Blockchain App Development Services

Blockchain technology is enabling diverse industries like healthcare, manufacturing, and education to optimize processes, increase transparency, and strengthen the security of the business network. Now, it is all set to simplify and enhance various processes of the aviation sector with solutions and applications like smart contracts. Apart from securing information exchange, blockchain can address several other challenges existing within the aviation industry’s operations. If implemented appropriately, it can enhance operations like customer data management, flight activities, aircraft maintenance, and more. Understand how blockchain technology can cause disruption in the aviation industry. It is expected to enable transparent, secure, and efficient processes.

Banking: Loan Applications Challenges Borrowing money from banks is a time-consuming and complex process. Banks accept loan applications and lend money to only good-risk borrowers. To ascertain the right borrowers, banks collect details of personally identifiable information (PII) such as DoB (Date of Birth) government IDs, electricity bill, passport number, and whatnot. They use information bits to assess an applicant’s credit rating that predicts their debt payback ability, and the likelihood of debt default. Also, regulations in many cases require certain PIIs to be shared with regulatory authority, such as money laundering. The prime concern with holding PIIs in large amounts is that it exposes the data to threats like hacks and tempering. It makes the PIIs stored in centralized bank servers an easy target for cyber-terrorists.   Solution: Hyperledger Indy   Hyperledger Indy is one of the prominent blockchain technology frameworks under the Hyperledger blockchain application development project for banking use cases.   Read Full Article : Use Case of Hyperledger Indy in Simplifying Loan Application Process  

Hyperledger Fabric is a platform that fits best for developing private and permissioned business solutions with distributed ledgers. It enhances confidentiality, resiliency, flexibility, and scalability of the network with its modular architecture. Hyperledger Fabric enables developers to build private blockchain solutions for organizations looking to set up private consortiums. Unlike public blockchains where anyone can join the network, users have to enroll through Membership Service Provider (MSP). Hyperledger Fabric Network Model Its network has features that enable the development of standard customizable enterprise blockchain systems.   Assets: Facilitating monetary value exchange across the network Chaincode: Reducing the required levels of trust and verification across node types, and optimizing network performance and scalability Ledger: Encoding transactions for each channel, including SQL-like query provisions Channels: Enabling multi-lateral transactions with enhanced levels of privacy and confidentiality Security and Memberships: Authorizing and assigning regulators and auditors as members to detect and trace transactions Consensus: Enabling network operators to select a consensus method that fits best to represents participants’ existing relationships in the network Participant details operating in the network developed with Hyperledger Fabric Modular Architecture for Development Hyperledger developers create the application and smart contract   They deploy the application on the server and the smart contract on a peer using DEPLOY A verified user interacts with the app by sending orders (INVOKE) or retrieving information (Query) through the smart contract Smart contract executes an event subscribed by the applications Work Model of Hyperledger Fabric  A work model of a Hyperledger Fabric based system Its design makes it truly modular, scalable, and secure foundation for enterprise blockchain solutions. It decouples peers into two distinctive runtimes with three separate roles. Commiter peers: Commit transactions, and maintain ledger and state Endorsing peers: Receive, and grant, or deny transaction proposals of endorsements Ordering peers: Approve addition of transactional events to the database, and communicate with other two peer nodes Use Cases of Hyperledger Fabric  B2B Contracts Hyperledger Fabric has the provision for coding business contracts that enable trusted automation of contractual agreements between two or more parties. While information remains ‘public,’ B2B contracts often require privacy control over their sensitive business information. Although confidential agreements are a critical business element, there are situations in which contracts must be discoverable by all participants. Roles Contract Participants: Contract other counterparties Third-party participants: Stakeholders who will guarantee the contract’s integrity Key Components Multi-sig contract activation: When one of the counterparties execute their first contract, it goes to the pending activation state. Then, it requires signatures from other counterparties or other third party participants for activation. Multi-sig contract execution: Some contracts may also need one of many signatures to execute the contract. For instance, in financial trades, a payment instruction execution is possible when the recipient or authentic third-party confirms the shipment. Discoverability: If a business contract is seeking bids, it must be easily discoverable. Blockchain developers can use Fabric to build smart contracts