The Factom Protocol, a distributed product from distributed ledger technology developer Factom Inc., announced today that one of its operators, De Facto, has launched a new portal for the cloud.

The product, Factom Pro, is a cloud-based portal designed to secure business data using the Factom blockchain, anchored to the bitcoin and Ethereum public blockchains, at a fixed price of a penny per write.

The Factom Protocol itself is an enterprise-grade, open-source, developer-friendly blockchain protocol that uses the Factom blockchain to record data in an immutable and independently verifiable manner. At the same time, data stored on the blockchain is privately secured so that only authorized parties can retrieve the data, but third-party auditors can still verify authenticity.

Developed in 2014, the Factom Protocol started as a distributed blockchain framework operated entirely by Factom Inc. By May 2018, Factom operated nodes moved from the central company to numerous Authority Node Operators, of which there are 26 today, including De Facto, the developer of Factom Pro.

“Factom Pro is a unique and innovative gateway for businesses to access blockchain-based storage without the need to handle cryptocurrency or deal with cumbersome deep tech,” said Anton Ilzheev, founder of Factom Pro.

With Factom Pro, enterprise users get access to a full suite of blockchain capabilities through a platform for evidence capture, decentralized identity, tokenization (including cryptocurrencies), smart contracts and verifiable credentials.

The use cases for Factom Pro’s decentralized data storage include intellectual property protection, supply chain tracking, secure voting systems, fraud detection, trade and credit financing and insurance claim verification.

“By anchoring data to the bitcoin and Ethereum blockchains, we offer customers the most secure data storage option available in the industry, all at an incredibly low cost,” said Ilzheev. “Our aim is to empower businesses and organizations of every size to harness distributed ledger technology to improve their service offerings, operations, and more.”

Users of Factom Pro do not need to worry about handling cryptocurrency — yet can launch their own tokens without the need to manage the underlying data structures – and do not need to setup, maintain or monitor blockchain nodes. Instead, the product acts as a gateway for businesses to use blockchain-based data storage, allowing users to read and write data on the blockchain using traditional methods.

“The Factom protocol is the highest standard of decentralized data storage, boasting maximum accessibility, so that blockchain technology can truly reach the masses,” said Ilzheev. “We believe Factom Pro is the future of blockchain for businesses, with the potential to bring mainstream business adoption to the forefront of our industry.”

Pricing and plan information is available on the Factom Pro website, starting as low as one cent per write, for access on the public blockchain. Plans that include a private blockchain – one run by a single company or a consortium of companies – are also available, but pricing and further information must be requested from Factom Pro.

Image: Factom