Member Case Study Archives – Hyperledger Foundation

Jan 11

Public Mint Lowers Barrier to Entry for Blockchain-Based Investing and DeFi with Hyperledger Besu

By Hyperledger Blog, Finance, Hyperledger Besu, Member Case Study

Read the full case study here.

The cryptocurrency market will reach nearly five billion USD by 2030, according to recent market research. With impressive returns and projected growth, it’s no wonder people want to get involved in decentralized finance (DeFi).

But for those who don’t already understand crypto assets, there are significant barriers to entry. What’s a wallet? Do I need one, and how do I get one? What are keys? How do I protect them? What platform do I use?

And there’s also the problem of risk. Crypto users have grown comfortable taking chances in the space. But the average person is used to more trust, assurances, and transparency when it comes to their money.

Public Mint, a Fintech firm with offices in the US, UK and Europe, decided to create a graduated introduction into blockchain-based investing. To do so, Public Mint began with what users already know: traditional banking and fiat currencies like the US dollar.

Public Mint wanted a platform with a one-to-one equivalency between US dollars and a synthetic version of the dollar on their blockchain. This means every synthetic “on-chain” dollar maps to a corresponding US dollar held at one of Public Mint’s regulated custodian partners.

Users would not move dollars from one account to another, the same way traditional banks do. Rather, the physical dollars stay in a custodian bank. Users transfer ownership of these physical dollars using an instant-settlement, low-cost blockchain.

To develop its system, Public Mint experimented with the blockchain technologies available in 2018. Eventually, it decided on an Ethereum-based technology stack called Pantheon developed by the Pegasys team at ConsenSys. For Public Mint, tapping into the large community of Ethereum developers was an important part of the decision.

About a year afterward, Pantheon became Hyperledger Besu, an open source project under the umbrella of the Hyperledger Foundation, which pleased Public Mint as that brought them closer to the Hyperledger and corporate communities.

Public Mint’s network launched in July 2020 with its web wallet payment system. To date, more than 3,800 wallet addresses have been created since Public Mint’s launch. It has more than USD$2.9 million in on-chain value, and the platform has validated more than 28,000 transactions.

Building on the initial wallet capabilities, Public Mint now also has introduced the EARN Program. EARN is for users who want to take the next step into DeFi investing but don’t want to manage multiple wallets or private keys.

Hyperledger worked with Public Mint on a case study that details the launch of this network and the pathway it creates for bringing DeFi to a broader audience. It covers the core architecture of the Public Mint system, its blockchain-based banking and DeFi business models and the roadmap for future applications.

Read the full case study here.

Dec 14

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MineHub and KrypC Leverage the Power of Hyperledger Fabric 2.2 to Transform Mining and Metals Supply Chain

By Hyperledger Blog, Hyperledger Fabric, Member Case Study, Supply Chain

Read the full case study here.

Nearly 1.8 trillion USD of metals and minerals move across the world every year from mines, through ports, along transport lines, to processing plants and, ultimately, to the end users. This chain includes hundreds of companies making millions of transactions. Many of these still use manual processes—actual or digital—that require staff resources to process.

MineHub wanted to create a decentralized collaboration platform to solve this problem. The company envisioned a solution that would transform the supply chain workflows and processes for the mining and metals industry. Its solution wouldn’t just improve the practical day-to-day operations. Once in place, this robust, agile platform would help users mitigate damage from unpredictable global disruptions, reduce costs and make more profit due to higher efficiencies and end-to-end visibility of their data.

MineHub was setting out to connect hundreds of companies — from large, international corporations to small, local businesses. Each of these organizations would have unique needs and requirements. To deliver this platform, MineHub realized it needed the power of Private Data Collections (PDCs) that became available with Hyperledger Fabric 2. PDCs deliver critical functionality for bringing together a large group of diverse companies with differing needs and commercial interests and allowing them to exchange business critical data in a secure, private, and scalable manner. They would also need the flexibility to add new organizations and manage them dynamically.

