LTO Network: making blockchain adoption happen here and today. Clients. Market strategy. Product DEMO. Testnet.
Blockchain use cases are very broad and quite often the technology is applied incorrectly. For the blockchain to show its true potential, one must clearly be able to explain the problem that is to be solved with the blockchain. This is how we work at LTO Network.
We did not come up with use cases, we fixed them with blockchain technology when we ran into problems posed by old centralized systems. You can read about it more in our documentation. In this article, we go into the details of where, how and who is using LTO Network — our real-world clients and partners.
- Real-world clients and industries: supply chain, insurance, real estate, notary services, transfer pricing automation (DTM), document management, tokenization of real estate and shares, LegalFling.
- Multi-layer Adoption Strategy of LTO Network
- Oops… a few of them are already running the testnet
Belgium, the Netherlands, Germany and other public and private agents: Waste Transportation ILT (European Union tender winner)
Dutch and Belgian governments, together with other public agents, AVR and Indaver, cooperate on the waste transportation solution as part of the EU tender LTO Network won in 2018. Our partner Capptions is developing the UI, which is then integrated with LTO Network backend solution.
EU governments supervise the removal and transportation of waste to and from other EU countries, connecting multiple agencies to manage the operation. It formerly relied on manual, paper heavy processes, but by using LTO Network blockchain, the authority aims to free up human resources for other tasks. The LTO blockchain infrastructure provides an immutable way of verifying data about the weight of the shipment and the quota, making interactions among the parties trustless and secure. Data is being shared only across the stakeholders — since it has to be done in a GDPR compliant way.
DEKRA: GDPR compliant automated third party data-handling
After a successful pilot with LTO Network that entailed the streamlining of GDPR agreements between international insurance parties in which the finalized document was notarized through using Proof-of-Existence, the next step is integrating LTO Network to run and automate the processes on which DEKRA works together with other stakeholders.
The service that will be provided is a data protection agreement that is self-executing, re-uses data and will go through a pre-defined (audited) workflow. Multiple agreements can be generated and executed based on a single input form. All events starting from the initiation of the process will form a private blockchain. This will generate an immutable audit trail. The data placed on the private blockchain can be deleted. Any such deletion is stored in a public blockchain as a hashed event. This way, the system is compliant with GDPR which demands a possibility to delete (or “forget”) privacy related information.
Deloitte, MSeven, OSRE, Merin, Stena, CMS Law: automation of rental agreement lifecycles as Live Contracts
Merin, M7, Deloitte and other corporate real estate giants are working with LTO network on creating an automated document management tool on blockchain. FSM workflows can define commercial lease contract lifecycles as Live Contracts, which are paperless, remove multiple operational frictions among the parties, and have a lot of cost-cutting advantages over existing solutions.
‘LTO Network aims to redefine the classic contract as we all know it today, through adding automatization and collaboration to it. The result: A dynamic contract process that allows for interaction on the property lease process involving multiple stakeholders.’ — Niels Bruijninckx, Senior Manager, MSEVEN Real Estate
This is done together with CMS Law as a legal and business partner in verifying and promoting the solution. As the goal for 2019–2020, we are also working together with CMS Law on tokenizing real estate and shares, but we will get back to this later on.
TRANSFER PRICING AUTOMATION (DTM)
Heineken, Euronext, Velcro, Cloud9: digital transaction management
LTO software is used for automating the profit allocation workflows in each jurisdiction multinationals operate, and file the outcomes to the local tax authorities. It was built for and together with Taxtimbre, who act as a re-seller for these transfer pricing solutions.
Firm24, Damste Notary, Hekkelman Notary, Lint Notary, and 20 more notaries firms
FIRM24.com is the largest provider of the legal incorporation market in the Netherlands, having around 15% of the entire market share. On the platform that FIRM24 is using, the incorporation workflows include shareholders, notaries, bookkeepers, banks, etc are connected in the incorporation life cycle (Live Contract “incorporation”).
LEGALFLING: sexual consent on the blockchain
LegalFling is a Proof of Concept we built in 2017 to showcase what blockchain can do. Despite us not having spent a penny on marketing, it was quickly caught up the biggest new channels, newspapers, online journals and even YouTube — went super viral! This was especially relevant considering the 2018 ongoing debates regarding sexual consent, like in Sweden in July.
The app is ready and it is functioning, and will soon be integrated with anchoring on LTO Network permissionless public chain.
DUTCH MINISTRY OF JUSTICE
LTO Network is working with the Dutch government on several pilots for automating data exchange for criminal cases (petty crimes) and reducing the paperwork within the several stakeholders in the execution of the process. This was quickly caught up by the media, with law.com publishing an article last year, and a more coherent story is also available here.
And these are not even all the clients and partners! There are more pilot projects discussions going on right now, which we will update you on as soon as they are signed. Sign up for the newsletter to stay up-to-date.
Since we claim our mission is that privacy and transparency are not mutually exclusive and are willing to prove it — we uploaded the proofs of our cooperation with the above mentioned company: contracts, letters of engagement, functional pilot projects descriptions. Check it out here.
Multi-layer Adoption Strategy of LTO Network
LTO Network does not compete with other public chains, because it can actually be agnostic to them: triggering payment transactions, working with non-fungible tokens, pulling some data via API, and so on depending on the use cases. Therefore, it can be viewed as a 2-layer solution, but with its own public chain (which is created for the specific use case of anchoring), making it even better for competition since we are not in the TPS race — we simply choose the winner.
Here is where the adoption approach comes in as well: over month we tested different go-to-market strategies, and realized where the biggest potential is.
As the first step, for companies less accustomed to blockchain and innovation, there is an easy way of integrating existing software and procedures with anchoring. It might sound simple to people familiar with tech, but this adds an important layer of accountability and transparency, since the blockchain functions as an online notary.
As the second step, for companies more familiar with the blockchain, is the integration with decentralized workflows and automation of business processes on the blockchain (similar to Smart Contracts, Live contracts define logic on the blockchain, but also make it interactive and comprehensive for both humans and machines). The transition between the two adoption layers is also made easy — it’s all part of the nodes (cluster of Docker containers).
Find out more about how your organization can benefit from LTO Network. We have prepared two separate pages for clients and integrators, where you can see more detailed descriptions regarding the use of LTO Network.
Oops… a few are already running the testnet
A few of the above mentioned companies are already running the testnet and using it. It was in our long-term roadmap, but we accidentally did it. Of course, it is still a basic version of the explorer, but it works! If you are a developer and want to try out the testnet or have any questions, find us on Telegram.
Mainnet will be launched by the beginning of December. Stay tuned!