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Veteran Blockchain Investment Firm
[I]SV01) I second Niels' question above. Can you provide a concrete example of how a private Factom blockchain provides benefit to one of your clients over a standard database?[/I]
Samuel, thank you for the inquiry. We see more to Factom than just the blockchain available to consumers. We see Factom as a technology, a data layer that the world has not yet truly realized the potential of. We envision a world in the future where data that is not stored via a blockchain is not considered valid. Factom is by far the furthest along in being able to make this happen.
Private chain example: Agency A collaborates with Agency B to action Target #69. The network used to gather, process, and disseminate the information is [U]not[/U] a public network, but managed by an independent organization (Agency C). Agency A and Agency B do not always cooperate, have competing budgets, and sometimes are at odds with each other in their information gathering and sharing. Providing a data layer like Factom where they can both contribute their piece of the investigation knowing that the information will not be altered in any way by the other agency, contains timestamps of collection/processing, and can mask the sensitive information that may reveal sources or means of gathering said information is what we are talking about. Agency C of said network can run the Factom protocol on their data nodes to provide the blockchain capability (or we can provide the nodes via the GovCloud).
We have identified a potential market where law enforcement entities regularly upload data to the CJIS compliant GovCloud via the Amazon Cloud Storage Gateway. We are preparing to pursue a solution that will increases awareness of the technology while significantly generating usage through tapping into the Storage Gateway utilization. The potential to commit every piece of cloud-based evidence to the Factom blockchain is immense. The most powerful aspect of the concept is that the Factom protocol will be providing a solution to a real-world problem… proving chain of custody. These are the kinds of ideas we intend to bring to fruition that benefit our firm and the community at large, including the other ANOs.