Factom is essentially a data layer for the blockchain by providing an unalterable records system. It allows data, such as documents and files, to be stored on its blockchain. This protects that data from any tampering. A trustless ledger technology such as this reduces the need for audits and eliminates disputes by guaranteeing the integrity of information and also prevents the loss of important documents. Factom has introduced a system called dLoc by which physical documents can be verified through the use of RFID chip stickers. Factom is built on top of the Bitcoin blockchain. Factoids (FCT) are the tokens that are used to pay for entry tokens that pay the fee of storing your documents or information on the Factom network.