Loyakk is a blockchain based platform for enterprise business networks that offers companies the tools they need to interact with their network of business partners with optimum efficiency, security, and governance. With Loyakk, companies can integrate the blockchain technology with relationship management tools to mitigate most of the challenges they encounter in b2b engagement, including data theft, IP phishing, data reconciliation, contract execution, and disputes, while guaranteeing compliance to business regulations and rules across the network. The result is considerable reduction in operational friction costs and revenue leaks, while also maximizing business revenues.
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. Zdnet estimates the cost of data leaks to the global economy to be $2 Trillion USD by 2019. Loyakk is addressing these business challenges through their patent-pending blockchainenabled Vega Enterprise Relationship Platform. Loyakk Vega is an enterprise-grade platform that is being designed specifically for secure 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.
Insurance Industry Use Case
A distributed value web powered by Vega can enable the insurer and various third parties to easily and instantly access and update relevant information (e.g., claim forms, evidence, adjustor reports, police reports etc.) and efficiently execute their roles via pre-established smart contracts. With Vega’s ability to provide a shared data repository / ledger across multiple trusted parties in the value web, Insurers can independently verify the authenticity of customers, policy contracts and increase the velocity of the quote and policy issuance while reducing or eliminating errors. New data feeds can combine location, 3rd party risk data and analytics to improve the risk selection process and help in product innovation.
The Loyakk Vega Enterprise Relationship Platform will leverage patent-pending nestedblockchain architecture and a proprietary consensus mechanism to share and/or move data and value between business network participants based on identity, relationship
and business rules. Vega will thus deliver key features that are the foundation of valuewebs. These are as follows:
- Secure Information Exchange – In a Loyakk-powered Business Network, information is value. Building operations around an business network begins by ensuring all users get access to the right (shared) data and ensuring that this data is verifiable, permissoned and immutable.
- Workflows – Data moves at times manually and at times programmatically. Regardless of what initiates data movement (across organizations and blockchains), it needs to be controlled and be auditable. For this purpose, Vega supports data workflows between all business network applications across the blockchain. These data workflows are aligned with business processes; the right information is securely shared based on relationship contexts, legal agreements and applicable business rules. Individual parties can control and track access to their proprietary data or content.
- Relationship Management – Relationships are the cornerstone of any business ecosystem. In value-webs relationships are dynamic and relative. Vega’s relationship management capabilities enable enterprises to create and manage relationships amongst participants of the value-web with a goal of maximizing the the output of the ecosystem.
The Transformative Impact Of Business Networks With Loyakk
Enhanced Business Network Collaboration & Relationships
Vega’s shared data, smart contracts, and automated processes connect and enable all members to get on the same page, contextually engage with each other, accelerate revenue generation, reduce transaction times, decrease processing costs and improve overall experience and satisfaction for customers and all ecosystem members alike.
Smart, Innovative Business Models
Vega’s value-based relationship structures, intelligent processes, personalized, multi-channel experience delivery and revenue-sharing dynamics will power smart, innovative, decentralized, scalable business models. Enterprises can expand their ecosystem, forge new
relationships and drive increasingly sophisticated interactions and transactions on the blockchain. This in turn will enable these ecosystems to continue to achieve greater levels of autonomy and ultimately evolving into self-governing, cognitive business networks.
Revenue Transformation with Efficient Value Movement
Vega accelerates large and complex deals across multiple participants of a value-based ecosystem by automating contract management (deals, pricing, offers, discounts, performance criteria & contract fulfillment). Asset movement across the ecosystem then becomes accretive and not dilutive. E.g.: vendors and channel will be paid on time and accurately and with better line-of-sight to revenue across the ecosystem. Processing times and costs are greatly reduced and overall execution and profitability is vastly improved.
For more information read the Whitepaper.