I’m going to be honest here - unless you work for (or interact with) a large corporation, you will likely never have a need for the UTILITY aspect of the Loyakk Token. This Token is designed to be used in a "big business" environment, for global enterprise-level players. Loyakk are in the business of providing data-sharing solutions for large, mostly multinational organisations, such as SAP (Enterprise Software Developer), Novartis (Pharmaceutical Manufacturer), Abbott (American Health Care), Infosys (Information Technology Consulting), and Mphasis (IT Service Management).
Corporations such as these deal with multiple customers, partners, contractors and other entities, who often also need to communicate with each other in the process of their business dealings. These business networks often cobweb and interconnect in all manner of arrangements, and the ability to expediently collaborate with each other, while still protecting personal data and IP, is of paramount importance.
The Loyakk Vega platform is being developed to do just that. The goal is to provide a standardised business communication platform.
Historically, these interconnected business relationships were unsecured, messy, and mostly impossible to keep track of what information had been sent where, and who accessed it.
However, by moving this valuable data onto a blockchain, Loyakk Vega will utilise their token to provide an array of benefits, which includes:
Information Security (Permissioning)
Data can be controlled by governance policies embedded into the permissions system, ensuring it is disseminated on a ‘Need to Know’ basis. Although all parties will be interconnected, only those stakeholders who have been ‘given permission to see and interact with certain data will be able to do so.
Data on the blockchain is also verifiable and immutable, ensuring that it can’t be manipulated or distorted by any stakeholder.
Data Workflows (Propagation & Provenance)
The Loyakk Vega platform can be configured to ensure data flows from stakeholder to stakeholder in accordance with the business processes and security controls created on the blockchain.
This ensures data exchange protocols are undertaken in accordance with the relevant business rules, and whatever legal agreements may be in place between any two parties.
Every individual stakeholder can control and track who has access to their proprietary information.
Of critical importance, all of these processes can be audited for compliance purposes.
Relationships Management
Having these workflows and access permissions preconfigured for all stakeholders will streamline and expedite the movement of data, as the Loyakk Vega Platform streamlines the process, leading to improved productivity for all stakeholders.
The Loyakk Token will allow businesses to be part of multiple business networks, as indicated in the graphic below, and the Token will be essential for not only the inter-company interactions that take place between the various stakeholders but also at the intra-company level, particularly in very large corporations where there is an internal hierarchy of security levels and data permission requirements.
Let’s dig a bit deeper into the Relationships Management component of the platform, which ultimately controls the permissioning, propagation and provence requirements of all data. This Application Layer is comprised of five modules:
- Partner Management
- Channel Acceleration
- Vendor Management
- Customer Engagement
- Distribution Management
The interconnection of these modules enables the enterprises involved to manage the multitude of relationships that exist across their entire business network.
The Loyakk Tokens are the currency that powers every interaction on the entire Platform.
To ensure enterprises get the best possible functionality from the Loyakk ecosystem, industry-specific solutions will be built and deployed, with domain-specialist partners contracted to collaborate on the targeted solution design and execution.
The following industry domains are already specified in the White Paper:
- High-Tech
- Insurance
- Wealth Management
- Life Sciences & Health Care
The basic goal of incorporating the Loyakk Platform into an enterprise is improved business interactions, but this can be further broken down into the following sub-goals:
- Enhanced Business Collaboration and Relationships
- Smart, Innovative business Models
- Revenue Transformation with Efficient Value Movement
With the help of their development partners, Loyakk intends to create specialised business solutions at an industry-specific level, but will also allow developers to augment the Loyakk ecosystem with customised solutions that are built to address localised requirements.
The ability to add customised solutions is significant, as it will give the customers the opportunity to augment their specific use-case, thereby adding value and choice in the use of the system.
Relevant Links
Official Website: https://loyakk.io
Whitepaper: http://loyakk.io/#white-paper
Telegram Channel: https://t.me/loyakk
Twitter: https://twitter.com/loyakkvega
Facebook: https://www.facebook.com/loyakk
I am not a financial analyst. The above information should not be construed as financial advice and is not intended as financial advice. Always do your own research before investing in anything. The price of tokens may be volatile once listed on any exchange, and purchasing cryptocurrencies can be a high risk activity.
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