USE CASE
Involved parties
The notary, the Chamber of Commerce, the Tax Authorities and the company founders.
We share data in notarial procedures with the Chamber of Commerce, Tax Authorities, and between notaries themselves. From a GDPR- and compliance perspective, they are unable to share the same database.
Most steps in an incorporation process are executed on paper and handled by multiple stakeholders. This manual handling is time-consuming and results in overhead costs and errors.
Notary documentation is prone to fraud and falsification. Corruption of the deed’s contents or share distribution or misuse of personal data are potentially significant liabilities in any notarial procedure.
FIRM24.com gathers data and shares this data with other systems through private chains. The data in these private chains can be deleted to comply with GDPR. Parties are still able to benefit from data re-use.
Firm 24 distributes the data and the business logic of the workflow that runs on the FIRM24.com platform to all stakeholders. Automatic notifications and system-to-system communication reduces the manual handling necessary to complete a procedure.
All stakeholders communicate through the event chain. LTO Network records all activities they perform within the workflow on the blockchain. Parties can verify each others’ actions through so-called 'decentralized processing', meaning you can be sure of the execution of actions and workflow steps.
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 the blockchain technology of LTO Network, 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. With 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.
Data shared through the LTO Network can be effortlessly, and GDPR compliantly shared among multiple parties, reducing time, costs, and improving business efficiency.
Currently, data is shared through email, letters, and by phone.
Using blockchain to streamline processes leads to higher productivity.
Currently, sharing status updates in a notarial procedure is done via email, which doesn't allow for automation.
Demonstrating compliance throughout the entire procedure by anchoring data and steps.
Everyone with access to the database can modify and backdate the data entries.
Our platform relies on trust and needs a level playing field between company founders, directors, and employees. To guarantee the authenticity of the documents being created on the Firm24 platform, we rely on the blockchain technology of the LTO Network. Integration was done in 2 days, and I did not need to spend any time maintaining the integration.
