Banking: Loan Applications Challenges
Borrowing money from banks is a time-consuming and complex process. Banks accept loan applications and lend money to only good-risk borrowers.
To ascertain the right borrowers, banks collect details of personally identifiable information (PII) such as DoB (Date of Birth) government IDs, electricity bill, passport number, and whatnot. They use information bits to assess an applicant’s credit rating that predicts their debt payback ability, and the likelihood of debt default. Also, regulations in many cases require certain PIIs to be shared with regulatory authority, such as money laundering.
The prime concern with holding PIIs in large amounts is that it exposes the data to threats like hacks and tempering. It makes the PIIs stored in centralized bank servers an easy target for cyber-terrorists.
Solution: Hyperledger Indy
Hyperledger Indy is one of the prominent blockchain technology frameworks under the Hyperledger blockchain application development project for banking use cases.
Hyperledger Indy
Indy offers a unique identity solution in such a use case. It provides tools, libraries, and reusable components to generate immutable and secure digital identities on blockchains or other distributed ledgers. It also makes the digital identities interoperable across various entities like administrative domains, and applications.
Hyperledger Indy-based Solution
Indy-based solutions enable borrowers to share only specific information for different banking operations. It does that in a way that ascertains trust, infuse confidence in the lender, and eventually settles obligations from regulators. A borrower becomes eligible to submit loan applications to 50 different banking institutions within seconds with a digital identity solution. Also, it eliminates the need to store any sensitive business data or personal information into hackable databases controlled by centralized authorities.
Indy enables users to generate zero-knowledge proofs instead of revealing any PII to validate information such as:
Minimum age limit
Possession of a valid government ID number
Credit score reached a set threshold within the past week
Immutable distributed ledger-based identity created with Hyperledger Indy can form a global source-of-truth, which provides value to different stakeholders. Applicants can permit, and everyone can verify when and how it was given. Also, banks can comply with regulatory requirements and provide an immutable audit trail.
Consequently, it will enable flawless market operations. Banks will be able to offer to protect their PII.
Synarion It Solutions is one of the best companies in Hyperledger Blockchain Development.
We have a team of Certified Hyperledger Developers who can build faster and risk-free blockchain apps with Frameworks hosted by the Hyperledger.With work experience in building Blockchain Supply Chain, Identity Management, and Transportation Solutions using Hyperledger projects and apart from that we have developed over dozen blockchain apps for enterprises and they are regularly uses our services.
Hyperledger Blockchain Development Services | Brugu Software SolutionsHyperledger Blockchain is an umbrella project of open source blockchains and related tools started by the Linux Foundation, to support the collaborative development of blockchain-based including leaders in finance, banking, IoT, supply chain, manufacturing and technology.Our Hyperledger Blockchain ServicesWith work experience in Hyperledger development projects in Supply chain, Identity management, and Transportation industry Brugu delivers products with quality.
Our Hyperledger developers and blockchain experts can help build DApps faster and risk-free.Brugu has a proven track record of successful Hyperledger-powered projects developed for various industries and verticals.
With the content stored on IPFS and CDN, hosting infrastructure on AWS and IBM Bluemix, we have developed over a dozen blockchain applications for enterprises.How can your business benefit from Hyperledger?Hyperledger is an open-source blockchain framework with a modular architecture, allowing for the creation of custom blockchains and blockchain solutions.Brugu has a rich portfolio of highly-demanded Hyperledger-based projects, including OLWay, Centaur Internet-of-crops platform, and others.
At your request, we will provide a solution, making the most of this blockchain framework.Modifiableopen-source codePermissionedecosystemsPrivate & confidential transactionsHyperledger applications by industryHealthcareProvide a single, self-maintaining database for sensitive patient records, with updates recorded in real time.
Share data securely with selected network members in a permissioned ecosystem.Internet-of-ThingsBuild an IoT-based blockchain solution or integrate Hyperledger with a ready-constructed IoT platform for storing data from connected devices on a forgery-proof ledger.Supply chainImprove traceability and transparency across supply chains with real-time access to reliable and actual data at every point of transportation flow.Real estateArrange a decentralized database where landlords could track land titles and record data about every transaction in a permission-based network, with confidential access guaranteed.RetailAutomate operations through Hyperledger-supported smart contracts, prevent counterfeits by ‘labeling’ goods to cryptographically secured IDs, eliminate data fragmentation in omnichannelAutomotiveTrack vehicle ownership, collect and analyze insightful vehicle and driver data, and instantly detect faulty parts for more efficient maintenance by coupling Hyperledger solutions with IoT.Identity managementProtect sensitive data with cryptography and appropriate consensus algorithms.
Give users full control over their personal data usage and sharing.AdvertisingEmpower advertisers with blockchain functionality, guaranteeing more accurate performance analytics, fair compensation, and p2p interactions between advertisers and publishers.Public sectorRevolutionize major aspects of the public sector with transparent voting, non-corruptible digital identities, and even automated service provision not requiring human involvement.LegalEnsure human-independent execution and audit of contracts as well as other operations and store legal agreements and evidence documents on an immutable, privately-accessed ledger.EnvironmentContribute to a healthier environment by developing carbon asset applications and creating local systems that could reward waste plastic collection activities.HYPERLEDGER BLOCKCHAIN PLATFORMSHyperledger BesuHyperledger Besu is an open-source framework based on Ethereum.
Hyperledger may be higher termed because the next level of blockchain.
There area unit varieties in Hyperledgers and every one among them serves a particular purpose.
this is often Associate in Nursing upgraded version of distributed ledger that works in higher within the refinement of resources.Nadcab Technology has gained mastery on this technology too and prepared to supply firms with Hyperledger.
Hyperledger Development has its own sub-categories and that we offer services on all of them that area unit Burrow, Fabric, Indy, Iroha, Sawtooth, Caliper, Cello, Composer, somebody and Quilt.
Our team holds experience on these variant of Hyperledger and that we area unit providing service to all or any the industries wherever it fits supported the peer-to-peer design blockchain, Hyperledger uses a dynamic accord that permits hot swapping algorithms in an exceedingly running network.
They are different Hyperledger frameworks include: HYPERLEDGER BURROWHyperledger Burrow could be a permissioned Ethereum sensible-contract blockchain node that executes smart contract code following the Ethereum specification:Permissioned Ethereum virtual machineConsensus engine: Used for ordering and finalizing the dealing supported BFT tendermint protocol.
