Our mission is to provide technology which fights bureaucracy, fraud and nepotism. A problem that plagues so many organizations, industries and governments. We believe that privacy and transparency are not mutually exclusive and are willing to prove it.
Every organization runs numerous business processes, which can define the rules of a workflow, visualized as a flowchart or BPMN diagram. With LTO, a workflow is expressed as a deterministic extended Finite State Machine (FSM).
Blockchain enables organizations to run these workflows in a decentralized way, enabling each party to participate using their own nodes. Collaborating parties can share information on-chain or off-chain, such as documents, linked data or (interactive) zero knowledge-proofs.
These decentralized workflows are called Live Contracts. Similar to Smart Contracts, Live Contracts provide a dynamic method for defining logic on the blockchain. However, the purpose of a Live Contract is not to just determine state, but to actively instruct humans and computers about steps in a workflow.
Nodes can simultaneously hold and handle numerous Live Contracts. Since every Live Contract forms a private chain, nodes can spin up more VMs to handle bigger loads.Only the nodes of the participants of a particular process have access to a particular private chain. If required by law, the entire workflow with all related data can be erased. Rather than broadcasting events to the entire network, nodes send events to each other directly. This way complexity and latency are reduced. The public permissionless chain is used for anchoring, ensuring immutable Proof-of-Existence. Each event is validated based on the rules and conditions defined in the workflow. Actions that are not allowed will be rejected by all other participants.
6 Dec 2017
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