Hyperledger refers to an umbrella project launched by the Linux Foundation. It offers different frameworks, tools, standards, and guidelines to enable blockchain application development. This project consists of various frameworks like Indy, Burrow, Fabric, and Sawtooth. Apart from that, it also consists of tools like Cello, Quilt, and Caliper. All these tools and frameworks combined will facilitate blockchain developers to create blockchain applicationsthat can generate immense value and optimize the different industrial processes. This blog focuses on certain important use cases to throw light on how Hyperledger frameworks let in simplifying and improving productivity across various industrial segments.
Compliance of insurance data in the financial services segment
Insurance companies need to manage a huge amount of data that is subject to strict statutory compliance requirements. This compliance is mandatory since they need to report this data to regulatory authorities which is often a costly proposition, making the data vulnerable to hacking and stealing.
In the above backdrop, Hyperledger Indy comes to their rescue offering solutions to simplify and improve the comprehensive regulatory compliance reporting. Indy offers a secured platform to collect and share statistical data between carriers and regulators. It improves the regulatory and compliance requirements while enhancing the overall efficiency and accuracy for both insurers and public insurance departments. And the best part of this platform is all the past (historical) and current data is stored in an underlying immutable blockchain ledger. This means the data is highly secure, providing only permission-based access to information that is viewable, required only for a compliance check. This way, there are very remote chances of getting such information hacked or misused.
Healthcare is now a booming segment with the springing up of many new hospitals and community health centers in the wake of treatment of Covid 19 and other crucial ailments. However, the credibility of doctors and medical practitioners is always a questionable topic with mushrooming of several clinics even in small towns and villages. This process to authenticate the credibility of doctors working in a hospital is often time-consuming and amounts to a lot of paperwork. Added to that is the process of cross-checking every single piece of information from file silos takes up several days for both doctors and hospitals. Another added headache is the proliferation of drug traffickers, who indulge in counterfeit medicines every year, which eventually leads to consumer suffering.
Indyone of the Hyperledger frameworks offers the right architecture to plug the credentialing challenges of hospitals. It offers a secure network of stakeholders. On this secure network, medical schools can upload the doctors’ credentials and generate the verification identities. Subsequently, any hospital can request information on a need-to-know basis from the network and verify whether the credentials are genuine or fake. This foolproof authentication mechanism eliminates the requirement to call or send someone to medical schools to verify the credentials of the medical professionals. Apart from that, this Indy Hyperledger framework facilitates easy tracking of drugs and quick settlement of insurance claims.
Post-trade processing is an organized process involving a slew of activities after a trade transaction gets completed. It involves transactions that are processed over-the-counter (OTC) or at an exchange. The various steps involved in post-trade processing at a very high level are trade validation, clearing, settlement, custody activities, and reporting.
However, this process is currently fraught with a lot of challenges, involving disjointed workflows with numerous departments and entities (brokers, central security depositories, exchanges, and more) getting involved in this process. This results in duplication of reconciliation efforts lag in post-trade processing and inefficient mechanism.
Blockchain can successfully improve post-trade processing activities. Since Blockchain facilitates peer-to-peer transactions, one party can save the transaction details onto a platform for the other party to authenticate the stored details. When all these steps are executed on the same blockchain system, the overall process tends to get simplified. In this scenario, the platform itself behaves as a trusted third-party authenticator, driven by immutable and indisputable transactions on the blockchain. Moreover, the entire complexity gets minimized as data from all steps and stakeholders are available on the blockchain ledger.
This platform thus offers a secure mechanism, enabling data access to stakeholders on a need basis (get access to only such data that they need to know), thereby offering a medium for regulatory and trade reporting. This way, all the above-listed steps like validation, clearing, settlement, and reporting get organized and streamlined.
Supply Chain Management
Hyperledger Sawtooth is one such solution that is aimed to transform the way the SCM process works. This framework offers solutions that enable industries to streamline and manage their supply chains with greater efficiency. With Sawtooth, organizations rest assured with secured and transparent transactions. In other words, organizations can work in a network of traceable transactions, where every stage of the supply chain is stored on the ledger. One step ahead in this direction is the record of products’ location, temperature, and other factors by the ledger using IoT sensors. This way, managers can trace out how someone is exploiting the system to produce counterfeits or frauds. Apart from that, using Sawtooth smart contracts, stakeholders can seamlessly make payments at every stage of the supply chain eco-system.
From the above discussion, it is evident that the Blockchain Hyperledger framework and tools play a major role in every known industry (though some of them have been eliminated due to space constraints) to streamline the transactions and improve process efficiency. These Hyperledger frameworks facilitate the creation of high-scaling enterprise applications, efficient solutions to optimize the existing processes and improve new revenue models.