An example of how a normal lease agreement can become paperless and automated, as well as secure and auditable with the addition of the blockchain technology: Live Contracts.

A typical contract describes procedures and steps on how one can execute promises and different scenarios. With LTO Network, we turn contracts and processes into business rules and data that allows automation.

You can involve third parties and share data automatically by creating decentralized workflows on the blockchain. Complex inter-organizational business processes will go from headache to accelerator.

The data necessary to fill the documents can be pulled from other systems which already hold this data.

The data collected in the factsheet and contract, including finalized and signed documents, can be posted to other systems.

Interacting with a Live Contract automatically forms a verifiable and immutable audit trail using blockchain technology. Each contract forms its own miniature private blockchain (an ad-hoc permissionless private blockchain) which is shared only with the parties involved. Each data block is anchored to our global blockchain (a permissionless public blockchain) through hashing.

LTO aims to redefine the classic contract and laws as we know them by adding decentralization and automatization. The result: our unique Live Contracts. The LTO protocol splits the rules of a contract or law in parts that are understandable for computers as well as humans, through visualizing them as so called Finite State Machines. Sections that are labeled as simple and safe can be executed by computers. Other sections can (and should) be left to human interpretation.

Together with Deloitte, MSeven, Merin, Stena, OSRE and CMS we are developing the European standard for real estate agreements which make interactions smoother, cheaper, paperless, and more efficient. We are also currently developing other workflows, for example for automating property service charges and smart debiting.