Why Choose Hyperledger for Your Business | Use Cases Inside

Posted by MuBlockchain on April 12th, 2021

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 is an Excellent Option for Developing your Business

Hyperledger is built with an enterprise-ready mindset in mind.

It’s a Linux-based open-source platform sponsored by big industry players like IBM and SAP, as well as leading firms.

It includes all of the key features of blockchain, as well as a few extras.

Hyperledger offers permissioned blockchain solutions with extra features like a platform for better data security and privacy.

There will be no need for public miners’ assistance because the enterprise/consortium will decide where the nodes will be.

Hyperledger’s modular design allows it to plug and play various components into the stack based on a company’s specific needs.

Integration with other digital technologies is quick, as demonstrated by IBM Watson, SAP Leonardo, and other examples.

Use Cases for Hyperledger Frameworks

Insurance Data Compliance in Financial Services

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.

After-Sale Services

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.

Validation of trade

Cleaning up

Custody settlement activities

Making a report

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.

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