Loyakk is the first blockchain application that works for security of your data using patent-pending extensions. Data has been termed as new oil for the world and therefore its theft is increasing. European Union has devised a set of regulations called General Data Protection Regulation which is quite harsh on the companies to protect and secure customer’s data. This shows the importance of an application which works for data protection in a decentralized manner using smart contracts.
This ecosystem focuses on securing data by using blockchain technology. Data is compromised in a number of ways but the most commons are Contract Disputes, limited visibility of data across the network of stakeholders and data leakages. These problems cause huge financial losses which increases the cost of the project. Data breaches are linked to financial losses in all ways. A data breach of technology Giant Yahoo has proven the disastrous impact of data breaches in terms of financial losses alone.
The solution is provided in a decentralized way where all the data is governed using patent-pending regulations. No data-transaction is executed unless all the involved parties’ conditions are met. This process is driven by smart contracts to ensure data security, permissioned data-sharing and the movement of data. By using this technology, the whole process becomes more secure, efficient and decentralized.
Business adopting blockchain technology are also introducing their native coins to serve some financial purpose. Similarly, LYK is the utility token of LOYAKK platform which is mandatory for all interactions on the system between the networks.
This token has an extended function such as it carries data, performs critical functions, mange permissions and controls the data-sharing among the network-participants with full security and audit of the data.
We will list down few of the most prominent advantages of using Loyakk:
- It secures and streamlines the exchange of information, its collaboration and management among the network participants.
- Provides data visibility on permission basis to the members who are the true stakeholders.
- Ensures fast and efficient information and data movement among the parties to by using the patent-pending blockchain technology.
- Executes complex deals by its efficient use of technology. Its efficiency to verify data makes it convenient to solve the complexity problems on the network where multiple parties are involved.
- All the instructions on the network are standardized to make them acceptable to all the parties.
- Improves individual governance where everyone can verify the source and validity of data.
According to Gartner’s observation, the Data industry will grow above $176 billion by 2025 after the adoption of blockchain technology. With platform’s efficiency and problem-solving nature more and more companies will join the network. Data is considered as an asset and we have seen many regulations in the recent times for data protection and eliminating the chances of its breach. With all these facts we see this ecosystem as a potential source of trust for data protection and information movement.
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