Hyperledger Use Case: Simplifying Loan Application Process with Indy and Other Frameworks

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

Oodles Blockchain services

Oodles’ Blockchain is a blockchain service provider helping businesses grow in the world of this new era of inventions. Our aim is to deliver innovative and end-to-end customized blockchain solutions in almost every blockchain domain from retail businesses to healthcare providers, B2B companies, financial institutions and blockchain and cryptocurrency startups. We are best known for building faster and risk-free applications based on distributed ledger technology like HyperLedger, Ethereum or HashGraph.

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