One of the greatest incentives behind the ongoing research and development in Blockchain technologies and distributed ledger protocols has always been their widely recognized potential to disrupt traditional industries. Enterprises, be they finance or manufacturing or insurance or health have always been on the lookout for authentic, transparent and secure systems to drive their processes which, in turn, translates into a multi-billion dollar opportunity. Tapping into this massive potential is LOYAKK, an enterprise-centric platform proposed on the Ethereum blockchain that will facilitate secure and authentic sharing of data & value across major business networks.
It has been proven beyond doubt that collaboration and information sharing is critical to the success of businesses across diverse domains. LOYAKK is extending this principle further by giving impetus on the security and privacy of information being shared. Why is this relevant? Think of the Equifax data breach of 2017 that ultimately resulted in the loss of around 250$ million. Data being interacted upon or exchanged require secure channels for transmission with absolute auditability and immutability. While the Ethereum blockchain provides the ground for establishing the latter two, LOYAKK will make use of her past expertise to thrive in this segment, having previously built tailor-made, world-class and highly sophisticated platforms for her clients such as SAP, NOVARTIS, ABBOTT LABS, INFOSYS etc.
"Loyakk transforms how companies collaborate & share data with partners, distributors, channel and vendors across the world – through private blockchain."
Loyakk is essentially building an Enterprise Relationship Platform is called LOYAKK VEGA that will connect various business providers and enable seamless exchange of data, business contexts between them. This highly sensitive information including business deals, sales, analytics, intelligence etc. will be secured by sophisticated, patent pending technologies. Further, the LOYAKK VEGA platform will leverage smart contracts to automate processes between the entities thus ensuring a truly decentralized/intermediary fee ecosystem.
Loyakk Vega Enterprise Relationship Application will consist of a Partner Management Module to facilitate sharing of critical deal, market and sales data. To complement this the platform also hosts a Channel Acceleration Module, Vendor Management Module, Customer Engagement Module and a Distribution Management Module to ease the communication gap, facilitate smooth onboarding and simplify procedures for the various stake stakeholders operating within the system. The transacted data will encompass published content, conversations, and analytics. All of these would contribute to the success and prosperity of the partner networks in the ecosystem.
Loyakk Vega also introduces a native ERC-20 based token known as the Loyakk Data Token or LYK which will serve as the primary carrier of information within the Loyakk network. The Loyakk Data Token while it provides the means for permissioned access to the network, also covers the critical auditability aspect within the network, with its every transaction being subject to audit through a permissioned block explorer.
"The LYK token is a Data Container and Protector, and it tracks critical business data as it moves across company boundaries."
These tokens are up for sale through an ICO that is expected to conclude on the 22nd of July. The Loyakk team is a top-class team based in the UK led by their CEO Salim Ali who formerly served as the Global Vice President at SAP. They have received strategic funding from notable VC firms such as the San Francisco-based Ai8 Ventures. To learn more about Loyakk visit the Website
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Disclaimer: I am not a financial advisor. This post is not intended as an investment advice