The Linux Foundation hosts Hyperledger as an umbrella project. It offers a variety of frameworks, tools, standards, and guidelines for developing blockchain applications. It comprises frameworks like Indy, Burrow, Fabric and Sawtooth, and tools like Cello, Quilt, and Caliper. Blockchain developers may use these tools and frameworks for hyperledger blockchain application development that optimize and improve different industrial processes. Take a look at how the Hyperledger frameworks are used to simplify and improve the efficiency and development of a variety of business use cases across various sectors.
Hyperledger Indy offers solutions that streamline and improve regulatory compliance reporting. Indy provides a secure platform for insurance carriers and regulators to gather and share statistical data. It simplifies regulatory and compliance requirements for insurers and state insurance departments while ensuring efficiency and accuracy. Insurers upload data directly to the secure platform, which also complies with state regulations. Aside from that, all historical and current data is stored on an immutable blockchain ledger. It also gives regulators permissioned view-only access to the data they need to conduct a compliance audit.
Following the completion of a trade, post-trade processing entails several activities. It applies to transactions made over-the-counter (OTC) or at an exchange. These steps are likely to be included in a high-level perspective of post-trade processing.
All of these steps are currently carried out through a disjointed workflow involving a variety of departments and organizations, including brokers, central security depositories, clearinghouses, exchanges, settlement agents, and so on. It often leads to redundant reconciliation efforts, inefficiency, and post-trade processing delays.
In this case, blockchain helps to streamline post-trade processing. One party stores transaction details into a platform for the other party to check with a blockchain solution allowing peer-to-peer transactions. The procedure is greatly simplified by performing these steps on the same blockchain system.
The platform itself serves as a trusted third-party authenticator, backed by immutable and irrefutable blockchain transactions. It reduces complexity even more by storing data from all steps and all stakeholders on the blockchain ledger. The platform allows stakeholders with need-to-know basis access to data and serves as a conduit for regulatory and trade reporting.
As a result, all five of the preceding steps—validation, clearing, settlement, and reporting—are simplified.
Credentialing of doctors is an important practice in the healthcare system for hospitals. Any hospital may use the process to determine whether or not the doctors they work with are trustworthy and competent. It is, nonetheless, time-consuming and leaves a large number of paper trails.
For both doctors and hospitals, double-checking every piece of information from file silos can take several days. Another issue to be concerned about is drug counterfeiting. Every year, drug traffickers manufacture counterfeit medicines, putting consumers at risk.
Indy, one of the Hyperledger frameworks, has an architecture that can handle the credentialing issues that hospitals face. It establishes a more secure network of stakeholders. Medical schools use the network to upload doctors’ credentials and establish verification identities.
Then, on a need-to-know basis, any hospital requests information from the network and verifies whether the credentials are authentic or not. It removes the need to contact medical schools or send someone to check doctors’ credentials.
Hyperledger Indy can also track drugs and process insurance claims quickly.
For industries like food, real estate, and healthcare, supply chain management is more complex than a sophisticated model. It becomes impossible to track goods to customers from the beginning of the chain. Manufacturers produce high-quality goods, but many of them are stolen or replaced during shipment.
Besides, every supply chain sector deals with transactions that must pass through several intermediary authenticators. All of these problems impede global supply chain efficiency and improvement.
Hyperledger Sawtooth is a company that provides solutions to help businesses streamline and manage their supply chains more effectively. Sawtooth allows users to collaborate in a network of traceable transactions, with each stage of the supply chain represented on the ledger. The ledger also records the location, temperature, and other variables of goods using IoT sensors.
It allows supply chain managers to see if someone is abusing the system to create fakes or frauds. Furthermore, Sawtooth smart contracts ensure that payments are made seamlessly at every stage of the chain.
Another area where Hyperledger fabric can be used for effective, transparent and traceable food supply chains is food safety. COVID-19 has been a global catastrophe for quite some time now. Authorities are still trying to figure out where the outbreak came from.
The common people are the ones who suffer the most from these foodborne illnesses. Stakeholders can ensure the safety of mass-produced food using a Hyperledger Fabric system, while authorities can use this network to track all procedures and foodborne outbreaks.
They will use such a solution to ensure that all food passes through the standard standards at every stage of the food supply chain. Not to mention that they will conduct real-time quality control inspections.
Hyperledger frameworks have a wide range of applications that go far beyond other blockchain platforms for both enterprise and industrial solutions. They allow for the creation of large-scale enterprise applications, as well as effective solutions for streamlining existing processes and new revenue models. Connect with our Hyperledger blockchain development experts and see how they can help your business.