About Client
The client is a technology service provider offering blockchain, artificial intelligence, machine learning, robotics, IoT, and AR/VR solutions across healthcare, retail, logistics, banking, and more.
Business Requirement
- Use blockchain to end dependency on electronic data interchanges or other outdated technologies.
- Get rid of missing sales opportunities and reduce overhead costs for B2B vendors.
- Overcome the below-mentioned challenges that were faced in conventional B2B trading:
- Lack of trust, consistency, and transparency
- Difficulty in validating the trustworthiness of counterparties
- Fabricated reviews
- Loss of actual and potential revenues
- Lengthy and expensive dispute resolution
- Inefficient domestic and cross-border transactions
Our Solution
Developed a Blockchain-based solution that allowed verified yet anonymous trading of various products across the globe by various players (distributors, traders, and resellers) with banks and insurance to hedge the risks.
Decentralized escrow systems and smart contracts allow trustless transactions among the business community in the virtual space.
A decentralized trading platform was designed to incorporate many modules:
- 3rd party API Integrations: For KYC/AML verification, Bank, Insurance, Credit Insurance, a seller/buyer ERP, and Logistics company
- Banking & Credit Insurance: Tokenize your financial guarantees for credit trading
- Third-party Invoicing: Confidential Trading supported by blockchain
- Conflict Management: Module for rejection cases such as Non-conformity, Damaged goods, or Delay in the order shipment
- Escrow Payment: Execute safe transactions protected by a decentralized escrow
- Reputation Management: Verified reviews based on previous deals and success rating
- Logistics Management: Avail logistics services (inspection, shipping, escrow of goods)
- Tokenization: Trade with stable cryptocurrency
Tools & Technologies
Microsoft .NET Core 2.1, Bootstrap, MySQL 5.7.21, .NET Core, Hyperledger Fabric, IBM Stellar, C# .NET, Node.js, Go, HTML 5, jQuery, N-Tier Architecture, Windows Server 2012 / 2016, Microsoft Visual Studio 2017, Visual Studio Code
Business Outcomes
- Reduced transaction costs by 24%
- Significant drop in the overall transaction time
- Enhanced verification process reduced risks of fraud or theft
- Advanced security assurance
- Improved supply chain visibility by 46%
- Modernized multi-party purchasing and payment process
- Proof of product authenticity – verified by legitimate members on the Blockchain