Blockchain Development & Innovation in the Banking and Finance Industry

Live webinar: BLOOCK & Inflectra

On October 26, 2022, BLOOCK and our partner, Inflectra co-hosted the webinar: Blockchain development and innovation in the Banking & Finance Space. In this webinar, Marc Baqué (BLOOCK) and August Guenther (Inflectra) explored Blockchain use cases in Banking balance certification.

If you missed the webinar, we have a full recap below.

Topics discussed:

Industry introduction: Current state of the traditional Banking & Finance space and use case presentation

Blockchain introduction: The technology of the future will guarantee maximum security and full transparency

BLOOCK & Inflectra: Inflectra API – Supporting external tool integration

Industry introduction

Kicking it off the webinar with an analysis of the current state of the sector

Potentials problems and improvements

  • Counterfeiting
  • Dependence of the banking entity
  • Risk and damage to the entity
  1. Suggested solutions
  • Compliance
  • Traceability
  • Security & Privacy
  • Speed & Agility

Blockchain introduction

Technical definition

  • Blockchain is a decentralized, distributed, and often public digital ledger consisting of records called blocks which are used to record transactions across many computers. Working with this mechanism, any involved block cannot be altered retroactively, without altering all subsequent blocks.

Simplified business version

  • Blockchain is similar to a gigantic database where anyone, customers or companies, can upload the certification of any data. Once the certification is uploaded, users can use blockchain for claims validation. Despite the fact that the network is accessible by anyone, no one can hack it.

deloitte

BLOOCK & Inflectra: Inflectra API – Supporting external tool integration

Combining BLOOCK’s service to register data onto blockchain networks, Inflectra API can create a scheduled service that runs after each block validation as well as ties Spira* Artifacts to their respective hashes.

Results:

  • A centralized place to manage documents and relevant business information that relates to those documents.
  • All while tying them to BLOOCK’s blockchain validation.

The new workflow would be as follow:

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