Enter KrypC, a company that understands enterprises that want to work together across interconnected workflows need a single version of truth and that blockchain technology can provide this. From the beginning, KrypC has been focused on leveraging Hyperledger Fabric to build technologies that help enterprises adopt and develop blockchain solutions. The team there was working towards addressing the very challenges MineHub was looking to solve through its Hyperledger Fabric layer 2 platform, KrypCore. After a few discussions, it became clear a partnership between them made sense.

KrypC’s configurable KrypCore platform offers the agility to quickly create and add new functionalities to a decentralized system and to deploy them seamlessly in smart contracts. KrypCore offers a unique and unrivalled approach to performing asynchronous system updates and upgrades amongst a wide variety of users operating on entirely different IT infrastructures.

With their toolsets, KrypC is able to offer users of decentralized applications a seamless solution to manage security updates and enable rapid addition of new features. By solving for this challenge, MineHub was able to redirect their focus on the user functionality and business value they wanted to unlock for its customers.

Hyperledger Foundation worked with KrypC and Minehub on a case study that details the business and technical challenges of building a platform that connects thousands of companies of diverse sizes without prior relationships and the roles each company plays in the solution. In addition, the case study delves into why and how the release of Hyperledger Fabric 2.2 was key to getting the MineHub to market and what comes next for the supply chain platform.

Read the full case study here.

Nov 11

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Splunk Adds Hyperledger Fabric Data Visibility into Mix, Powers New Blockchain-Based Content Management Solution for S&P Global

By Hyperledger Blog, Finance, Hyperledger Fabric, Member Case Study

Read the full case study here.

Large organizations have always struggled to get visibility into their data. Frequently, data comes in many sources and formats while also being siloed across the organization. DLTs add ledger data and metadata to the mix.

Similarly, consortiums need to interoperate with each other. Yet organizations often use disparate tools for logs, metrics and tracing. All these are deployed on different clouds or on-prem. Then they build their own tools to take data from the ledgers and put it into a SQL database. Consortiums may include competitors who don’t trust one another, so they don’t want to share data. But, if no one shares data, it can be challenging to determine if an organization has a problem or if it lies in the network.

Splunk, a company focused on removing barriers between data and action, took on this challenge by creating open source solutions that allow the ingestion of ledger data and corresponding metadata while correlating with other data sources.

Splunk’s customers include 92 Fortune 100 companies. Meeting their needs was critical so Splunk asked a lot of questions. They learned that many customers used Hyperledger Fabric, and it was fairly straightforward to ingest that DLT data. Splunk pulls in data without caring about structure, schema, or form so there was no need to format Hyperledger Fabric data before ingestion.

The next questions were about what they could do with the Hyperledger Fabric data. Users could analyze and correlate blocks and transaction data with other data they had in Splunk. But conversations with customers revealed they wanted more, including chaincode events, metrics, and, most recently, private data collections.

Initially, Splunk focused on uses from an IT perspective. Then the focus shifted to security. Customers wanted to know what else they could do to secure their infrastructure. Keeping it up and running was important, but so was making sure nothing would compromise their Hyperledger Fabric environment

One of those interested customers was S&P Global, which delivers data, research, and credit ratings, among other things, to governments, companies, and individuals. In 2019, it was entering a new region. S&P took this opportunity to explore modern technologies and new ways of doing business. It decided to build a content management solution from scratch with innovative technology and security.

Splunk’s Hyperledger Fabric-based applications caught S&P’s attention. Leveraging the Fabric data in Splunk meant S&P could now get user interactions and metadata—like who uploaded documents or modified documents and when. S&P developed applications to retrieve that metadata and present it to the user for document searches. This opened up possibilities for providing an audit trail.

The resulting solution, S&P Global Secure Vault, is multi-cloud, multi-tenant, and secure, and it is ready to scale to multiple regions and multiple participants. In the solution, S&P uses Splunk for three primary areas. The first is infrastructure monitoring on the operations of different components. The company wants to make sure the system stays healthy and the right teams are alerted if there’s an issue. The second is visibility into the events happening within the blockchain network. And third is business activity monitoring, which includes searching for document metadata.

