Loyakk: using smart contracts to revolutionise how companies do business with each other

Loyakk: using smart contracts to revolutionise how companies do business with each other

No business exists in isolation. Each has customers, and suppliers. Each collaborates with other businesses on new opportunities. These networks, these relationships, need to have trusted pathways to share the right data, while ensuring that other data are protected.

Under the current models billions of dollars are lost each year from data leakage, limited access to the correct data and disputes over contracts. ZDNet has estimated that data leaks alone will cost the global economy $2 trillion USD by 2019.

There is a golden opportunity here for the implementation of new technology to make these processes smarter, more efficient, and more secure.

Loyakk

One new ICO thinks it has the answer. Comprised of veterans from businesses like SAP, Oracle and IBM, Loyakk is building the “Vega Enterprise Relationship Platform”, powered by the LYK token. It is envisioned as the foundation for the “next generation (of) enterprise business networks” which will “enable businesses to collaborate and thrive in the decentralized economy.”

The company’s patent-pending blockchain technology will allow for the platform to “support permissioned sharing of data” through “standardized communication interfaces.” By using smart contracts to consistently apply security and business rules there will be “greatly improved security, efficiency and distributed governance across any business network.”

Not only will businesses be able to share data with confidence, but the smart contracts embedded in the LYK token will drive automatic processes and allow worldwide collaboration through the platform.

Indeed, it is the use of smart contracts which is the key differentiator of the Loyakk platform.

Not only does the LYK token protect and track data as it crosses business networks, it also manages permissions about who can see that data and how it might be shared, allowing for full cross-company auditing.

The combination of secure data-sharing, automatic processes and smart contracts allows for all members of a business network to “get on the same page,” and will thus “accelerate revenue generation, reduce transaction times, decrease processing costs and improve overall experience and satisfaction for customers and all ecosystem members alike.

Loyakk sees its mission as transforming “how businesses create and deliver value in the new decentralized economy,” and has brought in an impressive roster of advisors, including Anthony Thomas, the Global CIO of Nissan Motors and Patricia Hatter, the former CIO of McAfee.

This integration of blockchain with enterprise needs is surely the next stage in the development of the industry. Research and advisory company Garner predict that by 2025, “the business value-add of blockchain will grow to more than $176 billion by 2025”.

Loyakk v2 is currently being built, for release later in the year. Customer acquisition will begin in earnest in 2019.

The ICO is currently in progress and will run until July 22nd.

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Disclaimer: The content of this article should not be taken as investment advice. CryptocoinSpy does not endorse any product on this page and although we aim to issue our audience with the most important information available all readers should complete their own research. 

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Author

Alistair Johnston

Alistair Johnston is a British writer specialising in the crypto space. Away from cryptocurrency he enjoys Brazilian jiujitsu and surfing. He has a degree in economics from the University of Cambridge and three children. Alistair lives in Spain, slowly recovering from a decade spent working for London hedge funds. You can contact him on Twitter @alistair_crypto

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