What is a Learning Record Store (LRS)?
"A Learning Record Store (LRS) = a place to store learning records.
The LRS is a new system that goes hand in hand with the Tin Can API. As Tin Can-enabled activities generate statements, they’re sent to an LRS. The LRS is simply a repository for learning records that can be accessed by an LMS or a reporting tool. An LRS can live inside an LMS, or it can stand on its own.
The data stored in an LRS can be accessed by LMSs, reporting tools, or other LRSs, and can be stored as individual learning records and/or entire transcripts. An LRS can limit who can read and write learning records, but doesn’t have to.
SCORM and other e-learning standards only store a certain amount of learning data. Tin Can allows for the LRS to store nearly everything, which means better reporting and a much more accurate picture of learners.
An LRS can live inside an LMS and use the LMS’s reporting tools to make meaning of the LRS’s data, or it can live on its own with its own reporting tools.
LRSs can share data amongst themselves, so learners and data can be transferred from one organization to another. Statements can also be sent to multiple LRSs (think “I want to record my training in my own personal LRS as well as my employer’s LRS.”)"
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http://tincanapi.com/learning-record-store/