that have built-in intelligence to evaluate, choose, and honor bids. Contract execution or atomicity: Atomicity of a contract guarantees that asset transfer will only occur when the recipient has received the payment. If any execution process stops fails, it will roll back the entire transaction. Contracts to chain-code communication: Contracts must communicate with chain-codes, deployed on the same ledger. Reusable contracts: Standardize most used contracts for reuse. Auditable contract agreements: Provides provisions to third parties for auditing any contract. Contract life-cycle management: Enables an efficient contract management system to scale the ledger network as some contacts might not be standardized. Validation access: Only nodes that have validation rights can verify and validate transactions of B2B contracts. View access: Only accounts with predefined access rights can view and interrogate the B2B contracts as they often include sensitive information. Manufacturing Supply Chain Final assemblers, like automobile manufacturers, can form a supply chain network managed by peers and suppliers. It facilitates better management of suppliers and makes them more responsive to various events, such as vehicle recall events. The network protocol must enable supply chain participants to input and track numbered parts produced and used for a specific vehicle. Also, it should have the backward searchability for provenance tracking of goods, which may include other supplies. Roles Final assemblers: Entities that assemble the final product. Parts Suppliers: Supplier of parts. They can also be assemblers, by assembling parts received from other sub-suppliers, and then sending the product to the final assembler. Key Components Payment upon the delivery of goods: Upon receiving of parts, it will require integration with off-chain payment systems to execute payment instruction. Third-party Audit: The solution must allow all supplied parts to be auditable by third- parties. For instance, regulators may require tracking of the total numbers of supplied parts by a specific supplier for tax accounting. Shipment obfuscation: It requires balance obfuscation to restrict suppliers from deducing activities of other suppliers. Market size obfuscation: It obfuscates overall balances to restrict part suppliers from deducing their own market share for negotiating contractual terms. Validation access: Only nodes with validation access will have the right to validate transactions, such as the shipment of parts. View access: Only accounts that have view access will have the right to interrogate the balance of the shipped and available parts. Related Reads Compelling Use Cases of Hyperledger Blockchain Applications How Hyperledger Increases Blockchain Adoption In Various Industries Use cases for additional requirement and scenarios Single Trade, Single Contract From the capture of a trade by the front office to its final settlement, the solution will create only one contract. The intermediaries will receive the same electronic contract. Later, counterparties will also use it to validate the trade. Eventually, securities depository will execute the trading instructions mentioned for settling it. However, in bulk trades, there will be divided sub-contracts that are always linked to the parent contract. Interoperable Assets If a company needs 10,000 units of asset B but owns only 5,000 units of asset B, a solution for exchanging assets is essential. Although the existing market may not provide sufficient liquid options to achieve this trade, liquidity between asset A and C will be available. So, instead of market limit settlements on direct trading (A for B), the network chain will connect buyers with buried sellers, determine the best pair, and execute the transaction. More About Hyperledger Fabric:How Hyperledger Fabric Cultivates Business Interest In Blockchain Concluding Thoughts Verifiable identities of the participants is a primary requirement for private industrial networks.  Hyperledger Fabric is best suited for ensuring the identity of participants and the privacy of specific transactions on the network. Fabric provides a modular architecture with permission-based membership services, which require all network participants to have verified identities to access transaction information. It has implications in industries like healthcare and real estate, as they are bound by the data protection regulations. They mandate these industries to maintain data about various participants and their permissions to access various data points.  Fabric provides such permissioned-based membership. Only the permissioned participants get access to the necessary details. Such a data partitioning system developed on the blockchain enables specific data points to be accessible to only the parties that require it. Its modular architecture acts as a foundation for blockchain-based products and applications development with plug-and-play components for private enterprise ecosystems.  Oodles is a Hyperledger application development company that has expertise in enabling businesses and startups to streamline their processes with transparent and efficient transactions. Our blockchain team evaluates intricate details of the solutions and use multiple benefits of Hyperledger to fulfill your business requirements. If you’re looking for efficient and effective Hyperledger application development services, connect with our consultants and tech experts. 

