Blockchain System for Banking Data Verification

A team of engineers created a Blockchain-based banking solution that allowed a financial services organization to securely store and access data. The solution ensured that data was non-erasable, non-modifiable and protected from fraud of any kind.

Blockchain System for Banking Data Verification - 0
<h2></h2> <h2>The Client</h2> <p>A financial services organization turned to us with a request to help it create a solution for document verification. The organization stored numerous important financial documents, to which regulatory institutions (SEC, CFTC, FINRA, IIROC, FCA) required access.</p> <p>&nbsp;</p>

The Client

A financial services organization turned to us with a request to help it create a solution for document verification. The organization stored numerous important financial documents, to which regulatory institutions (SEC, CFTC, FINRA, IIROC, FCA) required access.

 

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Project Analysis

The system had to enable safe and transparent data storage in a Write-Once-Read-Many (WORM) format. The organization’s main goals were to:

  • Easily store documents
  • Make the data accessible if necessary
  • Ensure security and prevent fraud
  • Ensure data immutability and the ability to trace and record modifications
  • Remain compliant with government standards and the law
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Waverley Solution

Our engineers created a Blockchain system based on the TokenD platform, which offers a faster time-to-market, lower costs, decreased operational risks, real-time synchronization and flexible backup functionality. To solve the document authenticity problem, our engineers:

  • Created a private Blockchain network for document storage
  • Introduced a document management system controlled by independent entities
  • Assigned a unique fingerprint to each document
  • Used a cryptographic hash function to generate fingerprints
  • Integrated automated verification modules that reviewed all documents on schedule and determined whether any modifications had been attempted
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The TokenD Platform

TokenD is a white-label Blockchain platform consisting of production-ready functionality such as mobile wallets, an admin panel and integrations with external systems. The platform helps companies avoid the expenses associated with hiring an in-house Blockchain development team and building a solution from scratch. It offers the necessary SDK documentation and intuitive REST API to minimize customization time and effort.

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Results

The Blockchain solution we built helped streamline data-related operations at the company. It also helped maintain the integrity of the data history, improve transparency with respect to financial regulations and provide protection from violations and fraudulent actions.

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