With blockchains, numerous current business processes within various industries can be streamlined and enhanced. Subsequent to which, organizations can save time and money, and reduce risk.
Also, a myriad of entirely new processes—or even
whole new innovative industries—can be invented.
As per the Tapscott, the Internet’s first generation was mainly for sharing information: such as e-mail, documents, photos, web pages, songs, and videos. However, there was one issue. It was difficult for anyone to claim their identity over the web. Every transaction involving any value required a middleman to, for instance, a bank or credit card company, to confirm and validate the transaction between the buyer and seller. Thus, causing friction, delay, and expense, as well as giving away a central point of failure for hackers.
Now, Blockchain has come up as a panacea for all these issues. It has provided a platform for the second generation of the Internet for exchanging value, including invaluable information.
With blockchain based applications, anyone on the internet can tell who they are and indulge in activities like trading money, stocks and bonds, intellectual property, deeds, votes, loyalty points, and anything of some value.
Even if the traders are unknown to each other and lack trust, they can rely on the blockchain to record the transaction details in a tamper-proof way along with removing the need for any middleman.
Hyperledger project initiated in 2015 by the Linux Foundation due to the realization by many companies that they can be more productive working together than by working in different directions. These firms came together to pool their resources and form open-source blockchain technology in access to anyone.
Banks lend money, but only to borrowers who are convinced risks. It stimulates the banks to collect detailed, personally identifiable information (PII) from everyone applying for a loan, like DOB, annual earnings, government ID or passport number, and the like.
Sequentially, they use gathered PII to assess an applicant’s credit rating.
Regulations may ask for certain PII to be shared with authorities, for instance, to counter money laundering.
However, holding so much PII exposes every bank to hacks and makes them a juicy target for hackers.
Applying a loan isn’t much pleasure for borrowers, too.
The process is interfering, and it’s tedious to “shop around” for the best market rates.
Every fresh application increases the work and heightens the risk that the applicant’s PII could get abused.
Hyperledger Indy offers a unique identity solution in such use cases.
With Indy, loan applicants can share particular information the banks require to make a decision, in a way that assures truth, creates confidence in the lender and settles obligations from regulators.
Anyone trying to apply for a loan can submit their applications to 100 different lenders in milliseconds. That’s too without sharing any sensitive data into a possibly hackable database.
Instead of revealing any PII, applicants can use zero-knowledge proofs for validating that:
Solid, distributed ledger-based identity builds a worldwide source of truth, which addresses value to many parties.
Applicants can show their consent, and everyone can come to an agreement on when and how it was given.
Also, banks can conform to ordinances and present a changeless audit trail.
Consequently, the market can operate flawlessly: Banks can offer loans with trust and confidence. And, applicants can adequately protect their PII.
This use case of Hyperledger Blockchain Applications can be more compelling if we add strengths of other Hyperledger projects.
For instance, Hyperledger Burrow can convert loan applications into smart contracts and connect them with strong identities as a seamless next step.
And Hyperledger Fabric can encourage a membership system by associating to the pre-existing, self-sovereign identification on the loan application.
Although the applicabilities of Blockchain in healthcare are being explored, one sure shot is that the technology promises to reduce complexity in one of the modern medical practices called credentialing.
Hospitals make use of the credentialing process to ensure that the assigned physicians are competent and trustworthy.
In a nutshell, credentialing is the hospital’s way of ensuring “due diligence’’ on a physician.
But, today, this process has grown into a huge burden, both on the physician appealing for affiliation and the hospital that must examine the applications.
Credentialing can become a good use case for Hyperledger blockchain technologies, which can help simplify and enhance every step of the process.
Hyperledger Indy offers off-the-shelf solutions. One notable specialty: Indy achieves the intended W3C standards for provable claims, bolstering the pairwise exchange of selected credentials.
In usage, it would work this way:
Such an implementation of provable claims protects the physician’s privacy, reduces time and energy for everyone concerned, and enhances the entire process. Indeed, it provides a better way to manage medical credentialing.