USE CASE
Involved parties
V-ID has 30+ enterprise clients that use the certification platform integrated with LTO Network.
When purchasing an art object, you want to know it is the real deal. A certificate helps art collectors, proving it's the original. Often this is done through certification, yet these can be forged as well.
Paper-based certificates are easy to counterfeit. Backdating a purchase or changing the unique identifier of an art object is a piece of cake with today's software tools.
When transferring a piece of art - the purchaser must be able to validate whether this certificate independently.
The certificate can be represented as a digital fingerprint by 'hashing' it when it's issued with a new piece of art. Storing the hash of this certificate happens in all systems connected to the blockchain. Anyone with the certificate can verify it by hashing it and comparing it against the blockchain version.
Not only the certificate's hash (fingerprint) is stored on the blockchain, but also the timestamp of the certificate. By making certificates verifiable and independently audit-able, they become more valuable. Creating a portable proof of your timestamped artwork, whether it's a design you made or a Rembrandt painting.
With LTO Network, based on open standards, any party can independently verify the authenticity- and timestamp of the certificate, without having to rely on a trusted third party.
Administrative tasks such as manual entering data into your system that receive by letter, fax, or email belongs to the past. With the blockchain technology of LTO Network, all parties can collect structured data into the systems they use to execute and administrate these processes. Working this way reduces the administrative overhead with more than 30%.
With LTO Network, you don't have to change your entire IT infrastructure. You can use your existing systems and application to record any art certificate, invoice, contract, or other pieces of data into the blockchain. The implementation of LTO Network is as simple as connecting an API.
Demonstrating compliance is vital in any industry. Using LTO Network, you can record all data entries and steps in your business processes to safeguarding evidence and comply with regulation. Enabling one-click compliance reporting for both internal- as external communication on your business processes.
By anchoring the art Certificate on the LTO Network blockchain, purchasers can trust a piece of art is the original.
With today's software tools, it's pretty easy to counterfeit art certificates.
With independent validation tools like V-ID linked to the LTO Network blockchain, any party can check for the authenticity of a certificate.
Checking the authenticity of a certificate requires the need of a third party which is time-consuming and costly.
The blockchain of LTO Network is optimized for anchoring, making transactions near-instant and affordable.
Traditional blockchains tend to be very slow and expensive to anchor transactions.
We entered into a partnership this week by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. Additional objectives in this regard are the practical applicability for organizations from every sector, achieving cost savings and further developing the Netherlands as a European knowledge center for blockchain applications.
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