Yotta Laboratories is a UK based technology start-up specializing in new and emerging technologies such as DLT, Artificial Intelligence, Machine and Deep Learning, IoT enabled systems and cloud systems such as edge and Fusion, we have developed a prototype (Beta) technological ecosystem (Yotta OS) which is set to revolutionize the way corporations, businesses and individuals operate.
Specializing in Distributed Ledger Technology (otherwise known as blockchain) and Smart Contracts, the Yotta team has created a patented groundbreaking level of the data security system. The Yotta Platform provides the opportunity to develop the next generation of emerging technology.
The team at Yotta have spent thousands of hours over a 6 years period conducting research and developing the next generation of IT systems. The Yotta OS is fully scalable and allows for hundreds of unique applications to be deployed across various industry sectors and also countries, including those already researched & prototyped by ourselves and it can also host third-party applications. Bespoke applications can also be developed for governments, private companies and corporations. These can sit either on a company’s own existing network or on the Yotta3 network.
The company have produced brochures on a number of products it is ready to take to market, along with references to how the products can be developed to support different industries and sectors.
There is a general misconception that DLT-also known as a blockchain, is all about cryptocurrency, Bitcoin being the example. This is not correct. Bitcoin uses blockchain but there is a far-reaching wider opportunity to use DLT across all sectors and industries. In short, blockchain is a specific type of distributed ledger. It is designed to record transactions or digital interactions and bring much-needed transparency, efficiency, and added security to businesses. But these two technologies are not the same; blockchain is just the tip of the proverbial iceberg.
Blockchain is a new way of storing data in a distributed ledger that allows multiple stakeholders to confidently and securely share access to the same information. Blockchain technology provides new infrastructure to build the next innovative applications beyond cryptocurrencies, driving profound, positive changes across business, communities and society. Blockchain will supercharge artificial intelligence and IoT to make everything from supply chains to digital identity management smarter and more secure.
A distributed ledger gives control of all its information and transactions to the users and promotes transparency. They can minimise transaction time to minutes and are processed 24/7 saving businesses billions. The technology also facilitates increased back-office efficiency and automation.
Distributed ledgers such as blockchain are exceedingly useful for financial transactions. They cut down on operational inefficiencies (which ultimately saves money). Greater security is also provided due to their decentralized nature, as well as the fact that the ledgers are immutable.
Alternatively, blockchain technology offers a way to securely and efficiently create a tamper-proof log of sensitive activity. This includes anything from international money transfers to shareholder records. Financial processes are radically upgraded to offer companies a secure, digital alternative to processes run by a clearinghouse. Altogether avoiding these often bureaucratic, time-consuming, paper-heavy, and expensive processes.
When you write data to a blockchain, it gets etched on the network. When you have a series of transactions over time, you gain an accurate and immutable audit trail. This is very useful for financial audits. Having data stored in a place where no single entity owns or controls it, and no one can change what’s already written, gives you benefits similar to double-entry book-keeping. Ultimately, this means that there are fewer chances of errors or fraud.