Saturday, December 22, 2018

DATA THAT ARE STORED IN THE FACTOM SYSTEM HAVE A DISTINCT VERSION OF HISTORY

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.