Loyakk
Empowering Business Networks
through Blockchain
D
istributed and decentralized
forms of businesses have
transformed the dynamics
of the modern world
business structures where business
data and assets are amicably shared
across a vast network of partners,
channels, customers, distributors,
and vendors. With limited governance
and increasing complexity within
these networks, they are often
susceptible to data security, privacy
concerns, data reconciliation, and
contract disputes. As the torch
bearers of the evolution of the old
& sequential value chain to the new
interconnected & de-centralized world,
Loyakk enables a world of seamless,
secure, and frictionless interactions
between business partners. Loyakk
is reimagining a new world through a
combination of blockchain technology
and advanced enterprise relationship
management capabilities. “We aim to
apply the principles and capabilities
of blockchain to protect business
interactions and data,” says Salim Ali,
CEO and co-founder of Loyakk.
Going beyond the common
manifestation of the blockchain
technology being confined to
cryptocurrency, decentralized
businesses have to evolve to adopt
blockchain to facilitate permissioned
movement of digital assets across
their business networks securely.
Contributing to the trustworthiness
of a blockchain network is that
once information has been entered
into a blockchain network, it can
never be erased, thus providing a
permanent and unimpeachable record
for transactions. Loyakk enables
businesses to easily orchestrate their
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Dec - Jan 2018
private networks with all the potency
and capabilities of blockchain built in.
Ali prefers to call these blockchain-
powered decentralized business
networks as “Enterprise Value
Webs,” which are inter-organizational
networks created to enable seamless
and secure interaction among its
participants or relevant stakeholders
coming together to achieve projected
business goals.
Loyakk’s patent-pending Vega
Business Relationship Platform has
been designed as an enterprise
use case of blockchain technology
specifically to secure decentralized
business-to-business engagement.
Elaborating on how the Vega platform
transforms the entire network
interaction, Ali explains that any
enterprise application stack contains
Systems of Transactions, Engagement,
and Records. “We are focused on
blending the engagement and record
capabilities in a completely new way by
anchoring it on blockchain tenets and
focusing it on external relationships.
Hence the name, `Enterprise
Relationship Management.’”
The Loyakk Vega platform allows
businesses to share confidential data
across their ecosystems with complete
provenance, security, and auditability.
“It allows for frictionless transactions
on a global scale so that you can close
more deals and better serve your
valuable customers,” affirms Ali.
Highlighting Loyakk Vega’s unique
value proposition, Ali shares a case
study of a large software vendor who
garnered a massive opportunity with
a customer and needed to respond
to an RFP that was worth millions of
dollars. The RFP contained a section
Salim Ali
of consulting services and fulfilment
of SKUs that required a services
partner and two channel partners
to be brought into the loop as well.
This selective but contextual and
partitioned sharing of data and value
can be handled seamlessly using
the Loyakk Vega platform with full
provenance, auditability, and no data
leakage.
Loyakk’s client roster includes
companies operating in specific
industries, such as manufacturing,
hi-tech, and insurance and wealth
management where the ecosystems
are critical to business. Global brands
like SAP, Abbott Labs, Novartis,
Infosys, and Mphasis among others
leverage the Loyakk Vega Business
Platform to manage high-value
relationships with their customers and
partners in a unified and high-touch
manner.
Loyakk plans to integrate
new patent-pending blockchain
components into its platform and
make it available to its customers this
year. “We believe that blockchain-
anchored capabilities can provide
significant and incremental value to
an enterprise. If you’re able to provide
enterprises a new way to enable
frictionless interactions with other
businesses to serve existing customers
and acquire new ones, then everyone
wins,” concludes Ali. ES