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About Factom
Factom is a blockchain-based system designed to record, store, and verify data on a distributed ledger, making it particularly useful for document management, auditing, and supply chain transparency. Unlike cryptocurrencies focused purely on transactions, Factom uses its FCT token primarily as a utility to write data entries onto its blockchain, enabling organizations to create immutable records of important documents and processes. Its key distinction lies in its efficiency and cost-effectiveness for enterprise data management, as it batches multiple data entries together rather than requiring individual blockchain transactions for each record.