Blockchain Application Development (Enterprise Applications)

Cross border Payments

1. Cross border payments refers to the transactions across different countries, it’s important for individuals, business, industries, and international development organizations.

2. Blockchain is a game changer move in cross border money transfer. With encryption technology, the payment process becomes faster.

3. Banks do the processing of cross-border payments in the majority of the B2B industries. The transactions can be for any individual, banking institution, or industry.

4. Blockchain will not only improve cross-border payments but will also boost the overall health of any industry by securing supply chain management, logistics, etc.

5. Cross-border payments employing blockchain as its intermediary technology is a significant advantage.

6. Merging the blockchain technology with cross-border payments is a win-win situation for both the sender and the receiver.

7. Few features related to using blockchain in cross-border payments are:

   • non-tampering information

   • Real-time payment

   • decentralized

   • No intermediaries (third-parties).

8. Advantages related to using blockchain in cross-border payments are:

   • Faster settlement

   • Cost Effective

   • Enhanced Security

   • Improved Transparency

Know Your Customer (KYC)

1. KYC is a process by which banks obtain information about the identity and address of the purchasers. It’s a regulatory governed process of performing due diligence for verifying the identity of clients.

2. The banks are responsible for completing the KYC procedure while opening accounts.

3. Banks also are required to periodically update their customers’ KYC details.

4. Sharing KYC information on Blockchain would enable financial institutions to deliver better compliance outcomes, increases efficiency, and improve customer experience.

5. Key Problems : Redundancy, Inefficiency, Lack of Specificity

6. Process of KYC -

• user submits documents to one of the banks where he wants to take a loan/another service.

• Individual participants are responsible for collecting personal data(banks, govt, user) and store in decentralized network.

• Bank checks and confirms the passage of KYC if everything is normal

• The bank is responsible for entering the data about the user into the blockchain platform, to which other banks, organizations and state structures have access.

• All parties can control and regulate the KYC process. If someone breaks the rules, it will become known to all parties.

• When a user wants to use the services of another bank, this second bank accesses the system and thus confirms the user’s identity.

• The access to user data will be based solely on its consent. The user must log in with cryptocurrency transactions (using private key).

Food Security

1. Food security refers to the availability, accessibility, and safety of food for all individuals. Blockchain technology can be used to improve food security by providing a secure, transparent, and tamperproof way to track and trace food products throughout the supply chain.

2. Blockchain in Food Security helps to drive transparency and food integrity.

3. Blockchain technology can help organize information on the quality and condition of plant seeds and monitor crop growth.

4. Regarding food security, there are other benefits, like relatively low transaction costs and spontaneous data sharing that the Blockchain offers.

5. Benefits of using Blockchain in Food sector: Improved Quality, Less Fraud, Optimized production.

6. Blockchain Technology will allow food to be traced back to its origin in seconds and will use new data analysis techniques to strengthen the prevention of foodborne diseases, alerting consumers in real-time before contaminated or mislabeled foods are consumed.

7. Here are a few ways that blockchain technology can be used for food security:

• Food Traceability

• Food safety

• Food Authenticity

• Food Waste

• Farm-to-consumer Traceability

Mortgage over Blockchain

1. Blockchain in Mortgage is used to record, share, and exchange data about the loan.

2. With a loan file stored on blockchain, institutions can now leverage blockchain as the custodian. They can also perform validation checks on the loan file and store outputs of those checks to ensure transparency.

3. Blockchain technology can help eradicate all the key issues in mortgage origination by means of distributed ledger framework, which provides a list of benefits and capabilities:

• Multi-party transactions with decentralization capabilities

• No intermediaries

• Security assurance

• Improved transparency

• Lower transaction costs

• Covert from a centralized to a distributed trust

• Empower automation using smart contracts

Blockchain Enabled trade

1. Blockchain technology provides the capability to reduce fraud through a distributed and immutable ledger where information cannot be manipulated without notifying all parties involved.

2. The entire history of transactions is easily accessible utilizing the inherent properties of distributed ledger technology.

3. The blockchain can supply businesses a platform to streamline and automate supply chain finance processes.

4. Blockchain may have a useful role to play in reducing the trade finance gap between the demand for this technology and the proven capacity to supply it.

5. The key benefits of blockchain technology in trade finance is that it can reduce processing time, eliminate the use of paper, and save money while ensuring transparency, security, and trust.

We Trade - Trade finance network

1. we.trade is a trade finance network built on top of the IBM Blockchain Platform and powered by hyperledger Fabric technology.

2. we.trade aims to improve efficiency and reduce the cost of trade finance for small and medium-sized enterprises (SMEs).

3. we.trade connects buyers, sellers and their banks in a network that uses IBM blockchain technology to help simplify international trading.

4. The blockchain technology provides an immutable, single record of all transactions, reducing risk and automating transactions among trusted, vetted trading partners.

5. Working with IBM Services, we.trade brought the platform to market quickly – from launch and pilot to full production – using iterative and agile development processes.

Supply chain Financing

1. The blockchain can supply businesses a platform to streamline and automate supply chain finance processes. This can help other businesses save money on operations and enhance efficiency. The blockchain also facilitates trust and continuity between parties in transactions.

2. Supply chain finance, also referred to as reverse factoring, is a funding alternative used by companies that have made purchases (buyers) to send their suppliers an advance on their invoice.

3. Supply chain finance is a set of solutions that optimizes cash flow by allowing businesses to lengthen their payment terms to their suppliers while providing the option for their large and SME suppliers to get paid early.

4. Blockchain provides all parties within a respective supply chain with access to the same information, potentially reducing communication or transfer data errors.

Identity in Blockchain

1. Blockchain can help in creating decentralized identifiers alongside the facility for associating digital identity with verifiable credentials.

2. Blockchain identity systems enable users to monetize their own data, track how it's used, and easily share and secure it.

3. Blockchain has facilitated the so-called self-sovereign identity, which is inherently unalterable and more secure than traditional identity systems.

4. Identity on the blockchain can ensure immutability of records.