LTO NETWORK

Review

Digitizing and automating business processes offers great benefits in terms of productivity and cost reduction. Organizations struggle to exploit these benefits for inter-organizational processes, partly because of a lack of trust. Bitcoin has proven how blockchain can use distribution and cryptography to provide a system that does not depend on trust. LTO is built on this foundation with a decentralized workflow engine that is used for ad-hoc collaboration. Information is shared between parties using a chain of per-process private events and hashed on the public blockchain. This hybrid approach allows organizations to meet data protection regulations and prevent scalability problems that are usually associated with blockchain projects.

The digital revolution has produced many changes that make our lives more efficient. This wave of progress has occurred mainly in the business processes faced by consumers and internally. When it comes to processes between organizations we must recognize that the changes are not drastic. Faxes have been largely replaced by e-mail, and typewriters have been replaced by word processors, but beyond this superficial change, the implementation of the underlying process has hardly changed. The first reason that automation does not exist is the reluctance of companies to rely on external systems operated by opposing parties because the distribution of information plays an important role in the outcome of the relationship. Where there is a natural power imbalance, one party can take control, forcing all other parties to use a centrally managed system. for more than two decades people have experimented with decentralized workflows. In this study and experiment, fair levels of trust and play were assumed, with a main focus on resolving technological challenges. In fact, this is a false assumption because a lack of trust prevents successful pilots from making production. Traditionally large companies and government agencies need a large number of people to carry out a process. A reasonable amount of bureaucracy is needed to coordinate the process. This increases the cost of bribery, reducing the incentive to automate. Increased efficiency negates this effect. This paper shows how the two problems can be solved using a blockchain, providing a solution where all parties can be equal.

LTONetwork is a Blockchain Hybrid for Decentralized Workflows. Enables B2B to collaborate on an equal basis by using automated processes that cannot be trusted with GDPR and data privacy compliance that combine unauthorized ad-hoc private chains with public blockchain without permission. LTONetwork enables collaboration between multiple organizations and departments via decentralized workflows, where parties can keep using their own (legacy) systems to participate in a process. Through A unique hybrid approach from LTONetwork that includes privacy based on design, this is processed using a pseudonym and personal sensitive data is shared based on certain needs. Collaboration rules are not determined by the network, but are determined in a Direct Contract on a case-by-case basis. All events in a process are stored safely in the event chain. All nodes are connected through the KPP public chain, which is used for timestamps and data anchors and events. Public chains are optimized for anchoring, allowing direct response through the use of the NG-protocol. This chain can be used for decentralized workflows, as well as recording all types of information.

Using blockchain technology, LTONetwork will enable organizations to run B2B workflows in a decentralized manner, where parties participate through their own nodes. As in the real world, when the parties make an agreement, the implementation of this agreement must be done in the right way. The LTO network uses a decentralized workflow called the Direct Contract to automate this procedure. The direct contract contains instructions for humans and the system about the actions that need to be taken. All parties involved in the Contract directly validate each other's actions and secure data transmission. The LTO network blew up sensation bubbles and opened the efficiency of the next level process.

LTONetwork has been serving clients from various industries since 2014. For more than a year we have focused on the application of decentralized workflows in the real world to companies, governments and independent projects. LTONetwork helps your organization promote transparency and efficiency while maintaining legal compliance and reducing operating costs. With a mission to provide technology that fights bureaucracy, fraud and nepotism. Problems that bother so many organizations, industries and governments. We believe that privacy and transparency are not mutually exclusive and are willing to prove it.

Conclusion

LTONetwork is a Blockchain Hybrid for Decentralized Workflows. Through a unique hybrid approach from LTONetwork that includes privacy based on design, shared based on specific needs. Collaboration rules are not determined by the network, but are contracted on a case-by-case basis. Using blockchain technology, LTONetwork will enable a decentralized B2B organization workflow, in which parties participate through their own node. The LTO network uses a decentralized workflow called the Direct Contract to automate this procedure. The direct contract contains instructions for humans and the system of actions that need to be taken. In terms of experience, LTONetwork has been serving clients from various industries since 2014. With a mission to provide technology that fights bureaucracy, fraud and nepotism. I think this project is quite interesting to follow.

Info Detail :

Website : https://lto.network/
Whitepaper : https://lto.network/documents/LTO%20Network%20-%20Technical%20Paper.pdf
Twitter : https://twitter.com/LTOnetwork
Telegram : https://t.me/joinchat/AJWQTUDKtDlsuGHVFb40eQ
Medium : https://medium.com/ltonetwork

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