage industry and has more anticipated uses including SLA logs, property deeds, e-voting, healthcare record safe keeping and immutable audits among others. To sum it up, the network helps its users eliminate risks that are common with centralized data depositories.
Making Entries in to the Factom Blockchain
Factom charges users a small fee for data entries. The fee uses its native token known as Entry Credits (EC). These tokens are basically used to protect the stem from spamming. These tokens cannot be used no elsewhere or can they be redeemed. You can only purchase them from the factor exchange (FCT). EC can only be used to pay for Factom platform services.
The FCT coin however can be purchased from exchanges where it is listed. Some of the places you can buy FCT coins include Poloniex, Binance, OkEx, GDAX, UpBit and Huobi among others. Being backed by these exchanges means FCT has a global appeal the current popularity is based on the route to market the marketing team behind the coin have chosen.
Going by the historical data and market performance, Factom (FCT) is a coin to invest in. The opportunities behind the platform are many and many crypto enthusiasts tend to undervalue the coin. On the other hand, the team behind the platform is working hard to ensure user records are data are secured against hacking and manipulation.