Any missing data can also be clearly seen
One of the most important uses of Factor Harmony is its ability to permanently store documents and data to a blockchain. It can also be effectively used for compliance and decision-making. This is in addition to its use for sharing data with any interested party. Data that are stored in the Factom system have a distinct version of history. Any missing data can also be clearly seen. Factom Harmony was also designed for handling lawsuits, audits, loan-trading, regulatory reviews, foreclosures, and securitization.
Up until 2008, the core technology was designed for maximum throughput, speed, document collection, and checklist management. As a result, records and data collection did not precede in a way that evidence of actions and decisions could be preserved permanently. Newer regulation demanded that businesses exercise more diligence in their record-documenting efforts as well as do their best to ensure accurate maintenance of any data they used for decision-making. This was due to a general lack of accountability, where there was always one excuse or the other whenever the documentation of any process was flawed. The inability to put in place a functional system that could preserve evidence of data and any related decision-making made it imperative that a system was designed to address this issue.