“Best 5 Hyperledger Use Cases” – Content:
- Banks: Applying for loans
- Financial Services: Trade follow-up
- Healthcare: Medical approval
- Digital Word: Identities
- Supply Chain: Tracking Good
- Hyperledger Use Cases: Conclusion
Applying for loans
When banks grant loans, they want to keep the risk as low as possible. For this reason, detailed personal data is collected and evaluated in loan requests.
Banks use this information to determine the creditworthiness of an applicant. Regulations may even require that certain information have to be shared with the authorities to prevent money laundering. Therefore, banks possess much of this sensitive and valuable data. As a result, they are naturally a popular target for hacker attacks.
But not only banks but also borrowers have to overcome many hurdles when applying for a loan. During the application process, you have to answer detailed and usually unpleasant questions. Moreover, it is difficult to find the best interest rates and conditions. At the same time, every new application involves enormous and recurring expenses. So this also increases the risk of data misuse.
Indy enables applicants to pass on only the information that the banks need to make a decision. As a result, you can guarantee identification, create trust, and you reduce most of the workload for all parties. In addition, applicants can apply to a large number of banks in a matter of seconds. Thus, they can reduce costs and increase privacy.
A blockchain based solution creates a global database that everyone can access and trust. Applicants can give their consent, and everyone can agree when and how it was given. As a result, all parties can work together much faster, more efficiently and with more trust.
Use Case Financial Services: Trade follow-up
The main reasons why most financial service providers use blockchain are privacy, trust and liability.
So strict guidelines ensure that banks verify the legal identity of a customer. Only when everything is correct you can carry out transactions. Due to the large volume of transactions and strict guidelines, banks need blockchain. In this context, the use case trade post-processing represents an interesting use case for a blockchain solution. It can solve the bottleneck problem of today’s solutions.
A retail postprocessing process includes the following steps:
- Validation of the transaction
- Comparison of trading instructions and confirmations
- Legal implementation of contractual obligations
- Monitor transaction
- Create report
These process steps involve many different parts that must work together. Each transaction involves many different interfaces, processes and votes that are not only time consuming but also costly.
With hyperledger fabric, banks can make these processes more efficient. The reason for that is a shared database. With fabric we can also reduce the complexity since all data are stored on the blockchain. As a result, any further agreements are unnecessary. This means that you can complete a post-trading process more efficiently and cost-effectively on the blockchain.
Healthcare: Medical approval
Nowadays, the certification of a doctor is a costly and stressful process. The procedure is not only an enormous burden for the doctors, but also for the hospitals. So certificates must be documented and verified. Often documents are missing something or information is unclear. This leads to constant communication between etching companies, universities, and hospitals.
With Hyperledger Indy, we can develop blockchain-based software solutions that can handle this process more efficiently. All parties can access a common database and exchange sensitive data trustworthily and securely. Indi makes it possible to protect the privacy of the physician during the verification process. It does this by preventing correlations and personal data from being viewed by strangers.
Digital Word: Identities
One of the most important use cases is digital identity. Users have a single online identity that consists all personal data. This not only leads to fewer fake profiles but also to the fact that we can trust ratings.
Hyperledger Indy offers such a possibility of digital identity. With Indi, identities can be shared with confidence. An Indy identity is also digitally verified. So you can take it with you wherever blockchain identities are accepted.
This means that different systems can now access an existing identity in the blockchain. In addition, you don´t have to delete accounts all the time. You just have to deny their access.
Supply Chain: Tracking Good
Large companies often have long supply chains. Thus, many different companies moves the product. As a result, there is a lot of paperwork and documentation. The resulting paperwork is very time consuming and inefficient.
With Hyperledger Sawtooth it is possible to trace a product. The combination of blockchain, IoT sensors and advanced communication enables the collection, processing and transmission of important data along the supply chain. Sawtooth as a platform enables easy tracing of products. The decentralized consensus protocol in Sawtooth PoET is well suited for a global, distributed, cross-industry ecosystem. Blockchain promises a number of advantages for the traceability of goods across industries. Also, it can help to create a network of companies and thus create a binding proof of origin.
“Hyperledger Use Cases: Conclusion
Hyperleder offers companies in the b2b sector great new business chances. This solution is especially attractive for banks and logistics. Companies can not only work more efficiently but also save costs. Thus, security and privacy are guaranteed. As a result, ccmpetitive companies can work on the same database without disclosing data.