Enhancing Product Security with LTO Network and Scantrust
The Real World Asset (RWA) sector is experiencing significant growth as an increasing number of traditional entities enter the market. Blackrock, a global leader in asset management, has recently introduced a new fund primarily focused on RWAs. In the UK, major banks such as Citibank, Barclays, and HSBC are experimenting with tokenized deposits to enhance transparency and assess the technical viability of blockchain technologies tailored for RWAs.
LTO Network is spearheading innovations in the RWA industry with our Ownables technology, leveraging our comprehensive tech stack to deliver a seamless experience for both users and businesses. Through our recent partnership with Scantrust, a leading global provider of anti-counterfeiting software solutions, we are committed to bridging Web3 capabilities to Web2 environments by addressing pressing real-world challenges.
Securing Authenticity: Blockchain and QR
The collaboration between LTO Network and Scantrust represents a pivotal development in enhancing the authenticity and traceability of high-value products. The journey to ensure a product's authenticity typically starts with the generation of a Scantrust Secure QR code. This QR code serves as digital proof of the item's genuineness, effectively acting as a seal of credibility. To bolster transparency and ensure data immutability, the information within the QR code is anchored onto the LTO Network blockchain. This creates a permanent digital record that stands as a robust declaration of authenticity, safeguarded against any potential tampering or forgery.
The final piece of the puzzle is verification, a task simplified to a mere matter of seconds thanks to the integration of Scantrust and LTO Network technologies. When a consumer or retailer wishes to verify the authenticity of the shirt, all they need to do is scan the Secure QR code using a smartphone. Consequently, all data from the QR code is retrieved and checked against the records held by Scantrust and verified by the LTO Network blockchain. This real-time verification process reveals whether the shirt is genuine or not, providing immediate peace of mind or alerting the user to potential fraud. For luxury goods, where authenticity is particularly important, this quick verification process is invaluable, safeguarding both the consumer's investment and the brand's reputation.
Beyond verification: A vision for the Future
The LTO Network and Scantrust partnership goes beyond merely preventing counterfeiting. It offers a blueprint for the future of how businesses manage and verify high-value items. By integrating Secure QR codes with a robust blockchain platform, this partnership not only enhances the security and transparency of product information but also sets a new standard for the integrity of global supply chains. As this technology gains wider adoption, it promises to transform various industries plagued by counterfeiting, ensuring that trust is not just an expectation but a built-in feature of every transaction.
Through this innovative approach, LTO Network and Scantrust are addressing critical real-world challenges, enhancing the security and transparency of transactions, and shaping a future where digital trust is implicit. As this technology is adopted more broadly, it is poised to transform industries, redefine supply chain dynamics, and foster a new era of digital commerce grounded in verified authenticity.
About LTO Network:
LTO Network is a Layer-1 blockchain built for Real-World Assets (RWAs).
We bridge the gap between the real-world and digital ownership and allow for the large-scale onboarding of RWAs on-chain using our robust suite of in-house technologies that tie in real world elements.
Our technologies have been used worldwide by businesses, governments, institutions like the UN, the Dutch government, and more.
With a team made of industry leaders with backgrounds from leading financial and legal companies in key industries related to RWAs, we have developed an ecosystem for the mass-scale adoption of RWAs.
About Scantrust:
Scantrust helps manage and resolve counterfeit product problems, addresses supply chain traceability and inventory management challenges, and provides tools for regulatory compliance related to product data requirements. Maintain and build your brand's integrity, gather detailed consumer insights, and simplify your traceability regulatory compliance efforts.
Learn more at www.scantrust.com