The cross-border payments market continues to grow with increasing international commerce, migration, and changing economic trends. Currently, financial institutions like banks have significant dominance in cross-border payments with a market share of 95 percent. However, their payment transfers and services lack transparency, attract high fees, and lead to delays. These long-standing obstacles can be overcome with blockchain technologies like Ripple. Ripple provides cutting-edge mechanisms for customer-centric and innovative payment services. It aims to change the current payment landscape entirely by overcoming traditional pain points or even replacing the existing financial services system. So, let’s take a look at how Ripple is giving tough competition to conventional competitors like Swift and Western Union in cross-border payments?  Challenges with Existing Cross-Border Payments  Legacy international payment systems are inefficient and complex. Their transactions involve multiple banks across different locations. In addition, there is a lack of transparency about fees and uncertainty on whether cross-border payments will even reach intended recipients.  Small to large businesses complain about different problems with cross-border transactions. Large, established corporations that deal in high-value international transactions have concerns about the lack of transparency in FX (Foreign Exchange) rates. For smaller companies, access to services and high-costs of cross-border payments are major issues.  Given these inefficiencies, traditional international payment systems fail to meet today’s global e-commerce demands for cross-border transactions. They need to provide improved transparency, more speed, and lower costs.  As a response, financial institutions are embracing new methods to expedite cross-border payment efficiency with transparency and reduced operational costs. Are Existing Cross-Border Payment Systems Inefficient? Within the current system, there are a few key players who dominate the international money transfer market around the globe. SWIFT, a messaging system used by correspondent banks, enables financial institutions globally to disseminate information related to financial transactions. Its network consists of more than 11,000 banks. As of now, no other global payments network has been able to reach this number. Essentially, SWIFT doesn’t initiate money transfers but sends payment orders that correspondent banks must settle between themselves. The issue with the system is that it faces a lot of criticism for high fees, low speed, and opacity. Western Union, a wire transfer system, is the most renowned name in the global remittances industry. The Western Union platform can execute only 32 transactions per second. To increase this number, the company has partnered with Ripple Labs. It is testing Ripple’s cross-border payment tech XRapid. Blockchain as a Solution  The reason that many financial institutions are adopting blockchain technology is its potential to resolve issues at the infrastructure level. Blockchain applications can provide fast, secure, and cost-effective cross-border transactions using distributed ledger technology. Such applications involve no intermediaries like correspondent banks and clearinghouses and ensure real-time transaction verification.  Addressing Customer Expectations with Ripple Cross-Border Payment Solutions Ripple is an open-source, distributed ledger technology-based system for instant payments at minimal transaction costs. It makes use of a pathfinding algorithm method to obtain sets of currency swaps that provide the lowest feasible fees for cross-currency payments. Ripple’s cross-border payments product designed for banks is known as xCurrent. It doesn’t require Ripple’s native token XRP, which makes it possible to process cross-border transactions within seconds at low operational costs. Ripple combines payment messaging with funds settlement. It is a feature that was previously missing for cross-border transactions. Customers who use Ripple can also keep their money in banks or other financial institutions. Its network is continuously growing as more than 200 banks and financial institutions have signed up to use xCurrent. They include major international payment providers that operate in multiple countries, like Banco Santander, American Express, USB, and many more. Ripple also aims to solve the liquidity problem with the upgraded version of xCurrent system called xRapid. It uses Ripple’s digital asset XRP to replace all Nostro/Vostro accounts. With XRP, banks don’t require to have multiple accounts in different fiat currencies. Besides, XRP transactions take a few seconds and need minimal human interaction.  Also Read: Ripple is now a Wave in e-Commerce as Blockchain Crypto Solutions Conclusion Blockchain technology can improve the overall efficiency of cross-border payments. However, its potential remains largely unexplored and requires seasoned application support for large-scale payment infrastructures. Banks can benefit by availing the expertise of blockchain technology providers like Ripple to improve cross-border payments, reduce fraud and settlement time, and speed up transactions.