Hyperledger worked with Splunk and S&P Global on a case study that details this blockchain-based secure content management system and how the companies partnered to add visibility into business transactions, making them indexable and searchable. It also delves into Splunk’s commitment to open source software and plans for helping customers that use Hyperledger Fabric get even more from their data.

Read the full case study here. For more details on security monitoring of Hyperledger Fabric data, tune into the Wednesday, December 1, webinar with Christoper Cord of Splunk.

Oct 24

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Managing a Modern Cityscape: How Tech Mahindra Digitized the Land Registry for Abu Dhabi with Hyperledger Fabric

By Hyperledger Blog, Hyperledger Fabric, Member Case Study

Read the full case study here.

Abu Dhabi is one of the richest cities in the world, boasting modern architectural wonders from the first circular skyscraper to the dramatic Etihad towers to the world’s farthest leaning tower. This 375 square mile cityscape is a modern marvel, and managing it requires extensive real estate transactions and records.

Starting from selling a piece of land to constructing a building or residential complex to selling the units to managing tenancy, there are a multitude of steps involved in creating a land deed record and the process can span up to six years to complete. So when Abu Dhabi City Municipality (ADM) set out to digitize processes for the Department of Urban Planning & Municipalities, they made the land registry the starting point.

With its experience in building enhanced blockchain-based, customer-centric systems within its public sector practice, Tech Mahindra was tapped to bring the city’s paper-based real estate records into the modern era.

To create an end-to-end solution that utilizes automated transactions for sharing and viewing deeds, the Tech Mahindra team knew blockchain technology would play a major role in Abu Dhabi’s digital transformation. With the help of Smart Dubai, the government organization facilitating Dubai’s citywide smart transformation, and the Dubai Future Foundation, a government organization focused on blockchain, Tech Mahindra compared various distributed ledger technologies that could scale to match the multi-tenant and growing needs of the ADM’s complex land registry. In the end, the team selected Hyperledger Fabric.

With the new digitized registry, stakeholders can trust that they are working with the most current and validated information because of blockchain’s smart contracts and immutable records, which also eliminate the susceptibility to lost or stolen documents or fraud. While all members on the blockchain can interact with one another and access the same documents on the ledger, each member can also establish a separate, private relationship with another in-network entity and maintain transactional isolation through Hyperledger Fabric’s channels feature.

This solution is deployed using the multi-tier architecture ADM’s Smart Hub, a web-based application that the city’s citizens already use to electronically perform various municipal activities such as reserving a spot in a parking lot, acquiring permits to public spaces for gatherings, or paying bills. Launching on Smart Hub eliminated the need to educate and onboard the public on a new platform and allowed Tech Mahindra to put more attention towards the back-end infrastructure.

Hyperledger worked up with Tech Mahindra on a case study that details the back-end work, including both the business flow and system architecture, supporting this solution as well as plans for expanding it to support wider digitization of government services.

Read the full case study here.

Oct 19

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we.trade Turns to Hyperledger Fabric for Cross-Industry Digital Trade Finance Platform

By Hyperledger Blog, Finance, Hyperledger Fabric, Member Case Study

Leverages open source blockchain and smart contracts to streamline trade finance process, drive growth for businesses and revenue opportunities for banks

Read the full case study here.

In 2019, the Stockholm-based sustainable shoe company Flattered AB needed to re-examine its trade relationship with its suppliers in Spain. In order for Flattered to secure specialty materials such as chrome-free leather and vegan alternatives that are key to the brand’s eco-friendly mission, the company was required to make upfront payments for all its supplies.

But with long-lead production cycles that stretch over a year, Flattered faced an unsustainable gap between costs and income, which significantly impacted cash flow at the company.

Small and medium-sized enterprises (SMEs) such as Flattered AB represent 90% of the businesses and 50% of the employment worldwide, according to the World Bank. And yet SMEs traditionally do not have access to bank guarantees, invoice financing, or credit insurance to help maintain and scale their businesses. Instead, SME owners are left to navigate a laborious paper-based process to account for their international transactions with no protections against late invoice payments, fraud, or managing pre-payments.

