Blockchain for Financial Transactions

Blockchain is currently used for many different use cases. However, most of the time blockchain does not provide any additional benefit compared to a centralized system. Identifying real blockchain use cases is not that easy. Moreover, there are many different frameworks out there, such as Ethereum, Hyperledger, corda, Iota etc. Each framework is made for specific use cases and therefore the frameworks need to be matched to the requirements of the use case. Since most of the frameworks are new, there is a lack of proper documentation and some of the systems are in a beta stage.​

We identified several potential use cases and evaluated the benefit of using a blockchain. For one specific use case, we chose Hyperledger fabric as the blockchain framework and built a transaction system with three participants. Through a web frontend transactions are securely stored in the blockchain and cannot be corrupted afterwards.​

Blockchain is a new and complex technology that comes with the promise of disrupting whole industries. In order to see the potentials of the technology, the customer asked us to identify possible blockchain use cases in the field of energy and smart city. The goal was to set up a blockchain-based transaction system with different participants in order to evaluate the advantages and drawbacks of the technology.