Sphereon and LTO Network co-create the MyCompanyWallet app, a digital wallet for companies to securely store and selectively share their validated credential data.
Sphereon and LTO Network have partnered on a new project that will significantly shorten and improve application and onboarding processes. The MyCompanyWallet app will enable organisations to automatically exchange and validate the required information that are at the basis of most inter-company agreements and transactions.
Know-your-customer and company vetting processes are time consuming and error-prone
Companies constantly engage with other organisations, requiring applications & onboarding procedures in which they must provide all kinds of information, such as a copy of passport, company-house details, personal and address details, financial records, etc.
The receiving organisation – like a bank – must then input, validate and process these details and can then – usually only after a number of weeks – open the bank account for the client.
This process is painfully slow, inefficient and much often more data is provided than is necessary. The process is very inefficient as it is often repeated many times: after the bank, the leasing company must validate the same documents for a lease application. The Telco for the telephone. The ISP for the internet connection, etc. etc. Every time the applying company has to collect the various data and documents, upload them, or send them in. Every time the requesting company has to process and validate the same data and documents.
The solution: MyCompanyWallet
The MyCompanyWallet app for companies consists of a personal identity of the authorized company officer, with an associated ‘wallet’ that holds the data as Verifiable Credentials (VCs).
An example of company data as a Verifiable Credential could be an extract from Chamber of Commerce, the Bank account details, the Ultimate Beneficial Owner (UBO). These data are validated and digitally signed at issuance by so-called “Trusted Parties”, for example the Chamber of Commerce, the bank, a public notary, etc. and then stored in the personal MyCompanyWallet.
By then sharing this data as Verifiable Credentials/Presentations, the requesting party – like for example the Telco – receiving the data can automatically import the data and verify its authenticity and trust the data. As a result, the company can process application procedures much faster.
Cooperation is key
As we say so often, cooperation is key.
We are convinced that without the knowledge and experience of our other partners in the Blockchain eco-system we would not be as successful as we are now.
LTO Network is a hybrid blockchain platform featuring Business-to-Business functionalities. Combining private chains and a public Leased-Proof-of-Stake blockchain, the LTO Network enables General Data Protection Regulation (GDPR) compliant blockchain solutions.
LTO Network’s architecture separates data sharing from network consensus and builds a decentralized public layer as well as a customizable private layer. The public layer is a digital notary for hashes. By applying the NG Protocol, transactions on the LTO Network are acknowledged within 2 seconds, making data anchoring on the blockchain a viable solution for businesses.
The business strategy of LTO Network focuses on two major features: external parties building and integrating existing products, and developing LTO Network’s products which enable companies to benefit from the advantages of blockchain technology, without having to worry about the downsides of decentralization.