Embarking on this journey, Dusk Network and LTO Network will be enhancing FIRM24’s digital shareholders’ register and tokenize the share ownership of thousands of companies per year.
Firm24 is the leading incorporation platform in the Netherlands, and is a launching customer for this joint-collaboration. Approximately 35,000 companies from the Benelux use their platform to start and manage their business. Firm24 expects that the collaboration yields 10,000 contract deployments by 2020.
From paper to digital
Up until 2012 the incorporation procedure of companies in the Netherlands was a labour intensive process that required the involvement of notaries every step of the way. After a new law was passed, the role of notaries became a supervisory one, paving the road for companies like Firm24 that provide a “one-stop-shop” for business services.
More recently, advancements in GDPR compliant blockchain technology pushed the opportunity for automation even further. Together, the Amsterdam based Dusk Network and LTO Network reveal the systems they have created to issue cryptographic tokens to represent company shares and augment them with compliance logic and business rules.
“For almost a decade we have been bringing automation to all that has to do with the company incorporation procedure. Thanks to Dusk and LTO we are now ready to deploy our Tokenized Share Register, automating corporate actions, and lay the foundation to connect our customers directly with the world of alternative finance.”Martijn Migchelsen, CEO of Firm24:
By using Dusk Network, Firm24 can program compliance procedures and streamline the creation of tokenized shares on the Dusk Network ledger. In turn, LTO Network deploys Live Contracts that interface between Dusk Network and Firm24 to coordinate on-chain logic and off-chain instructions and take care of all of the procedures that require notary approval.
“The collaboration with Firm24 and LTO is a great example of how Dusk is being adopted nationally. I fully expect the benefits we realize here to function as a lighthouse project towards additional sectors and jurisdictions adopting Dusk Network.“Jelle Pol, Business Lead & Director at Dusk Network:
About Dusk Network
Dusk Network is an open-source and privacy-oriented blockchain based on years of academic research. You can use Dusk Network to create smart contracts that control digital assets and securities.