Factom Hits $1 Million Crowdfunding Goal on BnkToTheFuture

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology startup Factom has reached its $1 million investment goal on BnkToTheFuture, a Crowdfunding Crowdfunding Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Read this Term platform geared toward the crypto industry.

Factom is a startup looking to help businesses and governments use the blockchain as a new way of recordkeeping for various applications, such as medical records, property titles, legal applications and financial systems. Recently, it partnered with the Honduras government on a project to restore integrity to its land title system.

The idea is to have permanent, decentralized and tamper-proof records by leveraging the blockchain to build an "immutable data layer."

The milestone represents the latest investment in a blockchain tech-oriented company, correlating with the noticeable shift of attention to the discipline in recent months.

The funding goal was reached with 6 days remaining in its campaign. Investors are to receive a 7.8% stake in the startup, implying a total valuation of $12.8 million. 230 "backers" have taken part in the round.

On BnkToTheFuture, investors gain a share in the company, require more paperwork and can pledge before actually investing. Backers are not shareholders, instead eligible for rewards offered by the Pitch owner. They pay up front, but get a 7-day “cooling off” period should they change their mind.

The platform has become the home for a number of campaigns, including altcoin brokerage ShapeShift.io and Max Keiser's Bitcoin Capital.