USE CASE
Involved parties
Over 1 million business documents are signed every year through the SignRequest app.
In case there ever is a dispute about the exact time a document was signed, you need to be able to verify this reliably.
In case there ever is a dispute about which version of a contract was agreed and signed, you need to be able to validate which one is the original one.
Documents that are shared and used by multiple parties need to be trusted by everyone involved, and independently verifiable.
The document can be represented as a digital fingerprint by 'hashing' the document. LTO Network stores the hash of this document through a with LTO Network connected systems Anyone with access to the data can verify the document by hashing it and comparing it against the stored version.
Not only the hashed document (fingerprint) is stored on the blockchain but also the timestamp of the document. By making documents verifiable and independently auditable, they become more valuable. LTO Network creates portable proof of your timestamped claims. These blockchain-based verifications can be shared and transferred to other parties.
Using the on open standards-based LTO Network is, any party can independently verify the authenticity and timestamp of the document, without having to rely on a trusted third party.
Administrative tasks such as manually entering data into your system, which in turn was received by letter, fax, or email, belongs to the past. With LTO Networks' blockchain technology, all parties can collect structured data into the systems they use to execute and administer these processes. By doing so, LTO Network 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 applications to administer, record, and communicate with LTO Network. The implementation of LTO Network is as simple as connecting an API.
Demonstrating compliance is essential in any industry. Using LTO Network, you can record all data entries and steps in your business processes to safeguard evidence and comply with regulations. LTO Network enables one-click compliance reporting for both internal and external communication on your business processes.
Anchoring the signed PDF on the LTO Network blockchain guarantees document immutability to all parties involved.
With professional PDF-hackers around, certainty on signed documents cannot be taken for granted.
With pre-integrated and independent validation tools linked to the blockchain, any party can independently verify the authenticity of a document.
Verifying the authenticity of a document requires the need of a third party which is time-consuming and costly.
The blockchain of LTO Network is optimized for anchoring, making transactions affordable and occurring at near-instant speed.
Traditional blockchains tend to be very slow. Anchoring transactions on them is expensive.
Using the blockchain for Proof-of-Existence of electronic signatures makes sense and is already happening. When we researched blockchain platforms, LTO Network stood out in terms of speed, set-up, and capabilities. We can include the blockchain transaction identifier directly into our signing logs which that circulate upon signing, without the need to wait minutes for confirmations. Moreover, the potential for creating decentralized workflows pushed us over the edge and made us add the LTO Network solution as an option to our users.
