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NEN, a Dutch-based standardization institute, has collaborated with Dutch blockchain platform startup LTO Network to provide certificate verification services. NEN is considered a trendsetter among standardization organizations in the Netherlands.
NEN interacts with regulatory bodies internationally, developing best practice guidelines as well as standards.
With this latest project, the company will have the capacity to assist various parties set and maintain contractual agreements according to regulatory standards.
LTO Network is a blockchain-based service provider. The public network automates and optimizes processes across enterprises, including private companies, large organizations, and government entities. It can be used to replace slow, unwieldy processes and procedures that can lead to inefficiencies and ultimately, revenue loss.
Processes the LTO network replaces include legacy communication tools such as email, telephone, and paper mail services. Using LTO, clients can communicate information through an efficient and secure platform in the B2B or B2C environment.
While the LTO startup is built on a blockchain, it offers a hybrid centralized/decentralized approach to organizational process management. This means that partners wishing to avoid the high cost of a total blockchain implementation can take advantage of a segmented adoption of the LTO network. There is no need to launch a completely decentralized blockchain right away.
During this type of deployment, LTO supports private sub-network layers for each company’s authentication and verification service needs.
This also means that DLT adoption takes place in compliance with GDPR regulations. This is accomplished by allowing information sharing in a P2P environment, allowing deletion requests from everyone involved.
The certificate solution that is being released in collaboration with NEN via a “smart” QR code allows for instant verification. All stakeholders can see a certificate’s validity, ownership credentials, and other critical information in real-time.
NEN has struggled with a single point of failure within its centralized system. The company has collaborated with LTO Network to solve these ongoing issues. Using LTO Network services, NEN will bind QR codes to corresponding certificates through the LTO Network blockchain.
As an International Standards Organization member, NEN adheres to Dutch governmental regulatory standards. Additionally, the company complies with multiple international regulatory agencies, adopting the standards of several organizations, including the European Committee for Standardization (CEN) and CENELEC (European Committee for Electrotechnical Standardization).
LTO Network is also a member of the International Standards Organization as well as the International Association for Trusted Blockchain Applications (INATBA).
The latter’s stated goal is to “Maintain a permanent and constructive dialogue with public authorities and regulators that will contribute to the convergence of regulatory approaches to blockchain and other Distributed Ledger Technology or DLT is an electronic system or database for recording information that is not run by one... More globally.”
The INATBA also seeks to “Support the development and adoption of interoperability guidelines, specifications and global standards, to enhance trusted, traceable, user-centric digital services.”
The introduction of blockchain-based certification verification supports NEN’s compliance with these standards.
Decentralized blockchain storage provides several notable advantages, including Once you have the freedom of being the sole owner of your money, it's now your responsibility to ensure the... More, authenticity, and validity through the smart QR code.
Any time a certificate is modified or updated, the changes are linked to the smart QR codes, which automatically record them on the immutable blockchain platform.
Additional collaborators in the NEN and LTO Network project are Scantrust and BettyBlocks. The two organizations supply the smart QR code and application platform, respectively.
With a project of this magnitude as well as the number of contributors, the first certificates are being produced in a very reasonable timeframe. The initial verifications are expected to take place within the 4th quarter of 2019.
Do you think this collaboration will be beneficial for the two companies? Let us know your thoughts in the comments below.
Editor’s Note: This article is a guest submission and was not authored by BeInCrypto or its staff. We have chosen to publish this article because we feel that it may be of value to our readers.
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