Now with the growing urgency for seamless, transparent, and traceable transactions amid the global pandemic, improving access to trade finance has proven to be more vital for economic recovery and a more effective public health response around the world.

This is where we.trade steps in. As the world’s first enterprise-grade, blockchain-enabled trade finance platform, we.trade offers a safe and more reliable platform for buyers and sellers to trade globally using distributed ledger technology and smart contracts.

Through a joint venture between seven European banks, we.trade was established as an independent company based in Ireland in 2017. Today the company is owned by 12 banks, technology leader IBM, and global commercial credit and business information provider CRIF with shareholders from institutions such as CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Societe Generale, UBS, and UniCredit. In 2019, the company brought we.trade technology to market under a SaaS model and has already onboarded 16 banks across 15 countries onto the platform.

Until the launch of we.trade, the universal solution for open account trading or documentary trading was to use paper. But the slow process led to a lot of replication, with business owners filling out the same documents for different trade partners and leaving themselves more susceptible to forgery and human error.

With we.trade, companies can operate with digitized versions of once manual business processes to ensure signatures, contracts, and trade financing agreements can be virtually linked and effortlessly executed.

The challenge to launching a network like we.trade is convincing competing and disparate stakeholders in the trade finance ecosystem to join the same platform. It is impossible to entrust all transaction data to one party. So we.trade recruited IBM as its engineering partner to build a solution using Hyperledger Fabric, one of the blockchain platforms hosted by the Linux Foundation.

With Hyperledger Fabric’s modular blockchain architecture, we.trade was able to prioritize privacy and customize its platform with selected features such as transaction isolation among selected parties in the blockchain and off-chain data storage.

Now with we.trade, SMEs can secure and finance their trade transactions without having to be an expert in trade finance or blockchain. But the real revolutionary component of we.trade is the ability to issue event-based payments based on conditions agreed upon in smart contracts on the blockchain.

Through we.trade, companies receive access to risk mitigation and financing services that are not readily available to them while banks create new revenue-generating services. The entire ecosystem is available in a real-time, user-friendly digital platform that leads to shorter trade cycles and improved working capital.

Hyperledger worked up with we.trade on a case study that details the business and tech drivers for this digital platform as well as the role of open source software and governance in its launch, growth and plans for scaling from here.

Read the full case study here.

Oct 01

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Ledger Leopard Uses Hyperledger Besu to Power a Scale-Up’s New Digital Approach to RTI Tracking

By Hyperledger Blog, Hyperledger Besu, Member Case Study, Supply Chain

Most of the products we use and consume every day are transported on Returnable Transport Items (RTI). Durable and reusable, RTIs like crates, pallets and containers allow producers to move goods efficiently and sustainably. However, tracking RTIs is often a logistical nightmare. There are billions of palettes circling around the world, and trillions of total RTIs on the move.

When Milou Klooster joined her family’s Netherlands-based smoked fish company, Vishandel Klooster, she soon discovered how much time, money, and energy her team was wasting on tracking RTIs. When she searched for a solution to this problem, she found there wasn’t any.

She resigned from the company and partnered with consultant Yves du Bois to develop a digital approach to the problem. Together, they founded RTI Blockchain. Their aim: a reliable app that connects all members of the supply chain together in one dashboard and provides a real time overview of the status of their RTIs.

Working with blockchain-as-a-service company Ledger Leopard, they developed the RTI Dashboard—a simple and reliable way to manage load carrier administration. Using blockchain technology, the RTI Dashboard gives poolers, suppliers, shippers, and receivers real time insights on their RTI data and enables them to share information privately and transparently. Every link in the supply chain is connected, and the interface is as intuitive as mobile banking.

When it came time to consider a platform, the Ledger Leopard team first considered Ethereum Liberty because it allows for private transactions. Then they considered Hyperledger Fabric. They also considered a combination of Ethereum and Hyperledger.

Ultimately, they chose Hyperledger Besu, an open source Ethereum client for developing enterprise applications that need secure, high-performance transaction processing in a private network.

