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European blockchain project LTO Network partners BitMax.io to boost the adoption of blockchain tech significantly improving automating processes amongst organizations through decentralized workflows or Live Contracts.
The journey began in 2014 for LTO Network and four years later it is launching with numerous clients and working projects. It will soon be listed on the BitMax.io exchange and bring a new wave of enterprise adoption with a unique token model.
Both LTO Network and BitMax.io advocate transparency and innovation in digital asset trading and will partner up to boost the adoption of blockchain technology. LTO Network has come up with a product that can be integrated into many businesses, enabling entities to collaborate on an equal footing by using Live Contracts.
LTO Network and Live Contracts
LTO Network is a European blockchain project which has taken a hybrid approach. Its architecture consists of multiple, private chains, and a public chain which acts as a security settlement layer. Using more than one layer allows for more customization and scalability.
Governments and multinationals invest billions in automation solutions to make their day-to-day processes efficient, but when it comes to automating processes amongst organizations, a gap exists that LTO Network believes it can fill. Their decentralized workflows, called Live Contracts aren’t dictated by the network but defined case-to-case.
The process of how businesses interact and exchange information is automated, splitting traditional contacts or processes into parts and containing instructions on actions or sequences that need to be executed that both humans and machines can understand. Live Contracts allow organizations to seamlessly integrate blockchain technology and enhance their capabilities, rather than replacing current systems.
Organizations are able to meet data privacy requirements with the private layer that enables data sharing, collaboration and automation of processes. Nodes handle many Live Contracts, and only the nodes of participants in that particular process have access to that private chain. Each party involved in the Live Contract validates the actions of others and secures data submissions. The public chain is used for decentralized workflows and notarizing every type of information.
Live Contracts can be applied in many areas, such as insurance, healthcare, supply chains, and legal contracts. For more than a year, the focus has been on real-world decentralized workflow applications for governments, enterprises and standalone projects. In addition, they can remove operational frictions among entities and have the potential to cut costs significantly.
When it comes to supply chains, plans exist to connect multiple agencies to manage the removal and transportation of waste to and from EU countries, using LTO’s solution to get rid of heavy bureaucracy. Corporate real estate agencies, such as M7, Deloitte, and Merin are currently working with the LTO network to create rental agreement lifecycles as Live Contracts. On insurance, LTO Network is working with DEKRA to develop GDPR compliant automated third-party data-handling.
BitMax.io – a 3rd Generation Digital Asset Trading Platform
BitMax.io has been making an impression in the digital asset trading and exchange world since its launch. Venture capital institutions, such as BitMain, have invested in the company. The team has valuable expertise in areas such as capital markets, technology, and crypto economy.
The emphasis on quality, reliability, and transparency has led to its strong growth trajectory. This global digital asset trading platform offers a wide range of products and services to clients. High performance, low transaction fees, 24/7 global trading, and real-time trade settlements make the platform appealing to its users.
Potential of the Partnership
Cooperation with BitMax.io is another big step for both projects. The CEO of BitMax.io says that BitMax.io and LTO Network will together to tackle both the European and Asian market, with the U.S. following after that. There has always been a gap between European and Asian projects, especially when it came to liquidity. BitMax.io, as a 3rd-generation exchange, has made it possible to close the gap.
In the first quarter of 2019, LTO Network will start migrating its existing clients to decentralized workflows.