Transforming Enterprises processes with Ethereum based solution
Enterprises have very different needs on a blockchain network, as they need to manage sensitive data in high volume, track quality, and hold themselves accountable to safety and regulatory standards. Security, certainty, and accountability are essential for the enterprise, as their whole business model depends upon these factors. Below are the basic four requirements enterprises expect systems to full fill:
- Permissioning: Enterprise often requires that only authorized parties can join the network and that participants have different read, access, and write roles.
- Privacy: Specific transaction data such as price, address, personally identifiable financial information, etc. — should be restricted or made available to network participants depending on their roles and authorization. Banking regulations restrict who may have access to transaction data.
- Performance: Enterprises look for infrastructure which can process high volume transactions without fail with accuracy
- Certainty: Institutions transferring large amounts of money need certainty about the outcome of transactions, which they can rely on.
Prospects of Ethereum Public Blockchain in Enterprises
Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications, where participants can establish a trusted and immutable record of transactions without the need for intermediaries. The decentralized architecture of a blockchain — multiple distributed nodes simultaneously running the software and building the record — ensures that the certainty of the network is never compromised.
The power of the Ethereum blockchain is its smart contracts agreements are embedded in the code so that transactions automatically execute. Smart contracts are written in high-level programming languages Solidity and are most often used to implement a contract between two parties where the execution is guaranteed by each node on the network.
This allows enterprises to transact directly with each other on private blockchains, using select terms and agreements, without having to utilize a third party.
Solidity based Smart contracts on Ethereum enterprise blockchain have the opportunity to transform the way enterprises handle and record digital transactions. By utilizing the immutable and decentralized properties of a blockchain, enterprises can transact securely, reduce fraud with certainty and high performance.
The DreamzTech solution in Solidity based Smart Contract on Ethereum enterprise blockchain:
DreamzTech developed Collateral Reconciliation solution using for one of the financial services company and one of the oldest national bank charter based out of USA. Bank provides financial services through more than 180 locations in the USA
- DreamzTech developed Solidity smart contracts to interface with bank collateral system, Smart contract handle events and query external services
- Ethereum solidity smart contracts fetch the collateral information from the loan system
- The contract was developed keeping in mind optimization for minimum gas consumption
- Frameworks used to interface with solidity contracts and develop the
- The overall solution created to trace the end-to-end lifecycle of a collateral
- Created a mechanism to secure transaction for Hardware Wallet
- Email notification to the Loan Representative and Customer once the loan Balance reaches zero