D O C S I N B L O C K S

We have our application suitable for many Enterprises Industries, to better understand what we target, here are the few uses cases w r t various Industries.

Banks statement Validation

               3/6 statements issued from A bank are deposited with B ban

k for financial services like loans etc, currently, there are PDF readers who can read the data and provide analytics about the expenditure patterns of applicants, BUT there is no way to authenticate the documents themselves, that the statement issued by one bank is the same document submitted to another bank

               Currently, this is dependent on the manual financial investigation

Bank Internal CKYC

               CKYC is Govt project which provides central access to KYC repository to all banks and various other departments. This service is paid service. Each bank today has multiple departments serving the same users like Saving Account, Current Account, credit card, auto loans, LAP, OD, Stock Demat account, LC, Escrow and many more

               Banks need internal KYC which is best solved over Blockchain

Bank Loan Issuance & Closure

               As and when the Auto Loans and Property Loans are issued, there are huge process financial investigations, it becomes super easy and fast for all the documents which are issued and collected via Blockchain. Secondly at the time of loan closure bank has to issue the NOC, which further has to be submitted to RTO for auto loans and the Land Department (LD) for property loans. Currently, there is no mechanism for RTO and LD to verify the NOC, it is fully dependent on a manual approach. For NOC certificates issued on Blockchain, it is a matter for seconds to verify the certificate without human intervention.

HR

               HR documents like salary slips, appraisals, other certificates issued for employees bounce back for legitimacy and authentication, usually, these are issued on letterhead at any computer desk. Large banks have dedicated staff only for the verification of such issued documents. We can make that issuance and verification process frictional less.

Account opening

               For opening a savings or current account, a huge plethora of documents is required. This process is made easy in private banks but Govt sector is still behind. For both private and Govt the dependency on documents is still existing and can never be removed. So the authentication layer, the process will be smooth and faster. It will bring more convinces to clients as and when they opt for additional services.

Cheque Book Issuance using Blockchain will illuminate the misuse of cheques in many types of frauds

 

 

GOVT USE CASES

National stock exchange Mumbai

  1. Share certificate

Stock Share certificates are delivered on paper, these certificates are used in a lot of activities like investment and raising funds. The same has no real-time authentication. SEBI has asked to manage company Debenture records on Blockchain

  • Results for Employment Exams

NSE conducts national exams for major and all Centre and State Govt exams, for these exams Admit cards and after exams result in the card has to be issued. They have expressed challenges in invalidating the real admit card at the point of entrance of the candidate and result from documents validation post-exam at the time of interview.

  • Academic certificates

Academic certificates are appearing on Digilocker, Digilockers is a platform to showcase the certificate, they don’t hold the data, and data is fetched real-time from the respective institute or University. Any manipulations or changes that happened at the institute or University level will pass through the Digilocker. It brings the reputation of Digilockers at stake that certificate is deemed to be true if it comes out of Digilocker. For this matter not only academic certificates, but each and every certificate also needs provenance.

Recently CBSE has announced on the adoption of Blockchain for the issuance of Marksheets for 10th and 10+2 board results. Once this happens every State board will follow. 

Mutual funds certificates and statements

                              Companies like Karvy, manage the complete user records for individuals investing in mutual funds. These companies manage records in systems and issue the statements to the user on a monthly, quarterly, or yearly basis. The documents are important from investment security and hypothecation services. This also misses the verification approach.

UID certificate issued by Chartered accountants.

                              ICAI rolled the tender for bringing the UID issuance on Blockchain, unfortunately, it got scrapped as we were the sole bidder. Challenge is that ICAI issues the UID no for each certificate CA is issuing. These certificates are further used in various high-profile loans by MSME and Corporates. ICAI does not manage the content but only the context. Fraud happens when content is forged. As per ICAI in 2018-2020 banks lost 5600 cr against such fake documents.

Childbirth and Death certificates

               Every State Govt has a dedicated department to manage CBDC certificates, these certificates are further connected to Digilocker via API. There is a strong need for an authentication layer as so many sanctions, admissions, and insurance claims are dependent on them. The same solution is applicable for the following.

 

One ration Card

Govt Employees records and appointment letters

EPF

SC and OBC certificates

Handicap certificates

MSME certificates

Certificates Apostille by MEA for International submissions.

               For all and every requirement like visa extend, new company formation, education, health, investments on foreign lands by Indians, MEA has to apostille the certified copies. Huge nexus runs around each passport office. Secondly, these certificates copies are manually signed and stamped by MEA officers. To ensure integrity MEA has appointed very few officers who are authorized for this. Collectively all this is old school which is leaving a huge gap for fraud in this new technological world of today. Blockchain can solve on by simplifying the process and reducing the manpower burden on the exchequer.

Issuance of E-VISA, as same as above

Legal Documents

KYC submission at the time of Case filling

Agreements and contracts using Blockchain

Online Stamp – Online Stamp is OK but what about the contract attached to it.

Blockchain-based Notary – today notary manages almost nothing for a contract. He manages handwritten records for the context of the agreement. The dispute arises over the disagreement over the content of the agreement. Indian courts are packed with such cases.

Copyright documents

Orders and Judgement documents issued via Blockchain

               Sensitive judicial documents require a higher level of integrity before making them public. Judges dictate the verdicts and those writeups and proceedings become the study material for others. If these documents come from Blockchain, it becomes more relevant in future decision making for Judiciary

Food Licensing State Level/ Centre Level

               Various licenses are to be applied and issued by state and center Govts, these licenses appear as code on the consumable product but the certificates are hidden due to privacy. Certificates issued with Blockchain will be more dependable documents against any forgery. Secondly from a consumer point, these certificates are directly verifiable from Govt Blockchain servers. Expiry can be executed using SMART CONTRACTS, which will ensure that manufacturers cannot produce any product on an expired license.

Drug Licensing – same as above

Pollution control certificates – Pollution certificates are to be taken and submitted to other departments for various construction and manufactures units. At times due to corruption and malicious intentions fraud documents are processed. This can be eliminated with Blockchained documents.

Land and Development Inter-departmental clearances – Land Developers and builders have to undergo the tedious process of approvals from various departments. Currently, single window system is in place with every state which works with multiple departments on approvals, practically most of these departments work in cilo without having intercommunications, which brings delays where continuity of approvals is required. This system can work super-efficient as the whole file will move on Blockchain which maintains complete integrity of approvals issued by previous departments.