Shaping the real estate landscape with Deloitte, MSeven, and others. Awards at ExpoReal and NENnovation.
A typical contract describes procedures and steps on how one can execute promises and different scenarios. With LTO Network, we turn contracts and processes into business rules and data that allows automation.
You can involve third parties and share data automatically by creating decentralized workflows on the blockchain. Complex inter-organizational business processes will go from headache to accelerator.
- The data necessary to fill the documents can be pulled from other systems which already hold this data.
- The data collected in the factsheet and contract, including finalized and signed documents, can be posted to other systems.
Interacting with a Live Contract automatically forms a verifiable and immutable audit trail using blockchain technology. Each contract forms its own miniature private blockchain (an ad-hoc permissionless private blockchain) which is shared only with the parties involved. Each data block is anchored to our global blockchain (a permissionless public blockchain) through hashing.
LTO aims to redefine the classic contract and laws as we know them by adding decentralization and automatization. The result: our unique Live Contracts. The LTO protocol splits the rules of a contract or law in parts that are understandable for computers as well as humans, through visualizing them as so called Finite State Machines. Sections that are labeled as simple and safe can be executed by computers. Other sections can (and should) be left to human interpretation.
Together with Deloitte, MSeven, Merin, Stena, OSRE and CMS we are developing the European standard for real estate agreements which make interactions smoother, cheaper, paperless, and more efficient. We are also currently developing other workflows, for example for automating property service charges and smart debiting.
ExpoReal, REIN and NENnovation
Recently, we went to a few big enterprise real estate fairs. First and foremost, we should emphasize the fact that real estate fairs are quite different from your typical blockchain fair. This meant that we were mainly competing with the likes of smart doorbells. Because of the complex nature of blockchain, we were at a bit of a disadvantage. However, we like a challange, and managed to achieve some great results!
At the Real Estate Innovation Network, we were selected into the top-5 in the category ‘manage and operate’, out of over 1600 participants! Eventually, we were awarded the runner-up award. Combined with 3 days at the innovation stand at ExpoReal, we spoke to about 150 companies. We are now in the process of discussing potential collaborations and integrations with many of those enterprises.
We were also invited to the NENnovation awards. The NEN is the organization that develops the standards for many enterprise certificates, which in Europe are called ISO certificates. We were selected into the finals out of about a hundred participants, and came second again! — ‘you are too much of a developed company to be considered a start-up’.
We will be working together on defining the standards on the definition of blockchain: what it is, what it is not, and how it should properly be applied. This will cover the functions of blockchain, how they can be compliant with GDPR and more.