BlockchainBrad catches up with LTO Network CEO, Rick Schmitz, for an exclusive update for Nov ’19. LTO Network is a blockchain integrator platform enabling better and more productive B2B outcomes. LTO offers a hybrid blockchain solution to data silos and the tech is designed to improve & decentralise workflows. Any business process or legal agreement can be automated via live contracts and LTO Network is all about making integrations more efficient, cost effective and easy! Already, LTO showcases a vast number of real uses and applications.
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Functional layers of LTO:
1. Decentralized applications
Organizations participate in distributed applications via their node, without the need for a central system.
2. Distributed data processing
Data is shared peer-to-peer between the nodes of specific participants, never with the whole network.
All nodes are connected via the public blockchain, facilitating consensus and data integrity.
Why a hybrid blockchain?
Businesses are drawn to blockchain by the potential cost-savings that be gained through trustless collaboration. Unfortunately, privacy constraints prevent wide-spread adoption of public blockchains.
Consortium chains provide an alternative, but these re-introduce most of the issues blockchain tries to solve, including network authority, memberships, conflicts of interest, and high setup costs.
LTO Network allows for ad-hoc collaboration, where private data is shared peer-to-peer between parties. There is no need for a consortium as the entire global network helps to protect integrity.
Use cases: Solutions built on LTO Network
Digital checklist & inspection application
Digital signing with blockchain verification
Data sharing in notary procedures
Authenticity of artwork
Contracts made easy
Smart property lease agreements
The Internet of Environments
Smart certificates on the blockchain
Streamlining small criminal cases
The LTO community is the governing authority of the community platform – not the core team. The goal is to reward and incentivize the community by adding value and have other members judge these efforts through upvoting useful input and downvoting malicious behaviour.
This interview was entirely, 100% FREE for the People! In every way, there were no tokens, no under the table deals. I believe that sponsored content is not a problem if disclosed openly to the community. This is not Financial Advice. Please #DYOR
I have invested in LTO. This is not Financial Advice, #DYOR always.
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