Horizen, a technology platform enabling businesses and developers to create their own public or private blockchains, has announced a partnership with LTO Network, a hybrid blockchain for securing, verifying, and exchanging business-critical information.
Through the partnership, Horizen will use its Zendoo platform to build LTO Network a dedicated private sidechain providing enhanced privacy and additional anchorage for their more than 85,000 daily client transactions.
LTO Network, which recently announced a blockchain-enabled digital land registry tool project with the United Nations, runs a public-private hybrid blockchain system focused on identity verification. Horizen Labs, a leading company building and maintaining the Horizen platform, will create a dedicated sidechain for LTO Network to provide increased privacy for their daily network transactions.
The sidechain will leverage zero-knowledge proof functionality to verify that party A can learn something specific about party B without revealing all of party B’s underlying data, limiting what is exposed while maintaining the entirety of on-chain information.
“Our partnership with Horizen will allow us to provide an added layer of security while retaining the GDPR compliance aspect. As data is one of the most valuable sources in our time perk, privacy of our client’s sensitive data should be our top priority.” said Rick Schmitz, CEO of LTO Network. “We were looking for a way to further optimize and expand our product and services to bring our clients even more secure options and Horizen’s Zendoo sidechain was clearly the best option in terms of scalability and extensibility.”
In addition to building a sidechain, Horizen Labs will also work to integrate LTO Network’s business identification (BID) product into its own ecosystem, creating a fully interoperable BID product. The BID features a simple, one-click KYC for businesses looking to join the ecosystem.
“LTO Network has built a successful blockchain business around government and institutional use cases, and we’re excited that they chose Horizen as their public blockchain partner,” said Rob Viglione, co-founder of Horizen. “Our technology amplifies the value LTO Network can bring to their customers, particularly in data privacy and security that scales.”
Zendoo, Horizen’s sidechain, and scaling solution, is the first completely decentralized and fully customizable sidechain protocol on the market. The Zendoo platform will allow LTO Network to affordably and quickly create real-world blockchain applications on Horizen’s fully distributed, secure, and privacy-preserving architecture.