The client was facing the following business problems prior to implementation:
- Tracking of all collateral reconciliation against secure loan where savings bank account are kept as a collateral pledge.
- Synchronization and reconciliation of collateral information available in the existing banking system on a secured platform.
- Secured tracking of the lifecycle of individual collaterals.
- No notification system was available for any payment related update on the loan account.
- Transactions made through the loan accounts were becoming vulnerable to online fraud.
Solutions We Provided
The customer enjoyed the following benefits through the solution team.
- DreamzTech has created Ethereum Blockchain Smart Contract to track all the collateral reconciliation against each secure loan.
- To help synchronization and reconciliation between the blockchain network and banking existing internal systems we have developed the process to invoke collateral information onto the blockchain.
- Immutable ledger of each loan transaction has worked to trace the end-to-end lifecycle of each collateral on Ethereum Blockchain
- The will send an instant email notification to the Bank Manager and Customer whenever any transaction is made and update the same on Ethereum Smart Contract
- DreamzTech has developed end-to-end solutions where all transactions happen through secure hardware wallet to prevent misuse of Ether.