Factom (FCT) has filed a new patent today with the U.S. Patent & Trademark Office that allows verification of documents on a blockchain with multiple digital signatures
The patent comes during a frenzy of blockchain patent applications from other incumbents, including IBM, Mastercard, and Walmart.
Auditing Digital Documents with Multi-Signatures
The patent claims the concept:
“Authentication of 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.”
As one of the leading blockchain projects in data integrity and compliance, Factom is building on their platform’s offerings for governments, businesses, and non-profits.
The patent describes a process for peers to verify digital documents with various types of digital signatures. Additionally, multiple signatures of different types (e.g. metadata or instructions) can be used on a single document. The robustness of the signature verification builds on the Factom’s goal of eliminating data tampering in business settings.
As described in the patent, the concept helps ensure that a document has retained its integrity through its entire life-cycle. This is important as documents are transferred across the internet among stakeholders.
The new patent is in tune 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 property are basic human rights.”
Factom’s History
Factom faced struggle with garnering partnerships and clients during its early phases. However, since 2014, it has found a foothold in its niche. As CCN reported, Factom saw a huge boost when Microsoft announced that it would be integrated into its Azure cloud platform. Factom also partnered with the Chinese government to build a “smart city” where Factom’s technology would be used to audit city infrastructure.
Gaining clients who need cheaper auditing methods for infrastructure, records, and documents has been a constant goal for Factom. They provide different products to achieve this goal.
As Factom’s patent shows, blockchain technology continues to gain interest from major players in finance, retail, and governments. This period is a race for them to grab as many patents as possible in the march to adoption.
Images from Shutterstock
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