Explaining blockchain to non-experts is never an easy job. Yet, we try to do a little better every day when pitching for clients and competitions, showing of our novelty (and pretty awesome) technology on our road to adoption.
For over a year, we have been updating our pitch on a daily basis. Now, we’re showing it to you. To accomplish making LTO Network insightful for everyone, without digging through the dens of the tech. This pitch aims to give an overview of the solution in a way that it is relatable and comprehensible for every level of blockchain knowledge.
This presentation was made for the Dell for Entrepreneurs competition, 23 november 2018 @ Dell HQ Amsterdam.
In the past 2 years, no less than 14 billion USD has been invested in ICOs. The result: countless scams, projects that could not live up to what they promised and a whole bunch of shitcoins that are now or worthless or even dead. You can say that the wash-out is well under way, when we’re nearing 2018’s end.
It is therefore up to me today, to explain to the jury in which way blockchain lives up to its potential and hype. In the case of LTO Network, by using decentralized workflows.
To start with; what are some of the questions that are going on today about the topic blockchain:
- At Accenture: How do we realize significant benefits and cost savings with blockchain for our customers?
- At Dell: How does the arrival of blockchain affect our current position regarding servers and the cloud?
- At Nalta: What does the blockchain mean for the processing of data by our customers?
We answer these questions based on the concept of decentralized workflows.
Because when we talk about workflows or business processes; how is advanced is the information exchange executed in 2018? Well, so as shown above. Not really.
Couriers, emails, phone calls and even faxes. This means a lot of offline communication, administrative burdens and a higher margin of error on complex operations.
In short: a lot of costs.
Ok, so why not use a centralized system if we want to collaborate more efficiently? That would solve a lot of the aforementioned issues, right?
Eventually that will not work either. The majority of the stakeholders will then be subordinate to a leading IT-managing party, the majority will have to switch software systems and parties will hardly have control over their own data.
LTO Network definitively solves these issues using a hybrid (private and public) blockchain platform for decentralized workflows. The platform facilitates pre-defined processes in an insightful real-time way, while using formerly non-communicating systems.
Data is exchanged ‘over the chain’, which eliminates the globally present frustration of data re-entry. Yet, the data will not be stored on the blockchain due to privacy requirements. These miniature blockchains can be removed (automatically) if necessary at will. The GDPR — blockchain dilemma solved at once.
Read more about our GDPR compliance here.
On the LTO Network, every organization can easily set up a node in their private cloud. Only when nodes are involved in a process, will they have knowledge of a data exchange on the blockchain. This gives the platform a unique view on blockchain, being categorized as a private permissionless blockchain.
Each process forms its own ad-hoc miniature blockchain. As mentioned earlier, the nodes are only involved in the private blockchains to which they should have access. As can be seen in processes C and E on the right-hand image, the internal processes on the node actually run internally.
Our own public blockchain is optimized to anchor transactions quickly, securely and even cost-free due to the innovative validation mechanism on our anchoring-dedicated global blockchain.
For the Dell for Entrepreneurs competition i had the grateful task of showing off waste transports as technologically sexy as possible.
Technologically sexy, because the LTO Network blockchain can bring together the most innovative technologies. Waste transports are revolutionized in one go using LTO Network. We demonstrate this with our EU tender winning solution for a pilot of 500,000 waste shipments in the European Union. This solution is already live and shows unprecedented (financial) results.
We even have the process on film. Let us walk you through it!
It is nice to know that these waste transports from the video are now on the blockchain, but what does it save on the administrative burden that such a document-heavy waste transport entails.
Research of the Dutch Ministry of Infrastructure shows that the cost savings of working paperless and effective are no less than 48%.
Multiply this by 500.000 transports, achieving cost-savings of € 36.00.000,- . For a pilot. On a project between 2 countries. These amounts of money are circulating at the EU level and several other EU- Member States have already declared interest in the waste transport solution.
The above probably all sounds pretty complex to adopt into your organization. I can reassure the integrators here, it is not. In this GitHub you can see how easily and quickly a node can be set up. Within 2 minutes you can start making completely new solutions, or optimizing existing (client) solutions.
So, summed up. Why should you or your customers use LTO network?
That’s because LTO facilitates every kind of multi-stakeholder collaboration. Making processes cheaper, combining new age technologies.
GDPR-compliant. Eliminates reintroduction of data, without the need of changing systems. Unrivaled easy to set up in the cloud. And, not entirely unimportant, enabling working completely paperless.
These companies already went for it and are now making use of the platform. Want to learn how? Read about our clients here.
The road to global blockchain adoption has already started, as far as we are concerned.
Would you like to receive a pitch at your organization to show the enormous potential of blockchain? We would love to! Reach out through us via social or email and we’ll get in touch with you as soon as possible.