enterprisesecuritymag

Loyakk: Empowering Business Networks through Blockchain

Salim Ali, Co-Founder & CEO, LoyakkSalim Ali, Co-Founder & CEO
Distributed 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 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 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.