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Hello everyone, this is Cryptomoonie bringing you another Community Speaks article. For this Community Speaks article, I want to highlight the LTO Network.
The LTO Network was one of the most anticipated blockchain projects in recent years. The team tripled its efforts in terms of partnerships, developments, and community outreach. It led to a moon mission of its cryptocurrency LTO and reached new all-time highs after listing on several exchanges. That said, what exactly is the LTO network and what are they trying to accomplish?
Let’s dive in and learn about the different products the LTO Network team offers.
It is true that blockchain companies struggle to develop real-world partnerships with businesses and corporations, and for four years the LTO Network team interviewed many CEO’s from different areas of business. They concluded that a private consortium was needed. In comes LTO Network’s Proof Engine which allows you to secure any digital data against manipulation, protecting businesses against digital fraud. The Proof Engine is easy to integrate into existing IT infrastructures and can easily connect to any system through an API. The “Proof Engine” is one of the LTO Networks products. The LTO Network is developed for collaboration using existing systems, with live contracts that contain both on- and off-chain instructions.
There are many blockchain companies trying to tackle the siloed data structure issue, and the LTO Network has a unique approach with its “Workflow Engine”. They created a tamper-proof system that lets organizations create trustless, automated workflows to operate on equal footing through live contracts. Each node in the workflow engine can receive data through the API and send data by taking actions on a workflow. They even have their own SDK with which uses NodeJS and PHP.
What are the different uses cases for the LTO Network?
- Timestamping using SignRequest, a digital recording of when documents were signed. SignRequest already seals the signed document with a digital certificate and sends the hash codes of the documents by email. A new LTO feature is sending a hash code to the blockchain to record it there as well.
- Audit Trail provides an extra layer of data security, the LTO Network is implemented into the Capptions app which is made for both SMEs and enterprises, it is the best way to collect, analyze and share your data. Capptions serves 75 enterprise customers with over 20,000 daily users.
- Supply chain support, you hear a lot about blockchain technology being used for infrastructures and other government related operations but where’s the proof? Here’s a direct quote on how the LTO Network helps the Enterprise Architect of the Ministry of Infrastructure -“”LTO Network enabled us to digitize the international waste transportations. Earlier, a paper-based transaction took place at each physical stop of the truck. Now, real-time transparency is ensured for all stakeholders, while providing the authorities with the information to better predict and fine illegitimate transactions. Bringing efficiency and reduction in process time.”
- Proof of custody, in 2017 LTO Network won the 2017 Blockathon that was hosted by the Dutch Ministry of Justice. The LTO Network provided an immutable source of info/evidence in an example situation.
- Live legal contracts, live contracts make legal processes for all parties involved much simpler. In addition to shortening these processes in the legal realm, the blockchain technology allows lawyers and legal groups to protect documents and witness attempts made to alter the information.
The LTO Network is a perfect example of a company that cares about its community. They understood the shortcomings of other projects and made it their goal to develop real-world products. The team also understands the token economy and the cryptocurrency world. They have continuously maintained a strong PR and marketing presence in the crypto and blockchain communities. To learn more about the LTO Network, visit lto.network.
The Community Speaks team is made up of members from a wide range of project communities who want to make their voice heard in the Altcoin Buzz community. If you are interested in becoming part of our Community Speaks team please contact @Garrett59 on telegram.