Where Blockchain meets Internet of Things: LTO Network x CPChain on supply chain and GDPR
LTO Network is focusing on building B2B infrastructure for automating workflows and contracts on blockchain — while CPChain is developing infrastructure for the Internet of Things and the transmission of value of cyber-physical systems. What could these projects have in common?
IOT data for Live Contracts
Live Contracts, developed by LTO Network, can essentially facilitate any process or workflow on the blockchain. Instead of just visualizing the workflow as a BPM and interacting with it using a UI layer, LTO infrastructure makes it possible to verify actions of participants, as well as for participants (and the system) to receive elaborate instruction sets.
In supply chain processes, multiple parties are working within the same process, while conflicting interests are at stake. LTO Network is already working on a number of supply chain pilots; for example, LTO network facilitates waste transportation in Belgium, Germany, and the Netherlands as part of the EU tender won in early 2018. Other pilots include a supply chain case with CEMEX, and so on.
With the supply chain industry developing rapidly, Internet of Things technology will be integrated more deeply into business processes. With CPChain facilitating IoT data and LTO facilitating business processes, a partnership is only logical. Live Contracts will be able to communicate cross-chain, reading data from the CPChain blockchain.
The supply chain industry is not the only field where CPChain and LTO Network can work together. Another use case is that of Smart Cities. Here, LTO Network would be used to model the logic of the processes, while CPChain would provide verifiable data for these processes. Later on, Smart Contracts transactions could be triggered by a state in the Live Contract, based on predefined rules.
Data storage and legal compliance are some of the biggest obstacles for blockchain adoption — and it’s crucial to understand these to be prepared access the market. After all, the immutable nature of a blockchain makes compliance very hard to achieve. LTO Network has done just this, however, and has developed a GDPR compliant way to utilize blockchain, utilizing miniature blockchains anchored on a public chain.
Meanwhile, CPChain is close to realizing GDPR compliance of its chain as well. While GDPR compliance may be even more difficult for IoT, CPChain’s IoT consumer platform PDash illustrates how close the project is to achieve said compliance. LTO Network is dedicated to help CPChain further adjust to the European regulatory standards.
Business Opportunities and Market Exposure
As described above, integration of the two projects allows both companies to achieve a more developed ecosystem and provide a more robust solution to clients. The cooperation opens up more possibilities to be explored together. This helps both companies to extend their operations and network in Asia and Europe. We are looking working to attend events, and to explore more business markets, together with the outstanding CPChain team!
CPChain is a new distributed infrastructure for next generation IoT. CPChain intends to build a fundamental data platform for IoT system in combination with distributed storage, encryption computation and blockchain technologies, providing the whole process solution from data acquisition, storage, sharing to application.
About LTO Network
LTO Network is a blockchain toolkit for creating trustless workflows, while maintaining data privacy and GDPR compliance. Developers and enterprises can use the LTO toolkit to either create new, or integrate existing solutions — and run them in a transparent, secure and decentralized way.