FactomAuthorize Beta Launch
RewardChain has just launched the beta for FactomAuthorize, a web app that allows anyone, anywhere, to secure a digital ‘fingerprint’ (hash) of their data on the Factom Blockchain—and to receive an official certificate that can be used to authenticate their data in the future.
Using cryptography FactomAuthorize allows you to prove that something existed at a certain point in time, without a shadow of a doubt.
So why would you want to be able to cryptographically authenticate that a file existed in a certain form, at a certain point in the past?
Most simply: artists, musicians, writers, film-makers, designers—any creative in the 21st century—is producing intellectual property with real value, and in our digital world protecting this IP can be very hard. It is expensive and often difficult to protect and prove copyright for creative works online, particularly those that are purely digital (e.g. a new song).
FactomAuthorize has both a user interface and an API (contact us if you are interested in using our API). This allows anyone, whether they are an amateur musician, a national law firm, or a multinational professional services company—to protect their or their clients’ IP in a way that is cost-effective and mathematically verifiable.
Cease and desists become a lot more powerful when clients have access to legally enforceable cryptographic proof that they owned the work first.
Beyond protecting IP, FactomAuthorize can be used for any person, company, or organisation (including governments) that need accurate and provable record-keeping. This is possible because any change to the submitted file creates a new hash (digital fingerprint), meaning it will not match the hash stored in the blockchain. This allows any stakeholder to determine if the original document was modified in any way, and does it in a way that is independently verifiable by any third-party.
This has profound implications for every industry where record-keeping and maintaining audit trails is important. Any business that faces regulation, whether that be in the medical, industrial, government, non-profit, or financial industry—our API can help to create and manage billions of time-stamped records a year.
How FactomAuthorize Works
FactomAuthorize has two parts: the Entry and the Proof. The Entry is the process of entering data into the Blockchain, providing cryptographically verifiable proof of existence for that file at that time. The Proof is the process to actually verify (or authenticate) the existence of the file, and the point in time it was entered.
Entry:
- A digital signature of your file (a hash) is created client-side (we never store your file).
- The hash is added to the Factom blockchain, along with a timestamp.
- A merkle root from the hash is entered in the Bitcoin blockchain.
- We email you the hash and its location in Factom and Bitcoin along with an official FactomAuthorize Certificate. You now have a timestamped fingerprint of the file in Factom and Bitcoin—forever.
Proof:
- Your file is hashed again.
- The hash is checked against the Factom blockchain.
- Confirmation of a match is provided, along with its location in both Factom and Bitcoin and your official FactomAuthorize certificate.
- You now have cryptographic (and legally enforceable) proof that your file existed in exactly that form, at that point in time.
Once the submitted file is immutably secured in both Factom and Bitcoin, an email is sent with the official certificate.
Who is RewardChain?
RewardChain was founded by four entrepreneurs and engineers who have previously built a range of high-value technology companies. The team is based in Wellington, New Zealand and Melbourne, Australia.
RewardChain is an Authority Node Operator (ANO) on the Factom Blockchain. We run servers that enforce the Proof of Authority Consensus Algorithm that drives Factom—a decentralized blockchain that sits on top of the Bitcoin Blockchain.
On top of running two Authority Nodes, we also build cutting-edge software applications that both support, and leverage, the Factom Network. FactomAuthorize is our latest project, and our most exciting to date.
Thanks to Ira P. Rothken and his team at Rothken Law Firm for their hugely valuable input and advice on FactomAuthorize.
Why Factom?
Factom is a decentralized public blockchain platform for building precise, verifiable and immutable record systems.
The cost of entering data into Factom doesn’t change due to its unique two-token system, which allows for effective long-term budgeting. Factom is designed so you don’t have to own or hold cryptocurrency to use it.
Factom is currently being used by The US Department of Homeland Security, the Bill and Melinda Gates Foundation, and Fortune 100 companies in the US.
Conclusion
The Factom blockchain can be used to bridge trust when it comes to data, just as the Bitcoin blockchain bridges trust when it comes to money. Using Factom we can create a more open and honest world. A world where corrupt governments cannot steal property from their citizens, and a world where millions of people cannot lose their homes due to fraudulent bankers.
How can we create this world with Factom?
Factom is a decentralized, trustless network of data records, where no single entity can alter, censor, or halt the network. Such a network allows for a universal record of history that cannot be retrospectively altered.
A world where Factom is used to secure all important data means a world where a Honduran bureaucrat cannot steal a citizen’s property with no evidence, and banks cannot commit massive fraud leading to a global financial crisis.
We are trying to make Factom a global layer for data integrity, and a tool for a more honest world. As Paul Snow, CEO of Factom, often says: “Honesty is subversive”.
