The use of blockchain technology for fintech companies is on the rise and Factom, a technology company with blockchain-as-a-service technology (BaaS), specializes in resolving the main problems facing companies they face when they implement blockchain technology.  logo "src =" http://www.housingwire.com/ext/resources/images/Mortgage-Tech-Product-Showcase-2018/factom-logo.png "style =" margin: 10px; fluctuate: on the left; width: 183 px; height: 125px; "/> By providing a scalable solution with a predictable cost model, Factom has the ability to handle complex data, while providing cryptographic evidence to meet audit and compliance requirements – all in robust API calls that do not require cryptocurrency or long development cycles.
"From the beginning it was clear that trying to adapt all business use cases in a monetary transaction, as required by Bitcoin, Ethereum and most other blockchains, would be an awkward approach to manage many problems in the real world, "said Laurie Pyle, COO of Factom.
" What was needed was a blockchain specifically designed to handle complex business data and documents rather than an optimized solution for monitoring a value transfer. "
Factom Blockchain is designed to handle many complex business use cases and the required data, including those in the mortgage industry, resulting in a robust solution for auditing and compliance requirements.
Unlike other blockchains, Factom Blockchain presents a fixed cost model that protects businesses from volatile cryptocurrencies and is designed to efficiently store business records and associated items in chains for quick search.
The Factom product, Factom Harmony, is a solution enterprise level that can be seamlessly integrated with existing services to create blockchain control and compliance workflows through the mortgage ecosystem.
Harmony also allows developers to start using blockchain without worrying about cryptocurrency or staying in feet in your network node. Users can create portable and archival cryptographic evidence to be used as trusted inputs for internal and external controls.
And a private blockchain can be used for authorized networks, with available public anchorage.
What makes Factom Harmony a turning point that reduces the time and resources needed to perform audits and meet compliance goals. Using Harmony, blockchain capabilities can be implemented without problems in existing business processes through simple additions.
When audits are conducted, companies will have evidence that their decisions and conclusions on business processes have been made according to the protocol.
Writing these decisions and points to a blockchain can save time, money and valuable resources for a company that could be spent more efficiently elsewhere.
"The mortgage industry has a trust problem that translates into costly controls and audits during the origination process and throughout the life of the loan Blockchain can put an end to the redundancy of current audits and lead to more efficient processes and rationalized, "said Pyle.
PRODUCT : Factom Harmony
SNAPSHOT: Factom Harmony is an integration platform designed to enable companies and software vendors to quickly add blockchain functionality to any application or workflow using simple API calls.