Enterprises today lose billions of dollars working with partners within their business networks with multiple problems including Data Breach /IP theft, data reconciliation issues, bloated processes and contract disputes, etc. A great example is the Cambridge Analytica scandal which involved the data leak of 50 million Facebook profiles data. The data leak resulted in a billion knocked off on Facebook's share price. Whilst, Mark Zuckerberg had to testify in front of the US Congress.
Is There a Solution against Such Data Scandals?
It is clear that enterprises today interact with their partners in an unsecured, inefficient manner with limited data controls in place. Loyakk has built a ‘Blockchain-enabled platform for enterprise business networks’ that transforms how enterprises collaborate and share data with their partners with greater security, increased efficiency and better governance.
Through Loyakk, businesses can now manage their data better, as Loyakk's platform is built on the blockchain with relationship management capabilities to address critical challenges they face in b2b engagement, including data / IP theft, data reconciliation, contract execution and disputes, while ensuring compliance to business rules across the network. This leads to significantly reduced operational friction costs and revenue leaks, while accelerating business revenues.
Meanwhile, access to Data within the Loyakk network is strictly based on permissioning. Sensitive data are transmitted within the Loyakk network using the Loyakk token on private Blockchain networks. This ensures that data (in motion and in rest) are cryptographically secured and can be viewed and accessed only by individuals or groups based on their role, location, organization, access levels and other security parameters.
About Loyakk's ICO
The provider of business relationship platform has already built the first version of the Loyakk Vega Platform. Loyakk issues through its ICO the LYK token, a function-rich utility token that drops permissioning, standardization and propogation of data and rules across the network.
Loyakk's team has a strong combination of business leadership experience with top companies with exceptional technology talent, and is advised by global industry leaders. Their team has assembled key ingredients for making their ICO and solution a success:
- Significant Opportunity – Loyakk is addressing a global business problem domain with a huge and monetizable demand.
- Patent-pending Technology based on Blockchain – Their solution is built on patent-pending extensions to Blockchain that make it uniquely applicable for enterprise use cases.
- Existing Customers – Loyakk's team has the proven track record of marketing, developing, shipping and deploying complex solutions for leading companies who pay us to use their software to address highly sensitive / core business needs.
Loyakk's Pre-Sale went live on the 7th of June 2018, whilst the main sale started on the 15th of June which runs until the 31st of October. For more information about this project, you can visit AtoZMarkets' review of Loyakk ICO.
Interview with CEO of Loyakk – ERP's Future under the Scope
To gain additional insights on Loyakk and how it could impact the future of ERP, AtoZMarkets decided to interview Sadiq Quasim, the CEO of Loyakk, and came up with the following dialogue.
Aman: What is Loyakk’s Vision?
Sadiq: "Loyakk's mission is to transform how businesses create and deliver value in the new decentralized economy with their globally distributed network of partners, channels, distributors and vendors. Businesses today face multiple challenges related to data security and privacy, data reconciliation, contract disputes, inefficient processes and limited governance within their business networks leading to billions of dollars lost annually due to increased costs and lost revenues.
Loyakk is addressing these real-world challenges through our patent-pending blockchain-enabled Vega Business Relationship Platform. Loyakk Vega is an enterprise-grade platform that has been designed specifically for secure, decentralized business-to-business engagement. It leverages patent-pending blockchain technology to support permissioned sharing of data, standardized communication interfaces, accelerated movement of value based on smart contracts and consistent propagation of business rules & security policies – leading to greatly improved security, efficiency & distributed governance across any business network.
With Loyakk, businesses can now combine blockchain with relationship management capabilities to address critical challenges they face in b2b engagement, including data / IP theft, data reconciliation, contract execution and disputes, while ensuring compliance to business rules across the network. This leads to significantly reduced operational friction costs and revenue leaks, while accelerating business revenues."
Aman: What makes Loyakk different from other ERP firms?
Sadiq: "Loyakk is building a completely new category (not CRM, ERP or SCM) – ERM – Enterprise Relationship Management as a result of a glaring gap in the portfolio of solutions from Salesforce, Oracle etc. Our head start, ability to build from the ground up and our enterprise software background (ex- SAP, Oracle, VMware, IBM, HP…) gives us a significant advantage. Vendors like Salesforce, Oracle etc. are way behind in their understanding of the problem and their ability to deliver a working product with all the features that is in the Loyakk platform."
Aman: Why should our readers invest in LYK?
Sadiq: "The problem domain that Loyakk is looking to address is a well-recognised one. The market opportunity is significant and Loyakk’s Blockchain-based Enterprise Relationship Platform has the potential to disrupt the current landscape of enterprise software. Loyakk’s team consists of seasoned professionals with deep domain knowledge, and expertise and experience from the world’s leading enterprise software providers. The vision for the platform based on Blockchain is well thought out and can address significant challenges currently faced by enterprises.
In addition to the immediate opportunity to help global enterprises, there can be potentially exponential growth of the solution footprint due to the network effect of participants. As more customers adopt the solution, it would result in more partners coming on board to the platform resulting in a cascading effect and increased growth.
Since transactions on the Loyakk platform are powered by the LYK token, growing usage of the platform would result in increasing value associated with the token."
Aman: How does Loyakk’s solution secure the data exchange between Enterprises?
Sadiq: "The Loyakk token is a Function-rich, High-Utility Token – The LYK token performs multiple functions that goes beyond just providing access to the services within our platform. The LYK token enables permissioning for data visibility and access controls within our network, it propagates business rules and security policies across the network; standardizes communication and data exchange formats between network participants and institutes data controls and mechanisms for distributed governance across the network."
Aman: Could your solution have prevented the data leak scandal of Cambridge Analytica?
Sadiq: "The Loyakk platform would ensure that the data moving from one party to the other is encrypted, tracked and monitored. The smart contract would have picked up on the movement of the 50 million profile data and sent off alerts, thus preventing unauthorised access to the data. But since Facebook had provided Cambridge Analytica with access to the data without any technological controls in place, they were able to abuse the trust placed with them on the data."
Aman: How secure is Loyakk’s Vega Enterprise Relationship Platform?
Sadiq: "The platform is built on Amazon Web Services (AWS) and as we take the security of data very seriously, the platform has undergone a third-party security and vulnerability testing process. This was a pre-requisite for our existing customers to start using the platform."
Do you think that Loyakk's platform can make the difference? Let us know in the comments section below or ask a question to Loyakk's team.