Firm24 is the leading incorporation platform in the Netherlands, and is a launching customer for this joint-collaboration. Approximately 25,000 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.
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 / LTO Network
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
By leveraging our connections among real-world companies, we are able to plug LTO Network into different market segments and bring an existing audience to the blockchain world, without imposing a steep learning curve on them. That's really how adoption of complicated technology should happen!
Isn't Firm24 and LTO Network the same thing?
Not quite! Firm24 founded in 2012, an incorporation company, is the predecessor of our company LegalThings founded in 2015, a SaaS-oriented provider. The latter has evolved and rebranded into a blockchain integrator, its own network, and an open-source community in 2017.
Both helped LTO Network become what it is today, but work in totally different markets, essentially helping each other. In fact, Firm24 has already been a small integrator of LTO Network mainnet.
You can find a more elaborate answer in our Telegram from last year, and feel free to ask any other questions!