What is LTO Network?
The adventure began in 2014 for LTO Network and many customers are now part of the story. Most blockchain projects are related to financial transactions (maybe too much) using smart contracts.
As a result, this leaves a huge space for B2B (Business to Business) still untapped.
The will of the companies is simple; reduce administrative, paperwork and other paperwork costs. It was through the blockchain that they found a way to automate the whole process, and this between the companies themselves; fairly and without having to trust each other. This is made possible by blockchain technology and Smart Contract. That's what LTO Network offers with its hybrid network for workflows. Through its network, it enables organizations to meet the requirements of the General Data Protection Regulation (GDPR) and data privacy.
The LTO network infrastructure allows different parties, with opposing economic and / or political interests, to work in the same process without having to trust each other or a third party. To facilitate this, LTO Network has developed live contracts. Similar to a smart contract, a real contract provides a dynamic method for defining logic in the blockchain. However, the goal of an open-ended contract is not just to determine the state of a process, but also to actively inform users and computers of the steps it contains. In other words, a live contract is a workflow. A workflow is a sequence of associated steps or processes required to perform a particular task.
Think of it as follows: a workflow has rules, in which a given action triggers another, and so on. A workflow always contains some logic ; Take, for example, the rule that signing can only occur after approval, or refusal instead of approval would result in redrafting the agreement. The LTO network manages business process management between parties in the blockchain. Fixed-term contracts can be applied in a wide range of areas, such as supply chain, insurance, health care and KYC procedures. In addition, the system can be used for legal contracts such as leases and NDA contracts.