One key goal was making sure the RTI Dashboard was as easy and intuitive as online banking. Users don’t need to know anything about blockchain to use it. Registration for all users is free. There is no subscription fee, no maintenance and support fees, no cost whatsoever for users. Senders pay per item they ship over the platform at a rate of 0.0005 euros per item.

Once a company registers in RTI Dashboard, they can invite their partners to join with a link. Once the partner clicks on the link, they’re invited to explore the platform and how it works, all at no charge.

RTI Blockchain suggests users start small. “Take one supplier and use RTI Dashboard for all transactions. Once they see what the system can do for them, they’re more willing to move their entire RTI administration process to the system,” says co-founder Yves du Bois.

Hyperledger worked with RTI Blockchain and Ledger Leopard on a case study that details the goals and approach for building this solution, the growing feature set that users are helping to shape and the next opportunities the start-up is eyeing for this dashboard.

Read the full case study here. For more details, tune into the Wednesday, October 20, discussion with Olivier Rikken of Ledger Leopard on supply chain traceability.

Sep 07

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How Thales and DigiCert enhance cybersecurity for Hyperledger Fabric-based networks

By Hyperledger Blog, Hyperledger Fabric, Member Case Study

In 2019, 7.9 billion data records were breached. And, yet, 39% of companies aren’t using robust data security measures because deployment complexity is a barrier. Still, security is not a nice-to-have feature. It’s not an opt-in. It’s a must. No one will buy your solution if they cannot trust it.

So, are DLTs the answer to your cybersecurity concerns?

DLTs promise a lot: immutability, transparency, and auditability. Once the network achieves a consensus and information is put on a ledger, users can trust what they’re seeing is identical to what was approved as “truth.” And, if the data is encrypted, only users who are approved will be able to see it. In these ways, DLTs secure data.

However, as with any storage solution, blockchains are not immune to compromise. They are not, by themselves, 100% secure. Blockchains are only one part of an entire system—what happens before the consensus and what happens after data is retrieved has nothing to do with DLTs.

To be secure, blockchain and DLT solutions must still meet standard cybersecurity practices and requirements. Key management—making sure that keys are kept confidential, their integrity is protected, and they are always readily available—is critical.

Understandably, key management is a constant challenge for companies. They don’t have just one set of keys to secure or a few documents to protect. Enterprises can generate many hundreds of key pairs an hour—and each key contains from 2048 to 3072 bits.

With remote employees and partners, multiple devices accessing networks, and secure email and document exchange, enterprises authenticate identities, encrypt data, and verify the integrity of documents and communications countless times a day.

That’s a lot of information to manage and secure. It requires a robust platform for certificate, key, and identity management; and it requires a way to generate, manage and store the private keys.

And this is where DigiCert and Thales come together with a joint solution for authenticating and managing the identity of blockchain and DLT users and devices. Simply put, DigiCert secures devices with keys and Thales secures those keys. And together they serve to secure solutions built on Hyperledger Fabric.

To start, a client creates an account within DigiCert’s platform, which allows the client to issue publicly and privately trusted certificates. Then they use DigiCert’s API to integrate it with Hyperledger Fabric and replace the native CA (Certificate Authority). From that point, clients can use Thales Luna HSM (Hardware Security Modules) as a strong foundation of digital trust.

Though the integrations are separate now, the companies aim to have a single product with one point of contact for key pairs and certificates.

Hyperledger worked up with Thales and DigiCert on a case study that details how their joint solution incorporates critical levels of security into the blockchain, increasing the integrity of solutions built using Hyperledger Fabric. It also delves into the challenges of identity authentication and management with the increasing deployment of IoT devices and distributed networks and includes details on key management best practices.

Read the full case study here. For more details, tune into the Wednesday, September 15, discussion with Blair Canavan of Thales on increasing cybersecurity for Hyperledger Fabric.

May 19

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Poste Italiane Turns to Hyperledger Besu to Streamline Multibrand Loyalty Program

By Hyperledger Blog, Hyperledger Besu, Member Case Study

Poste Italiane, the Italian postal service, is one of the country’s oldest and biggest organizations with a role that extends well beyond mail and package delivery. Today, Poste Italiane is not just mail delivery but an online marketplace. The Poste Italiane website offers financial products, logistics and insurance services as well as online payments to facilitate integrated communications throughout Italy. With 158 years of history, a network of more than 12,800 post offices, a workforce of 126,000, total financial assets of €536 billion and 35 million customers, Poste Italiane is at the center of Italian commerce.

