Factom Files Patent For Confirming Documents On The Blockchain

Factom (FCT) has filed a new patent with the U.S. Patent & Trademark Office that enables the confirmation of documents on a blockchain with various digital signatures.

The patent comes at a time when there is a hype of blockchain patent applications from other executives such as IBM, MasterCard, and Walmart.

According to a piece from the patent:

“Authentication of the electronic document is based on multiple digital signatures incorporated into a blockchain. Structured data, metadata, and instructions may be hashed to generate the multiple digital signatures for distribution via the blockchain. Any peer receiving the blockchain may then verify an authenticity of an electronic document based on any one or more of the multiple digital signatures incorporated into the blockchain.”

Being one of the giant blockchain projects in data integrity and compliance, Factom is increasing on their platform’s offerings for governments, business, and non-profits.

The patent describes a process for peers to verify digital documents with different types of digital signatures. Furthermore, various signatures of different types can be included in a single document. The strength of the signature verification increases on the Factom’s goal of removing data interfering in business settings.

As stated in the patent, the idea makes it possible for a document to maintain its integrity through its entire life-cycle. This is essential given that documents are transferred across the internet among stakeholders.

The new patent is in line with Factom’s mission statement:

“People and institutions today solve hard problems through the utilization of Factom’s Blockchain. We see a future world where fraud, corruption, and forgery are a thing of the past. We believe in keeping private data private and securing the world’s wealth because privacy and possession of the property are basic human rights.”