Every year at SXSW, we always find ourselves looking forward to Startup Debut. This year was no exception. There were some great companies at Startup Debut, like Squirl, but two really stood out. Both Factom and Rivetz are involved in the Bitcoin industry, though sort-of indirectly. Rivetz, which we will cover in more detail later today, has built out a robust infrastructure that allows developers to add a layer of security to networks, mobile wallets, web-services and more by utilizing the chips already present inside of all newer mobile devices. Look for our article about Rivetz later today.
Factom, in a nutshell, adds a layer of data to the blockchain mechanism that Bitcoin uses to record records of transactions: “A blockchain is a distributed mechanism to lock in data, making it immutable, verifiable and independently auditable. The Bitcoin blockchain was used to create a secure digital currency and payment system.”1
Essentially then, Factom allows developers to incorporate the blockchain mechanism as a way to secure and verify documents and data:
Factom is most easily understood as a protocol that provides unlimited books of blank paper. Users of the protocol can take a book, label it with the title of their choice, open the book, and write on a page. When that page is submitted to Factom it cannot be altered or deleted. Nobody can back-date a page. All the data written into the book is preserved in the order it was presented to the Factom protocol.2
During Startup Debut at SXSW, we had a chance to speak with Peter Kirby, the President of Factom, and Tiana Luarence, the company’s CMO. If the article above doesn’t make much sense, check out the video below, Peter and Tiana explained the concept much better than I could ever hope to: