Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account. So, the project I am going to present you is https://lto.network/ a Hybrid blockchain for decentralized workflows: enabling B2B to collaborate on equal footing using trustless automated processes with GDPR compliance.
LTO Network launches a Hybrid Blockchain for Decentralized Workflows that creates a GDPR compliant B2B blockchain infrastructure, which enables entities to collaborate on equal footing using trust less, automated processes through Live Contracts. The main scope of the Live Contracts is to automate the process of how business players interact and exchange information, thus a traditional contract or process is split into parts that are comprehensible by both humans and machines, by employing Finite State Machines. Finite State Machines are models of computation that make it possible to visualise the Live Contracts as workflows.
The value of LTO Network is not in the groundbreaking technology, but in the novel approach to integrate blockchain into everyday business seamlessly and enhance the capabilities of traditional business, rather that disrupting the way they work and totally replace current systems them.
Many of the use cases of the network, such as supply chain, insurance, real estate, notary services, transfer pricing automation (DTM), document management, tokenization of real estate and shares, are being already explored by established companies and governments. For supply chains, Belgium, The Netherlands, Germany, and some public and private agents aim to supervise the removal and transportation of waste to and from other EU countries. The plans are to connect multiple agencies to manage the operation and employ LTO’s solution to get rid of the heavy bureaucracy. On insurance, LTO Network is working with DEKRA to enable the development of GDPR compliant automated third party data-handling. In Real Estate, Deloitte, MSeven, OSRE, Merin, Stena, CMS Law aim to create the automation of rental agreement lifecycles as Live Contracts through the help of LTO’s platform. With Transfer Pricing Automation (DTM) companies such as Heineken, Euronext, Velcro, Cloud9 want to establish a digital transaction management system, where LTO’s software will be used for automating the profit allocation workflows in each jurisdiction where the multinationals operate, and file the outcomes to the local tax authorities.
LTO network wants to introduce a digital distributed ledger recorded process that serves individual and business needs related to legally binding contracts. For this purpose the project is building a decentralized workflow engine that enables the sharing of information on private blockchains whereas transactions will be recorded on a public blockchain.
LTO’s architecture is created to serve the logic behind Live Contracts, thus the node system is designed around four layers:
UI Layer: This consists of UI applications that interacts with the application layer
Application Layer: This contains all the services that handle actions triggered by events from the event chain
Private Chain Layer: This takes care of the decoupling of the node. Through the permissionless private chain every decentralized workflow utilises a different miniature private chain. Events are anchored as Proof of Existence on the bottom permissionless public blockchain layer
Public Chain Layer: This manages the public chain service, with a permissionless public blockchain based on Bitcoin NG that uses the novel Leased Proof of Importance staking to enable functional anchoring
As you can see, the potential for Blockchain Technology is so vast; it can find a place in nearly any business or industry, especially those with digital assets or where transactions occur digitally. Not only does Blockchain improve efficiency and scalability, it also improves security tremendously. In an age where transparency and accountability are essential for long-term success and growth, it’s safe to say that the power of Blockchain is exponential.
For more information about the Project visit the following Links:
website twitter Telegram medium github youtube
Author: Bitcointalk username : Mrtenex
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1212994
https://community.lto.network bounty profile Username: hassan500