As the center of commerce and online transactions, Poste Italiane wanted to support the companies within its ecosystem with customer acquisition and retention. Poste Italiane also wanted to encourage customers to engage with its merchant partners and follow their recommendations or accept offers through them.

Poste Italiane began working with the loyalty programs in 2017 when, in partnership with SIA, it created the Extra Sconti App that enables cost savings to debit card holders that also use Postepay cards. Instead of starting with a network of big shops, it created a platform called Sconti BancoPosta that initially served over 30 thousand small merchants and soon grew to other well-known brands.

What makes Poste Italiane’s platform stand out is the creation of a single point of access to multiple loyalty schemes and formation of a loyalty point exchange. It is common for customers to log into an airline miles/rewards account only to see they’re 100 miles shy of a travel reward. The Poste Italiane solution lets customers combine points from different programs to reach the threshold required to purchase the rewards, making it a truly customer centric approach. When customers only accrue points with one merchant, the value of those points are limited.

To build this solution, Poste Italiane turned to blockchain technology, specifically, Hyperledger Besu. The system uses blockchain for digital wallets, tokens and smart contracts to deliver value for consumers and the retail partners in the system.

Customers can easily access their accounts and rewards, via a mobile app provided either by Poste Italiane or any of the partners and set up their account. After accepting the terms and conditions, a new wallet is generated. Whenever they want to use their rewards, they can create a voucher that combines points from various programs and is redeemable in the system. The collection of points is also digital – the user can generate a QRcode that represents their wallet address where the partner and merchants can transfer the points. While having a single platform makes it convenient for consumers, they can still use the designated apps from various merchants and use the Poste Italiane app to transfer their points and convert them into loyalty tokens on the platform.

Points, vouchers and any other assets that consumers collect through the partner programs in the Poste Italiane app get converted to loyalty tokens. This way, all are equal and can be moved seamlessly between partners. Thanks to smart contracts, it is possible to establish rules that allow the programmability of the tokens for the management of the entire network. Any transaction, be it earning points, exchanging them for tokens or purchasing a reward, happens through a smart contract. Using smart contracts makes the system much more trustworthy and transparent.

Hyperledger worked up with Poste Italians on a case study that details the vital role of loyalty programs in retail and how this solution works to create a differentiated experience for retail partners and consumers. Read the full case study here.

Apr 28

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BondEvalue Upends the Global Bond Market Using Hyperledger Sawtooth

By Hyperledger Blog, Finance, Hyperledger Sawtooth, Member Case Study

As many industries struggled to find their footing amid the aggressive headwinds caused by the COVID-19 pandemic, the global bond market has managed to thrive. With near zero interest rates implemented worldwide to ease the financial burdens caused by the coronavirus, the demand for bonds soared.

But for those interested in investing in international bonds, the bond markets in Asia and Europe are particularly hard to break into for two reasons: high investment thresholds and lack of electronic infrastructure.

In the international bond markets, the minimum investment is $200,000. Typically, only those who have $5 million or above can afford to diversify their portfolio, and they pour about one-third of their wealth into bonds.

But there are roughly 500 million people who have assets that range from $100,000 to $1 million and are eager to expand their portfolio. However, they find the bond market impenetrable because of the investment barrier.

For those who have the means to break into the international bond market, it can still be a challenge as trading in the bond markets still happens over the phone and involves a number of intermediaries, with everyone taking a cut.

To make managing bonds faster, more accessible, and more technologically advanced, the team at BondEvalue recognized the need to upend the global bond market and create a modern infrastructure. In November 2019, BondEvalue launched the BondbloX Bond Exchange, replacing the traditional over-the-counter trading experience with the world’s first fully regulated blockchain-based bond exchange that allows consumers to instantaneously and transparently trade bonds in smaller denominations of $1,000 each.

