LTO Network, a hybrid blockchain designed for easy integration of business applications and Dusk Network, an open-source and privacy-oriented blockchain, recently announced they will be working with Netherland’s leading incorporation platform Firm24 to tokenize its digital shareholders’ register and the share ownership of thousands of companies per year.
Firm24 is the leading incorporation platform in the Netherlands, and is a launching customer for this joint-collaboration. Approximately 25,000 companies from the Benelux use their platform to start and manage their business. Firm24 expects that the collaboration yields 10,000 contract deployments by 2020.
Up until 2012, the incorporation procedure of companies in the Netherlands was a labor-intensive process that required the involvement of notaries every step of the way. After a new law was passed, the role of notaries became a supervisory one, paving the road for companies like Firm24 that provide a “one-stop-shop” for business services.
By using Dusk Network, Firm24 can program compliance procedures and streamline the creation of tokenized shares on the Dusk Network ledger. In turn, LTO Network deploys live contracts that interface between Dusk Network and Firm24 to coordinate on-chain logic and off-chain instructions and take care of all of the procedures that require notary approval.
More recently, advancements in GDPR compliant blockchain technology pushed the opportunity for automation even further. Together, the Amsterdam based Dusk Network and LTO Network reveal the systems they have created to issue cryptographic tokens to represent company shares and augment them with compliance logic and business rules.
“For almost a decade we have been bringing automation to all that has to do with the company incorporation procedure. Thanks to Dusk and LTO we are now ready to deploy our Tokenized Share Register, automating corporate actions, and lay the foundation to connect our customers directly with the world of alternative finance.”
– Martijn Migchelsen, CEO of Firm24 / LTO Network
By using Dusk Network, Firm24 can program compliance procedures and streamline the creation of tokenized shares on the Dusk Network ledger. In turn, LTO Network deploys Live Contracts that interface between Dusk Network and Firm24 to coordinate on-chain logic and off-chain instructions and take care of all of the procedures that require notary approval.
“The collaboration with Firm24 and LTO is a great example of how Dusk is being adopted nationally. I fully expect the benefits we realize here to function as a lighthouse project towards additional sectors and jurisdictions adopting Dusk Network.”
– Jelle Pol, Business Lead & Director at Dusk Netwok