Online notary platform
USE CASE

Online notary platform

Data sharing between stakeholders involved in company incorporation processes.

Firm24

Involved parties

The notary, the Chamber of Commerce, the Tax Authorities and the company founders.

Business challenges

LTO Network - Business Challenge

Isolation of information sources

We share data in notarial procedures with the Chamber of Commerce, Tax Authorities, and between notaries themselves. From a GDPR- and compliance perspective, they are unable to share the same database.

LTO Network - Business Challenge

Collaboration between stakeholders

Most steps in an incorporation process are executed on paper and handled by multiple stakeholders. This manual handling is time-consuming and results in overhead costs and errors.

LTO Network - Business Challenge

Deeds are vulnerable to counterfeiting

Notary documentation is prone to fraud and falsification. Corruption of the deed’s contents or share distribution or misuse of personal data are potentially significant liabilities in any notarial procedure.

Solution overview

Effective data sharing

FIRM24.com gathers data and shares this data with other systems through private chains. The data in these private chains can be deleted to comply with GDPR. Parties are still able to benefit from data re-use.

LTO Network - Effective data sharing
LTO Network - Collaboration on automated business processes

Collaboration on automated business processes

Firm 24 distributes the data and the business logic of the workflow that runs on the FIRM24.com platform to all stakeholders. Automatic notifications and system-to-system communication reduces the manual handling necessary to complete a procedure.

Verify each others actions

All stakeholders communicate through the event chain. LTO Network records all activities they perform within the workflow on the blockchain. Parties can verify each others’ actions through so-called 'decentralized processing', meaning you can be sure of the execution of actions and workflow steps.

LTO Network - Verify each others actions

Advantages using LTO Network

LTO Network - Rock LTO Network - Rock LTO Network - Rock LTO Network - Cost savings

Cost savings

Administrative tasks such as manually entering data into your system, which in turn was received by letter, fax, or email, belongs to the past. With the blockchain technology of LTO Network, all parties can collect structured data into the systems they use to execute and administer these processes. By doing so, LTO Network reduces the administrative overhead with more than 30%.

LTO Network - Rock LTO Network - Rock LTO Network - Easy integration

Easy integration

With LTO Network, you don't have to change your entire IT infrastructure. You can use your existing systems and applications to administer, record, and communicate with LTO Network. The implementation of LTO Network is as simple as connecting an API.

LTO Network - Rock LTO Network - Rock LTO Network - Compliant by design

Compliant by design

Demonstrating compliance is essential in any industry. With LTO Network, you can record all data entries and steps in your business processes to safeguard evidence and comply with regulations. LTO Network enables one-click compliance reporting for both internal and external communication on your business processes.

Theme
LTO Network solution
Traditional solution
Theme
Data sharing
LTO Network solution
LTO Network solution

Data shared through the LTO Network can be effortlessly, and GDPR compliantly shared among multiple parties, reducing time, costs, and improving business efficiency.

Traditional solution
Traditional solution

Currently, data is shared through email, letters, and by phone.

Theme
Automation
LTO Network solution
LTO Network solution

Using blockchain to streamline processes leads to higher productivity.

Traditional solution
Traditional solution

Currently, sharing status updates in a notarial procedure is done via email, which doesn't allow for automation.

Theme
Data integrity
LTO Network solution
LTO Network solution

Demonstrating compliance throughout the entire procedure by anchoring data and steps.

Traditional solution
Traditional solution

Everyone with access to the database can modify and backdate the data entries.

Our platform relies on trust and needs a level playing field between company founders, directors, and employees. To guarantee the authenticity of the documents being created on the Firm24 platform, we rely on the blockchain technology of the LTO Network. Integration was done in 2 days, and I did not need to spend any time maintaining the integration.

Coen van Eibergen Santhagens
COO of Firm24
LTO Network - Rick Ros

Software Vendors

Do you want to know more about our products, pricing and reseller options? Rick is here to help you out!

LTO Network - Martijn Broersma

Business

Curious to learn how LTO Network can increase your process efficiency? Martijn is here to help you out!

LTO Network - Sven Stam

Developer

Are you a developer that wants to learn more about the tech and documentation? Sven speaks your language!