The blockchain has a vast amount of use-cases. We help Investors and Entrepreneurs understand blockchain technology and show them how it can make their life and business more efficient.
Transforming Legacy Systems
A bank’s primary goal is to lend, which requires gathering an applicant’s personal information (PII) such as birth, annual income, ID...etc. Regulations may stipulate that specific PII be disclosed to law enforcement, for instance to stop money laundering. However, the retention of so much PII makes banks an attractive target for hackers. Utilizing NXTChain, we can produce zero-knowledge proofs that applicants are over 21, that their income on last year's taxes exceeded a certain threshold, that they have a valid government ID number, and that their credit score recently met a certain threshold in place of disclosing any personally identifiable information (PII). Only the information necessary for the banks to make a judgment may be disclosed by applicants, and will be done in a matter that ensures objectivity, fosters trust in the lender, and satisfies regulatory requirements. As a result, the market will function more efficiently and effectively: Banks will confidently offer loans, while applicants can successfully protect their PII.
Post-Trade-Processing: Today’s financial services can be driven by blockchain because it promotes privacy, secrecy, and accountability. Banks and service providers are required to confirm a customer's legal identification and grant them approval to conduct transactions in accordance with compliance regulations like "Anti-Money Laundering" and "Know Your Customer." Due to the possibility of participants’ privacy and confidentiality being violated on public blockchains, these criteria encourage the adoption of permissioned and private blockchains. Currently, all of these stages are often carried out through a disjointed workflow that crosses several departments across various entities, including brokers, central security depositories, clearinghouses, exchanges, settlement agents, and so forth. There are numerous different interfaces, procedures, and settlement attempts involved in every trade. By utilizing a blockchain’s peer-to-peer capabilities, one party can insert transaction information for the other party to confirm. Because the network itself can operate as a trusted third party due to the immutable and irrefutable nature of transactions on the blockchain, doing both operations on the same system can greatly simplify the process. While all data from all steps and all actors may be stored on the blockchain and be accessible to those who need to know it, the complexity can be further reduced. Any additional verification is no longer required. Additionally, the blockchain system can provide an effective foundation for transaction reporting and regulatory reporting. In summary, validation, clearing, settlement, and reporting can all be streamlined when using blockchain—in particular a permissioned blockchain.
Managing Portable Identities
Self-sovereign identification, or the idea that an individual owns their own “identity” and controls the data surrounding it, is one of the most interesting uses of the blockchain. The implications for enterprise IT are significant. A distributed ledger with a primary focus on self-sovereign identity can be created using NXTChain. It will have several characteristics in common with conventional enterprise identity systems, including Industrial-strength cryptography, rich metadata about identities, and sophisticated access control and policy. However, there is a significant distinction: NXTChain identities are shared rather than federated and segregated. Anywhere that accepts the distributed ledger, you can travel with your NXTChain identity. This means that John Q. doesn’t have 10 different identities created by the 10 systems that permit the IDs. Instead, John’s pre-existing identity on the blockchain is accessed by all 10 systems. Just show up and use John’s identification. John’s access can be terminated by an organization, but he will never lose control of his identity because he owns it. And John controls access to his data, not the locations that recognize John’s identity.
Tracking Fish from Ocean to Table: It is estimated that 20% of the fish caught are either caught illegally or mislabelled—yet only a small fraction are ever inspected. Fish is delivered from the ocean to the table via a very intricate and opaque supply chain. There are numerous participants from various businesses, and there are international regulatory regulations involved in the processing process. Due to this, blockchain technology presents a ideal potential for this supply chain. We can utilize NXTChain to develop a traceability prototype to track telemetry parameters during capture, processing, and transmission using a distributed ledger, IoT sensors, and sophisticated communications. Furthermore, the ledger can also offer analytics for the scientific study of fish harvesting and consumption as well as regulatory enforcement.