Blockchain delivers an inherent way of tracking and providing the required information in a secure manner.
At Fydality we strongly believe that Blockchain will dominate as a platform for delivery of services, especially in connecting the various corporate and government departments. This project was a working prototype for multiple entities to connect various departments using Blockchain as an integrated information platform.
Individual Identity information is stored and secured within the government Identity authority and various other departments may access this information when authorized by the individuals.
Currently various departments and utility companies are fairly advanced and efficient in the way they execute customer requests. However, they work in a silo based structure – meaning that there is not much of communication within these different entities. This results in customers to carry physical paperwork to each entity when they look to avail any services. This in turn results in highly paper based transactions and expensive operations in handling and storing the paperwork.
Blockchain delivers an inherent way of tracking and providing the required information in a secure manner. This project enables a Blockchain based integration platform between multiple information sources including the government Identity Authority and various utility providers that also act as a source of information. This platform is capable of connecting with various entities on a subscription based model. Once an entity in enrolled, it will carry multiple ‘nodes’ of the Blockchain platform and is then able to receive and provide information based on the subscription model.
The result is that individual identity and related information is readily available on demand, there is no exchange or paperwork and the process is highly efficient and transparent.This project will bring in the next generation of paperless services enabling convenience to the general public along with cost savings for the public sector and corporate players.