In the podcast interview Rick Schmitz of LTO Network he explains what LTO does and how it differs from companies that collect data.
LTO Network provides a two-layer approach. In the first layer, you can basically send each other the data through life contracts and automate the tasks that you feel comfortable with. But if there are manual tasks that need to be handled, you can do it with manual input. The problem with that is, is that a blockchain only allows for automated tasks. You cannot do something, you cannot do a click of a button to trigger something in a blockchain. It can only leverage automated communication and verification of data. So our role in this is combining the two layers. The layer one you can put artificial intelligence in. It is you can even use it centralized. But we use layer 2 as basically a notarization of a transaction. Did something take place within that layer 1? So if you’re sending a piece of data between you and me or me and a company or putting my credentials in there of my passport, you can verify that because you have the data. But if you would delete data or you won’t have it anymore or I would alter the data, then yeah, well, we could go into court and say, OK, “this is the copy I have” and I say “this to copy I have”. They are not the same. It’s your word against mine, but putting a blockchain underneath that, gives you that sense of trust, because if that data is anchored, you can prove always with a copy of the data that with that timestamp and that piece of data, actually the transaction took place in a certain time. And that’s the trust blockchain is giving you.
Listen to the full interview on the TrustTalk podcast, or go on the menu of this site to “podcasts” and then to the Interview with Rick Schmitz (where you can also find the transcript of the interview)