One of the more common criticisms raised against the blockchain industry is the lack of real world usage. Although the technology is intriguing and bound for great things, there is a short supply of companies offering products that can be used right now.
One company that is looking to change this is FACTOM (FCT). With a tag-line, ‘Making the Worlds Systems Honest’, Factom leverages the attributes of blockchain technology to ensure data integrity. In a recent move by a court in China, this service offered by Factom was recognized. Taking place in Hangzhou, China, it was ruled that the use of blockchain technology for the purpose of authenticating presented evidence would be allowed.
In a case dealing with copyright infringement, Factom was used to validate the authenticity of screen-captured images. These were images showing unauthorized access of various websites and sensitive documents. Upon allowing the use of blockchain in legal proceedings, the Judge stated, “The court thinks it should maintain an open and neutral stance on using blockchain to analyze individual cases. We can’t exclude it just because it’s a complex technology. Nor can we lower the standard just because it is tamper-proof and traceable…In this case, the usage of a third-party blockchain platform that is reliable without conflict of interests provides the legal ground for proving the intellectual infringement.”
Unlike many crypto companies, Factom often flies under the radar. They do not concentrate their efforts on frivolous marketing. They do not make announcements that they have an impending announcement. Factom concentrates on real world applications.
To date we have seen multiple implementations of their technology. Below are only a few of their partnerships that have developed in the process.
These are just four of Factom’s many partnerships. Each of which stems from widely varying industries. Combined with the development of new acceptance within certain judicial systems, Factom is even further validating themselves as a trailblazer within the blockchain industry. In doing so, they are opening the doors for future products and companies offering unique services to be considered.
The use of Factom within a court of law isn’t just showing the potential of Factom. The fact that it is news worth reporting drives home the fact that blockchain as a whole is still in its infancy. Only now in small doses, are we seeing broader acceptance and knowledge of the industry. Undoubtedly this will have a snowball effect, with acceptance growing faster and faster. For now the Hangzhou court has provided blockchain with a win.
What other current day real-world applications do you think we will see next?