Nov 19, 2014
BitCoin, Cryptocurrency, and Blockchain Technology — FACTOM
Posted by Rob Chamberlain in categories: automation, big data, biotech/medical, bitcoin, business, complex systems, computing, disruptive technology, economics, education, encryption, engineering, environmental, ethics, finance, futurism, geopolitics, hacking, information science, law, materials, open access, policy, science, security, software, supercomputing, transparency
Quoted: “The Factom team suggested that its proposal could be leveraged to execute some of the crypto 2.0 functionalities that are beginning to take shape on the market today. These include creating trustless audit chains, property title chains, record keeping for sensitive personal, medical and corporate materials, and public accountability mechanisms.
During the AMA, the Factom president was asked how the technology could be leveraged to shape the average person’s daily life.”
Kirby responded:
“Factom creates permanent records that can’t be changed later. In a Factom world, there’s no more robo-signing scandals. In a Factom world, there are no more missing voting records. In a Factom world, you know where every dollar of government money was spent. Basically, the whole world is made up of record keeping and, as a consumer, you’re at the mercy of the fragmented systems that run these records.”
Continue reading “BitCoin, Cryptocurrency, and Blockchain Technology — FACTOM” »
Preamble: Bitcoin 1.0 is currency — the deployment of cryptocurrencies in applications related to cash such as currency transfer, remittance, and digital payment systems. Bitcoin 2.0 is contracts — the whole slate of economic, market, and financial applications using the blockchain that are more extensive than simple cash transactions like stocks, bonds, futures, loans, mortgages, titles, smart property, and smart contracts
