How LTO Network Tackles Existing Problems With Blockchain Technology

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How LTO Network Tackles Existing Problems With Blockchain Technology

Today, businesses rely heavily on data. Not to mention, advances in information technologies present a challenge to businesses to constantly be on top of the growth curve. Legacy systems are quickly becoming more inefficient when compared side by side with newer innovations.

Furthermore, the exponential speed of change we have today creates more intelligent security threats which can cause a significant amount of money to rectify. Therefore, if your business is getting smarter, why shouldn’t your business processes smarten up as well? Enter LTO Network.

LTO Network to Tackle Existing Problems

One of these technologies that have taken the world by storm is the Blockchain. There seems to be plenty of blockchain protocols out there which possesses their own strengths and weaknesses. With the threat of hacks and cybertheft constantly looming, blockchain technology presents a possible solution to inefficient legacy systems.

Here is where I find LTO Network to be a highly efficient blockchain infrastructure that brings efficiency and is production-ready, developed with privacy and compliance by design. LTO Network is currently the easiest solution for businesses to integrate blockchain technology into their processes where upgrading and interconnecting your existing systems can be done seamlessly.

In addition to being easy, the cost to do so is also reasonable as compared to other protocols. In a typical organization, it is common to lose 5 percent of its annual revenue to fraud each year. To put it into another perspective, this translates to potential global fraud losses of up to $4 trillion.

Examples of such fraud are:

Diploma Falsification

  1. Buying an illegally produced diplomas, seemingly issued by an accredited institution.
  2. Altering the grades in a diploma
  3. Fake diplomas issued by diploma mills (fake universities). Diploma mills grant ‘degrees’ to people who pay for this service but do not offer any educational training.

One such example that came to was a lawyer in Singapore falsifying her law degree certificate in order to improve her chances with obtaining a job. (Source) Though it may seem trivial, the repercussions could raise valid concerns when it comes to the medical world. Such as this instance in Mumbai reported by the Times of India, where doctors were arrested for providing fake medical degrees to 58 specialists.

Invoice Fraud

Invoice fraud can occur in one of two ways;

  1. The scammer poses as you and sends fake invoices to your clients with their own bank account details, phone number, and email address.
  2. The scammer poses as a regular supplier of yours and sends fake invoices to you.

Criminals will often hack into the business’ email accounts in order to gain valuable information about the company’s relationships with clients and suppliers. They will look for details of when regular payments are made and when invoices are sent to customers. Once they have obtained the information they need, they can start to clone invoices and email addresses.

They will also look at the way you write and structure your emails and any other information that will help them to impersonate you. In March 2019, it was found that Google and Facebook were scammed out of $172 million just with invoice fraud. (Source)

These are merely a few examples of how LTO Network are tackling actual problems.

LTO Network’s two-phased approach

LTO Network is a hybrid blockchain that enables an equal footing for B2B collaboration with its decentralized workflows called Live Contracts, designed to be the trust layer for businesses in a GDPR-compliant way.

The Proof Engine

Blockchain could have prevented these frauds should add to the support of the organization, adding value to the organization at the same time. Creating an instant ROI. Prevention needs to be widely available to integrate into organizational ecosystems in minutes, making organizations unite against fraud. LTO Networks’ ‘Proof Engine’ allows you to eliminate all types of fraud through securing any type of digital data.

It is the trust layer you need in your organizational systems, which is applicable to various internal processes. Integrated in minutes, safeguarding every type of data imaginable. Learn more about safeguarding data.

Decentralized workflows

For the past decade corporates and governments have invested billions of dollars in workflow automation tooling, trying to make processes run like well-oiled machines. But when these organizations have to work together, the efficiency stops. Sometimes, within one organization with different systems, inefficiencies are a daily pain.

LTO Network solves this problem through decentralized workflows called ‘Live Contracts’ which link existing stakeholder systems to pre-defined processes (templates) to optimize efficiency for data protection and compliance accordingly to domestic legislation (Asia?—?CBPR, US -Data Protection Laws, EU?—?GDPR compliant standards).

Live Contracts are the answer to your business process inefficiencies. Learn more about decentralized workflows.

When should you use LTO Network?

The Proof Engine

Blockchain can prevent these frauds. Additionally, it should add value to the organization at the same time. Creating an instant ROI. Prevention needs to be widely available to integrate into organizational ecosystems in minutes, making organizations unite against fraud. LTO Networks’ ‘Proof Engine’ allows you to eliminate all types of fraud through securing any type of digital data. It is the trust layer you need in your organizational systems, which is applicable to various internal processes.

Integrated in minutes, safeguarding every type of data imaginable. Learn more about safeguarding data.

Decentralized workflows

Corporates and governments are investing billions of dollars in workflow automation tooling, trying to make processes run like well-oiled machines. However, efficiency stops when these organizations have to work together. Sometimes, within one organization with different systems, inefficiencies are a daily pain. LTO Network solves this problem through decentralized workflows called ‘Live Contracts’.