Fully licensed and regulated by the Monetary Authority of Singapore as a Recognized Market Operator, the BondbloX Bond Exchange operates under a strategic partnership with Northern Trust, which is the exclusive custodian for the exchange. Together they deliver integrated asset servicing and digital ownership of fractionalized fixed income bonds on a blockchain network.

Using depository receipts as a model, traditional bonds are brought into the BondbloX Bond Exchange through designated market makers or a member participant from a secondary market. A designated custodian on the exchange (in this case, Northern Trust) confirms receipt of the bond into the blockchain, which then triggers the bond to be divided into fractionalized BondbloX worth $1,000 each and backed one-to-one on the blockchain.

These BondbloX are then traded on the BondbloX Bond Exchange and, with the blockchain infrastructure, settlement is nearly instantaneous, occurring on a T+0 basis. So instead of waiting for the normal two-day settlement cycle for traditional bond transactions, BondbloX trades are final within seconds, reducing counterparty settlement risks for investors.

The BondEvalue team realized the only way to feed the beast of building an innovative, groundbreaking global bond exchange would be to deploy Hyperledger Sawtooth. As a modular and flexible architecture, Hyperledger Sawtooth allows developers to separate the core system from the application domain so smart contracts can specify the business rules for applications without needing to know the underlying design of the core system.

Hyperledger worked up with BondEvalue on a case study that details how the exchange works, the technology and governance behind it and plans to scale to include more participants in more markets.

Read the full case study here.

Mar 04

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Easing World Trade: Avanza Innovation, Hyperledger Fabric and Dubai’s Digital Silk Road

By Hyperledger Blog, Hyperledger Fabric, Member Case Study

As part of Dubai 10X, an initiative to put Dubai 10 years ahead of other world cities in terms of technology, the Dubai Chamber of Commerce and Port Authority, called DP World, formed a joint team to develop the Digital Silk Road. This smart platform would aim to solve the global trading system’s key issues–high costs, low trust, and lack of transparency using blockchain technology.

The Digital Silk Road is a broad, multi-year initiative. It’s intended to be a one-stop digital trading platform, marketplace, and matchmaker for people seeking and providing trade services. The starting point was two projects that serve as the foundation for the Digital Silk Road: Unification of Trade Registration and Export Authorization.

In Dubai, registering to import or export even a single container of goods was neither smooth nor easy. In reality, it was a lengthy process that touched on many authorities.

First, a company needed to register for a trade license to operate in the country. To import or export, it also registered with DP World. Next it registered with Dubai Trade, Dubai Chamber of Commerce, and Dubai Customs. And if the trader ever updated anything? There would be gaps in the information among authorities.

For export, the process took even more steps. Exporters needed a Certificate of Origin, issued by Dubai Chamber. The exporter took the certificate and export declaration to DP World to gather documentation. Then to Dubai Customs to gather more documentation. All those documents would move from one organization to another until the goods finally left the country.

Dubai Chamber and DP World wanted to break ground on the Digital Silk by unifying trade registrations and replicate information across all the authorities. They also set a goal streamlining the exporting process and making it paperless. So they teamed up with Avanza Innovations on the Unification of Trade Registration and the Export Authorization projects, which went live in January 2020. Avanza built and deployed the projects on Hyperledger Fabric as it was a mature, tested blockchain platform that had demonstrated it could handle production-grade transactions

Now, with the Unification of Trade Registration, a company wanting to do business in Dubai can register once, through a secure, single-window interface. The data gets distributed across all government trade entities. And if the company needs to update any information, the new information is instantly shared by all.

Export Authorization tracks trade transactions, reduces transaction time, and enables secure, encrypted digital authentication. Seamless documentation sharing with relevant government entities happens through smart contracts. Compliance and regulatory checks happen throughout the process, which is completely paperless.

Hyperledger worked up with Avanza Innovation on a case study that covers blockchain’s role in Dubai’s ambitious technology plans, details the initial Digital Silk Road projects that are in production now, automating international trade, and previews future plans for the digital marketplace.

Read the full case study here.

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