What is the LTO Network?
Hybrid blockchain is a combination of public and private blockchain that can be defined as the best of both worlds, trying to utilize the ideal solutions of the two types.
The LTO Network is a hybrid blockchain for securing, verifying, and exchanging information critical to businesses. What’s more, the LTO Network is available for any company.
This article will explore the value the LTO network creates for enterprises.
What is LTO?
The LTO Network is a hybrid blockchain combining both a public and a private chain. This allows LTO to utilize a permissionless model meaning that rules are enforced by network consensus, whereas privacy is still secured.
Hybrid Blockchain for Businesses
On a blockchain, a number (i.e., public address) typically signifies a user. Public addresses translate to anonymity, considered a massive advantage by many. In fact, anonymity may be a liability.
For businesses, blockchain anonymity hinders adoption. To manage a business according to law, companies need real-world information on their clients, suppliers, and other stakeholders.
This is why enterprises need solutions like the LTO Network that focuses on decentralized identities (DIDs) and verifiable credentials (VCs) offering a brilliant solution to the issue. Read on!
Decentralized Identities and Verifiable Credentials
What are these? Decentralized identities and verifiable credentials are two emerging concepts, which is why they deserve a more detailed explanation.
Decentralized Identity (DID) is an approach to identity and access management that allows individuals, organizations, and devices to be identified and located without centralized systems. This means to be able to control one’s digital identity without any intermediaries.
Verifiable Credentials (VCs) represent information found in physical credentials, such as a passport or license, as well as things that have no physical equivalent, such as ownership of a bank account. The main point is that VCs can be cryptographically verified.
You can think of DIDs and VCs as a real-world wallet of valuable identity documents.
On-Chain Identity Solutions and Their Value for Businesses
What value do DIDs and verifiable credentials capture for businesses? On-chain identity solutions help to improve existing identification methods, replacing anonymity with privacy.
Here’s how it works: connecting blockchain addresses to real-world identities puts the user in control of when and how to share personal information.
For example, the identity node of the LTO Network combines verifiable credentials with public key certificates. The latter form on-chain trust networks. This allows the network to present a permissionless solution that doesn’t rely on network-appointed trusted parties.
However, what makes LTO radically different from other solutions is its unique features like cross-chain associations and the GDPR workflow.
Cross-Chain Associations and GDPR
Cross-chain associations enable DeFi projects to use the LTO Network to meet KYC regulations – partnering with Chainlink, an oracle network for hybrid smart contracts.
As for the GDPR workflow, the LTO private layer can be used in combination with the identity platform to give individuals total control over their personal data. Equally important, projects can meet GDPR requirements.
With the help of such prominent partners as Chainlink and Sphereon – a leading self-sovereign Identity technology – the LTO Network is on its way to becoming the dominant identity solution of the blockchain ecosystem.