LTO Network Interview – Hybrid Blockchain for Businesses | Rick Schmitz – Alexandre Raffin

Published on March 30, 2021

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Today, we’re chatting Rick Schmitz who is the co-founder and CEO of LTO Network.

Initially, Rick started working as a tax lawyer at the real estate department of Deloitte.
Rick’s first company, FIRM24, still exists today and incorporates about 20% of the vehicles in the Netherlands.
Rick started to see that there were problems regarding data being shared between multiple stakeholders in business contexts: the data was siloed.
He created LTO Network to solve this silo problem.
LTO Network is a hybrid blockchain for securing, verifying and exchanging business critical information, it is focused on real-world decentralized workflow applications for enterprises, governments and standalone projects.
Rick explains here in a very simple way how LTO Network ensures that different parties that may compete with each other can work together within the same processes, without the need to trust each other or a third party.
Any business process or legal agreement can be automated via live contracts, LTO Network is all about making integrations more efficient, cost effective and easy!
Rick gives us some concrete use cases, explaining how LTO is already improving the efficiency of data sharing among many businesses.
Indeed, by connecting all stakeholders of the waste transportation process in the Netherlands, LTO Network saves more than EUR 7M on an annual basis!
Also, LTO Network combined its forces with Diamond Centre Wales, to create a diamond traceability platform.
Its aim is to allow for independent checks by every customer, jeweller, pawnbroker, police office or insurer in order to find out relevant
information or if a diamond has been stolen, which is very interesting from an insurance perspective!
So, if you want to join a very serious project that is willing to reach the next level, then join LTO’s very cool community and start creating a node 😉

00:40 Personal Intro – personal background
01:02 The problems with data being shared between multiple stakeholders
01:21 How LTO network was born and its early days
02:20 What is the real value for companies to use blockchain to share data?
04:40 Hybridity of the LTO blockchain
06:33 How to be sure that inflation doesn’t make the token price go down?
08:18 Rick’s proud feeling about the 100+M LTOs staked and how the network benefits from that
09:18 Don’t you think LTO might be undervalued?
10:45 Do you have income from the network?
11:48 LTO’s partnership with IBM and VIDT
12:48 Blockchain and IBM Watson could be used together with the private layer of LTO Network
14:45 A real concrete use case example of LTO Network with the waste transportation process in the Netherlands
17:55 When are you going to collaborate with other countries or governments?
19:42 The reason why LTO is embedding QR codes into diamonds to anthenticate them
21:09 Any other cool use cases that you would like to mention? (spoil alert!)
21:59 Rick’s thoughts about DeFi and how LTO can integrate into it
23:20 Where do you think crypto will be in the next 5 years?
25:17 How do you manage your days being CEO of LTO? (Rick loves Chaos :D)
27:42 Any books you would like to recommend?
29:12 Rick’s advice for people who are jumping into crypto

What did you think about what we discussed? Feel free to leave a comment below.
Thank you for watching the video. If you enjoyed it, please consider dropping a like and subscribing.

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