The goal of Loyakk is to change how businesses offer value within a decentralized environment. They are offering a solution to vulnerabilities in privacy, security, inefficient tasks, and disputes by using a platform they call the Vega Business Relationship platform. This platform is currently patent pending. It is designed for interaction and engagement between businesses. The blockchain technology behind it will offer communication services, the sharing of data, and other features. This is accomplished by using smart contracts that are created on the blockchain. Some current customers of Loyakk include Abbott Labs, SAP, Mphasis, and Novartis.
The main platform that is patent pending uses a nested blockchain structure. Moving and sharing of data between parties is based on a set of rules and identity using the proprietary consensus technology. The Vega platform also allows for a set of industry specific blockchain applications to be deployed and configured.
The Loyakk platform is transformative to the industry due to several factors. The collaboration between people in the ecosystem is seamless. This includes the customers, vendors, distributors, partners, and organizations. There is consistency in the way data is shared and accessed across the whole ecosystem. Also, the asset movement between parties both globally and locally occurs accurately and quickly. Additionally, smart contracts allow for faster decision making and automated processes.
The secure transmission of data is of the upmost importance. Data access needs to be consistent, verifiable, and indisputable. The Vega platform can support cross application data workflows across the whole blockchain. Business processes are aligned to the data workflows so that the correct data is shared securely within the correct legal agreements, contexts, and business rules. Each party has the ability to track and control access to their data.
Business relationships are very important to any collaboration. The Vega platform ensures that there are smooth and frictionless interactions and management between all parties involved. Using data on blockchain minimizes any disputes that may occur and allows for fast resolution. Current systems are outdated, slow, chaotic, and often unsecure. The Vega platform creates Value Webs which are absolutely secure, partitioned, decentralized, and have seamless data movement. There are flexible blockchain areas in the Value Webs of the Loyakk platform.
There is a token associated with the Loyakk platform. This will serve multiple functions within the platform. Anyone who uses the platform will need these tokens to perform any service or interaction. This token is able to carry data by following a set of rules. One feature of the token is the setting of permissions. This allows for only the authorized recipient to see the data. Permission rules can be applied to an individual or a whole company. The token also allows for standardization. This is important for smooth transfers and interactions across the whole network. The token is also responsible for creating and following the set of rules that determine how data is processed, updated, and used. These rules can be based on location, identity, user behavior, or relationships. The rules ensure all transactions confirm to regulations and agreements. There are many great uses for this technology that can benefit companies. To read more about Loyakk, there are a few links listed at the bottom of this article.
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