Live contracts link existing stakeholder systems to pre-defined processes (templates) to optimize efficiency for data protection and compliance accordingly to domestic legislation (Asia?—?CBPR, US -Data Protection Laws, EU?—?GDPR compliant standards).

Can Live Contracts be the answer to your business process inefficiencies? Learn more about decentralized workflows.

When should you use LTO Network?

Evaluating the opportunities brought forth by Blockchain opens up on efficiency and security improvements, alternative financing for new business units or expansion.

The hype, speculative new assets such as Cryptocurrencies and alternative fundraising means like ICOs, surrounding ‘Blockchain’ has exaggerated the realistic capabilities and applications of this new technology. Businesses, developers, and investors have yet to identify the right applications that are appropriate for distributed ledger technology.

Databases

Databases have been used for decades to persist state and query data. Decades worth of research has been invested to optimize the different layers of query processing.

Permissionless Blockchains

A centralized authority does not manage permissionless blockchains. Therefore, public ledgers are distributed across a dynamic network of peers.

Permissioned Blockchains

Permissioned Blockchains represent a hybrid design. They are not centralized to a single entity, yet they are able to authorize a small set of preselected trusted peers that can write state.

It is easy to realize that there is no one-size-fits-all solution after looking at these different systems. Everything is a trade-off and different applications have different requirements. Hence, we require different appropriate solutions.

LTO Network is applicable to every industry and company with a great number of repetitive processes in their day-to-day operations. LTO also connects and combines your different software solutions (HRM, CRM, ERP, POS). To assess whether LTO Network’s hybrid blockchain software is suitable for your business, we can apply the following depicted decision-model:

For more information, you could read my previous article, “Do Companies Actually Need Blockchain?

LTO Network Use Cases

Transfrontier Waste Transports in the EU

According to Sociable’s report, LTO Network won the tender to provide the Dutch Government with a Blockchain-related solution to waste transportation automation with Belgium. Applying blockchain technology will enable all government bodies and companies to get real-time verification of each step in the supply chain.

Streamlining transportations has resulted in a great reduction in costs in multiple jurisdictions in reducing the administrative overheads by 36%, saving $7M dollars on the pilot run by The Netherlands and Belgium. The solution is further rolled out in the EU later this year. Watch the solution video here.

Live lease agreements on the blockchain

A contract describes procedures to execute one or more promises. With LTO Networks’ Live Contracts technology, together with M7 Real Estate and CMS Law, we turn contracts and processes into business rules and data that allow automation. Each party will have control over its own data with blockchain technology and will be able to verify the actions of others, making cooperation secure and payments fully automated.

Food traceability on blockchain

In an article for Moonwhale Blog, I discussed Blockchain’s potential in revolutionizing the supply chain. The food supply chain is one of the most complex and fragmented of all supply chains. With production all over the world, producers and intermediaries are difficult to identify and track. This brings uncertainty and risk to all stakeholders in the production chain making fraud and counterfeiting very real problems in the industry. This, in turn, makes the whole food supply chain unfair for some stakeholders.

A centralized database already helps with solving complexity and fragmentation issues in a supply chain. But only an immutable decentralized database such as one provided by LTO Network can help solve fraud and counterfeiting issues because its data cannot be manipulated. Therefore, companies should consider exploring a decentralized solution.

Together with Capptions and SignRequest, LTO Network has built a food traceability app that utilizes blockchain called FoodFlow for the Nutreco track at the Odyssey hackathon. Nutreco makes protein food that is used to feed animals. Blockchain provides transparency to each stakeholder in the supply chain. In doing so, all parties can track and ensure the product are safe towards the end of the supply chain. This also provides all parties the ability to trace back with credible information when a mistake or error has occurred.

The proof engine for software vendors

LTO Networks’ public blockchain is optimized for safeguarding digital data. Various software parties, such as V-ID, Capptions, SignRequest, LegalThings, and Scantrust use LTO Network as an upgrade their existing solutions to serve their customers in a trustless way, simply linking an API.

Conclusion

With the huge increase in Bitcoin’s prices, the world will come to know about Blockchain technology once again. Bitcoin’s recent downturn in price from $20,000 to $4,000 has made adopting its underlying technology, the blockchain, difficult since people tend to tie its potential with price nowadays understandably. Despite that fact, the main players are already in the blockchain space and are experimenting with it.

LTO Network seems to target B2B like governments, multinationals, and enterprises with its GDPR-compliant decentralized workflows. In my article, “Blockchain Adoption Could Be Closer Than We Think”, I talk about key drivers of blockchain technology adoption starts with both the Public and Private sectors, eventually to the general population. With that, I highly think LTO Network has the right target in mind to fast-track mass Blockchain Technology adoption.

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