LTO Network might not be in the sexiest business but GDPR is a big deal for companies targeting the EU market with blockchain applications.
Pushed down from the European Commission, GDPR causes significant issues for companies that rely on handling and processing consumer information.
For example one of the requirements is that companies must allow people to access their data. They must also disclose how they plan handle such data. In addition, there is a provision called ‘the right to be forgotten’. This basically means that people can request for the permanent deletion of their personal data.
Blockchain for GDPR
This is where LTO Network comes in. By applying blockchain technology LTO Network have built a solution that is not only compatible with GDPR, but also desirable in the sense of data protection and privacy.
I won’t get into the technical nitty gritty. But in essence, LTO Network provides a solution for automated handling of data and giving full control of data to the users. It uses a blockchain-based hybrid model to record signatures on the chain for specific events. This ensures that data is only made available within the context of the event and can only be used for specific actions within that event. The key highlight for GDPR here is that there is a private storage service where users can store data. Users have complete control over data stored here. They can remove their personal data at any time. Lastly, users have control over who sees and shares their data.
Recently, LTO Network raised almost one million dollars with their ICO which comes on top of other million dollar funding rounds completed earlier. This means that there is significant traction from the public as well as institutional investors for their project. The company is also working with a number of clients and various government agencies in Holland.
So this is, in my opinion, a project to follow and perharps to consider for your investment portfolio. At the time of writing the LTO token is trading for $0.02 on BitMax.com, which is slightly lower than the original ICO sale price.