– When you want to store something immutably.
– When things keep adding but old don´t change.
– Legal stuff, health records, insurance, communications records, etc.
– When you want to decentralize the control. Eg user identity management system.
– When you want proof of ownership of actions, documents or digital assets.
The fundamental advantage of BC is distributed irrefutable information because it’s based in consensus. Therefore, it’s not a solution for ALL needs.
Lets review some industry-specific applications.
Enable secure compliance management and make it easy for regulators with lesser efforts. The challenge is maintaining regulatory compliances in verifiable, safe and secure manner. BC will allow to:
– Register the unique signature of regularotry recordes in the BC.
– Records sus as text, pdf, jpg are stored in standard media such as raid, hdd, aws, etc.
– Record secquence and signature information information in the BC
– Bank applications can use APIs to verify if their report has been tempered or not
– Tampering can´t go unnoticed
– Regulators can be given read only access to audit any trail easily.
– This solution is NOT possible with fundamental technologies.
Among the benefits:
– Bank staff not needed for data verification: technology verifies data itself.
– Anybody can read but only specific applications can write and add data
Supply Chain Management
Challenge: Ensuring non tampering across the SC.
– Material purchases defined and intialized into the BC
– Materials deliveries are transfered to the corresponding entity´s account.
– When consumed, materials can be deleted or transfered to consumption account.
– Incoices, delivery notes, etc. are registered safely in the BC
– Recording data in the same ledger removes need for reconciliation.
– Banks can track each material with a fraction of current system
– No tampering without notice.
– Fast vendor payment and settlement.
– No conciliation needed if everyone uses the same ledger.
– Tamper-proof audit trails for administrative or regulatory requirements.
– Business records management.
– Invoice and Receipts verification.
Challenge: Poor governance and control due to lesser visibility and centralization.
Solution: BC recording system to:
– All stakeholders action registered with traking details.
– All actions shareable and auditable trails for better visiblity.
– Can also be used in legal matters and disputes.
– All records create the tamper-proof audit for the regulatory auditor.
– All the actions from request of loan to disbursement can be tracked cronologically.
– No interaction with bank staff.
– Anybody can read but inly authorized entities write into the BC.
Problem: e-KYC policies take lot of effort in verification. Expensive, slow customer onboarding. Solution: BC enabled “e-KYC Management System”.
– Use Smart Contracts or BC-as-a-Database to automate tamper proof of e-kyc
– Share KYC records with agencies to verify no tamper.
– KYC verifiable, authenticable, and inmutable without bank employees.
– Form a inter-business alliance to share KYC without sharing customer´s docs.
– Reduced cost and time to onboard a client.
– Process becomes fast and reduces dependency on employees / third parties.
– Create secure registries for auditors.
Problem: Ensureing security of critical information.
Solution: BC based data verification and authentication system.
– Records can create the tamper-proof audit trails for regulartors.
– Anyone can verifiy the data authenticity and integritu.
– Any kind of ata (signed or unsigned) can be published into the BC.
– No interaction needed with bank staff for data verifications.
– Any data corruption will be instantly identified and mitigated.
– Health records management.
– Supply Chain Management: supplies, purchases,
– Test Reports Verification. Test reports autheticity validation and non tampering.
– Healthcare Payments. Use Smart Contracts to automate payments.
– Tamper proof audit trails for regulators.
– Data security. Important for insurance companies