Loyakk will enable enterprises to protect and harness the full power of their data — Why will it succeed?
It can be argued that Bitcoin could turn out to be digital gold and even possibly a global currency of the future. A world currency with no borders and no centralised power controlling it would be the single greatest achievement of the crypto revolution.
Other projects are building up traction and are looking to be the front runners in their own particular industry sectors of finance, supply chain, security etc. However, there is one sector that is absolutely huge and it comes in probably 2nd only to currency and that is… DATA!
The ability for an enterprise to have total control of its own data in knowing exactly where it is, who can see it, who has permission to interact with it and being able to rest assured that its data is GDPR compliant does not exist in the world of business today. We are going to be the first company to make this a reality and will become one of the giants of the blockchain of the future — Loyakk has the vision and the product to achieve this goal.
Think of the myriad of transactions and interactions that take place every single day within an enterprise and across its value web networks. Loyakk will enable enterprises to exponentially increase the value of these relational transactions whether they be sales data, deals, documents or basically any type of file media.
Loyakk has built an innovative and first of its kind tokenised data container that will enable enterprises to share their data with partners, customers and third parties, safe in the knowledge that this data will be tracked, permissioned, secure and compliant every step of its journey.
This tokenised container (the LYKX token) is the heart of the Loyakk platform and it moves data and value between all participants in a business ecosystem whilst managing that data based on the identity of the receivers, relationships and the particular business rules in force.
All this permissioning is built into the data container itself and ensures that only authorised parties can see or transact with the data within. Those parties can be individual, team, organisation or across company networks.
Governance rules control how the data is used and propagated and ensure that business rules are adhered to. Having full provenance of the data makes it possible for an enterprise to have the fully verified version of it which can be tracked and audited with complete assurance.
Why do enterprises need Loyakk?
Many and varied are the accounts of data breaches all across the business landscape. Examples too numerous to mention happen with alarming frequency, even among industry giants such as Google and Facebook whose primary goal surely is to secure and protect client’s data. GDPR (General Data Protection Regulations) have been in force since May 2017 and enterprises have a real task on their hands to protect their client’s data. Failure to do so can result in huge fines.
Loyakk solves this problem with the permissioning that is built into our tokenised data container. Only individuals or groups that have been given these permissions are able to view and access data that has been cryptographically secured.
Contract disputes arise frequently in the world of business and litigation can cost a huge amount of time and money. Disputes are bound to happen as a project moves through long time frames and problems crop up along the way. Also, complex contracts lead to misunderstandings and disputes can occur this way. Additionally, external factors such as inaccurate or optimistic projections of costs where third parties such as governments are involved can lead to often protracted and costly disputes.
Loyakk’s use of the blockchain to store provenance of contracts and data serves to set up a single source of truth which is totally verifiable and unalterable and would be fully recognised in law.
Given that an enterprise can have many partners, all with their own systems, various versions of data can arise which do not reconcile with all these parties. However, once again, the use of the blockchain as a common ledger means that all data is tracked and only one version of each piece of data will exist.
The team and advisors
Our Loyakk team comes out of Silicon Valley from an already hugely successful company that has existing blue-chip clients. We have many years of experience in data solutions and have managed at the very highest positions in some of the top Fortune 500 companies. We know the market and we know exactly what our existing clients want.
Salim Ali is the CEO and one of the co-founders and was the Global Vice President of SAP, the market leader in enterprise application software with a revenue of 6.7 billion euros and 92% of the Forbes Global 2000 companies as customers. Salim is a widely respected speaker on blockchain-based value webs and how they will benefit enterprises.
Jitu Telang is the CTO and the other co-founder. He has held senior positions in IBM and Trilogy and is responsible for driving forward Loyakk’s patent-pending blockchain architecture.
Among the Loyakk advisors are Anthony Thomas, Global CIO of Nissan Motors. Anthony Thomas has made it known that he supports Loyakk’s vision and he is looking for a solution to Nissan’s data requirements.
Other elite advisors include Erwin Rezelman, CTO of Zurich, Latin America; Jonathan Becher, Ex-Chief Digital Officer of SAP and President of San Jose Sharks and also Leslie Dukker Holt, Exec Vice President, TIME, Inc.
The end game
Loyakk is working on an IEO at a top 5 exchange in Q3. We will also roll out the Loyakk Vega Enterprise Relationship Platform in the same quarter for a selection of our blue-chip clients in order to prove the system. This is a platform aimed at very large enterprises and once it is proven, the queue to use the Loyakk Vega platform will also be very long.
Harnessing the power of enterprise data is an achievement on the most gargantuan scale. Loyakk aims to succeed in pulling this off and has the ambitions of being one of the most pivotal and influential companies in the crypto/blockchain sector.
Disclaimer: This article should in no way be taken as financial advice or as an encouragement to invest in any particular asset or company. All those wishing to invest in the crypto market should do their own research or use the services of a fully certified financial adviser.