Blockchain in reporting services
A leading FinTech company in Vietnam has asked Rosebay to create a distributed
ID verification system that can combine information from diverse sources including banks,
e-commerce companies and government sources.
Platform: Hyperledger Iroha
Type: Private permissioned blockchain
Some of it's features are:
1. Over 10 banks to be connected in Phase 1
2. National ID, biometric and name will be verified
3. Zero knowledge proof system
4. Data will be provided by diverse data providers and will not be centralized
5. Blockchain will record reliability scores of participating agencies
6. Operator lowers cost significantly as intermediate system is fully on the blockchain
Currently in POC stage, Rosebay is jointly developing a reporting system for a central bank for a Southeast Asian government. The system connects alternative finance companies to ensure minimization of macro-economic risks.
The POC system connects 3 FinTech companies which engage in alternative finance to give real-time updates to the central bank.
It offers following features:
1. POC connects 3 systems
2. Post-POC needs to connect over 100 companies
3. Post-POC needs to handle over 200TPS
4. System should be capable of helping central bank reporting for
5. Macroeconomic risks such as reputational contagion, pro-cyclicality, excess volatility and systemic risks
6. Analytics capabilities to be added outside the blockchain (off-chain)
7. Needs to support real-time monitoring with an event driven architecture