Case Study: Blockchain Consulting – Loan Marketplace

OVERVIEW

The client – developers of a proprietary secondary loan marketplace that automated the process of combining and splitting loans across multiple lenders – wanted to provide immutable smart contract access for all buyers and sellers.

BLOCKCHAIN CONSULTING REQUIREMENTS

The client wanted a tamper-evident, immutable digital transaction ledger for a private network of participating peers.  As a government regulated entity, regulatory requirements required that all participants of the blockchain be known to all others. Further, it was decided that all smart contracts would be validated and managed by the collective network instead of a central authority.

SOLUTION

The infrastructure to implement blockchain networks with custom consensus mechanisms was built using Hyperledger Fabric. There are 3Hyperledger Fabric SDKs – Golang, Java and NodeJs. The Sphere blockchain consulting team used NodeJs.  The Ethereum smart contract was written on blockchain consultingSolidity language and the smart contract on Fabric was written on NodeJs. Individual transactions were defined and managed by the network which supported secure data-sharing. Each organization and user also received specifically generated private keys for authentication, digitally signing transactions, and creating Hyperledger addresses and ports.

Since all parties were known, the blockchain contained a genesis block where all of this information is stored. When nodes are added or removed, the Hyperledger network updates the genesis block.  Further, each participating organization served both as a Peer Node and an Endorsing Peer Node.

To ensure transactions are completed quickly, every user in this network can request and complete data transactions in near real time.

SUMMARY

Blockchain technology has great potential when it comes to data sharing capabilities. Implementing a blockchain with Hyperledger can increase security, and reduce the amount of time and resources required to complete trusted data transactions. For more information, contact Sphere’s blockchain consulting practice lead.

Blockchain-Banner-01

Understand the trade-offs of technical debt

How do you strike the right balance between feature development and the handling of technical debt? New white paper now available.

Talk to the team that worked on this project

Related Case Studies & Resources

Unleashing Agile Development to Improve Education

Unleashing Agile Development to Improve Education

  Fernando DeLeon is Co-Founder and Chief Product Officer of Innovare, a software solution seeking to improve the quality of education across the U.S. and Mexico.  During a recent Chicago TechDebate, Fernando talked about his technology product...

The Healthy Dissonance of Agile Development Methodology

The Healthy Dissonance of Agile Development Methodology

  At our July TechDebate in Chicago, the panel discussed the value and challenges of agile development methodology from several different perspectives. After the event, I had the opportunity to have a follow-up conversation with the event’s...

Making Agile Development More Comfortable

Making Agile Development More Comfortable

  Belinda Hardman is a senior project manager/Scrum master for Morningstar. She shared her wealth of project management expertise within the technology sector during a recent TechDebate in Chicago in which the panel discussed the applications...

Implementing Agile in Unexpected Places

Implementing Agile in Unexpected Places

  At a recent TechDebate in Chicago, we discussed implementing agile and apply agile to traditionally non-agile scenarios. We had a lively exchange, and fortunately, I had the chance to discuss the topic further with one of the panelists,...

Agile planning – building an agile organization

Agile planning – building an agile organization

  Agile Planning - Creating and Reaping the Benefits of an Agile Organization The legendary boxer Mike Tyson once said, "Everybody has a plan until they get punched in the mouth." While Tyson has plenty of areas of personal weakness, his...

Case Study: GasMob

Case Study: GasMob

OVERVIEWGasMob is a new on-demand gas delivery service designed to simplify busy life schedules. PROBLEMS / CHALLENGESGasMob LLC contracted Sphere to create an MVP of iOS-compatible apps for its mobile fueling service. This new startup required separate applications...

Previous

Next