This article is written by one of our contrubutor Iliya Zaki.
The brainchild of Satoshi Nakamoto, Bitcoin is the face of Blockchain Technology. It was devised as a digital currency as an answer to current financial instruments such as the fiat i.e USD, Euros, and many others. Bitcoin aside, the tech-world has found the underlying technology to be a possible solution to various problems in businesses and legacy systems.
According to Blockgeeks, a blockchain is a time-stamped series of an immutable record of data, managed by computers not owned by a single entity. In short, Blockchain addresses the issue of trust between different parties with its system by being immutable, democratized, and transparent. Our partners, LTO Network has developed a highly efficient blockchain infrastructure that is production-ready and compliant according to legislation. We will explore how LTO Network can help businesses use Blockchain technology and as a result, improve the efficiency of a business.
The purpose of Blockchain needs to add to the support and value to the organization with a focus on creating an instant ROI. The need to have an available solution is crucial as fraud, data leaks, IP theft or contract disputes are real problems faced by businesses.
LTO Network has a solution called the Proof-of-Existence to drive commercial blockchain adoption. Proof-of-Existence allows you to secure any type of digital data by being the trust layer you need in your organizational systems and can be applied to hundreds of use cases, i.e. storage and sharing of data such as certifications, financial transaction documentation, contracts or even confident communications.
Learn more about LTO Network’s System Integrator
Why organizations should use LTO Network for Proof-of-Existence
- Fast — Instant transaction receipt
- Ease of Use — Link your existing systems in minutes
- Costs — Efficient solution and solution to efficiency
- GDPR Compliant — Encrypted and hashed proof of data
- Decentralized — Trusted Verification by dozens of nodes
- Use as SaaS — Start immediately with credit
The Two-Phased Approach
Layer 1 — The Public Chain
The public chain is the most optimized anchoring chain for your data integrity.
The Proof Engine
Blockchain should not require a business to completely revamp their system, it should integrate seamlessly with existing ones. LTO Network provides this production-ready solution.
- Digital data will be secured against manipulation, protecting businesses against digital fraud.
- Integrating into existing IT infrastructures is easy and connect to any (legacy) system through an API.
- It adds a layer of trust to invoices, medical records, emails, documents and other digital data in a matter of minutes at a fraction of the costs.
Layer 2 — The Private Chain
The private chain utilizes blockchain technology to solve problems when collaborating with other businesses.
The Silo Problem
Data silos are the top barrier for organizations to reach the next level of efficiency when doing business together. This is hard to solve as stakeholders are reluctant to create and manage shared systems that allow for automation and effective collaboration. Therefore, we end up with ancient communication methods when collaborating business-to-business.
LTO Network solves this problem through decentralized workflows that link (existing) systems to pre-defined processes to optimize efficiency in a GDPR compliant way.
Learn more on LTO Network’s Proof of Existence
LTO Network provides an actual solution to businesses with Blockchain technology. Not to mention the ease of integrating with existing systems deployed by companies today. Legacy systems are quickly becoming more inefficient when compared side by side with newer innovations. With the support of LTO Network, companies can safeguard their data within minutes and improve the efficiency of business processes.