Our group decided to do an analysis of the over 200 solutions in the Hyperledger use case tracker catalog at https://www.hyperledger.org/learn/use-case-tracker. We specifically focused on the approximately 50 that are Supply Chain and Trade Finance relevant to gain an understanding of how the use cases are built and commonalities amongst them.
The following shares business level insights, technical architecture insights and future areas of interest which, most likely, will be future blog entries.
Business-Level Insights
Dominance of Hyperledger Fabric:
- A significant number of solutions are built using Hyperledger Fabric, showcasing its versatility and strong adoption in industries related to supply chain, trade finance, and logistics.
- Examples: UAE Trade Connect, Trust Your Supplier, Capgemini's Simplified Letters of Credit.
- Link for current Hyperledger Projects
Key Industries and Use Cases:
- Trade Finance: Solutions like UAE Trade Connect and Capgemini's Letters of Credit simplify and secure trade finance operations.
- Supply Chain Management: Trust Your Supplier and Walmart Canada Dispute Resolution ensure transparency and efficiency in supply chains.
- Logistics and Manufacturing: Platforms like TYDEi and Bext360 provide enhanced management of logistics and manufacturing processes, including ethical sourcing and eco-conscious supply chains.
Status of Implementations:
- Many solutions are already in production, indicating maturity and real-world applicability.
- Examples: UAE Trade Connect, Trust Your Supplier.
- Some projects are in the proof of concept (POC) stage, suggesting ongoing development and testing phases.
Collaborations and Partnerships:
- The data shows strong partnerships between technology providers, consulting firms, and industry-specific organizations.
- Examples: Avanza Innovations in collaboration with UAE Trade Connect, KNNX together with Walmart Canada to create an In-Transit Logistics platform.
Solution Architecture-Level Insights
Architectural Patterns:
- Permissioned Blockchain Networks: Most solutions use permissioned networks for secure and private transactions.
- Smart Contracts: Extensively used for automating and enforcing business processes, such as trade finance settlements and supply chain verifications.
- Interoperability with Existing Systems: Many solutions integrate with legacy systems to enhance existing workflows without requiring complete overhauls.
Key Hyperledger Features Used:
- Channel Architecture: Ensures data privacy by allowing only specific members to access certain transactions.
- Endorsement Policies: Implements stringent validation rules to ensure data integrity and compliance.
- Chaincode: Custom business logic and smart contracts tailored to specific operational needs, such as automated document verification in trade finance.
Highlighted Solutions
- In 2023, our Special Interest Group created an eBook to spotlight solutions which used at least one Hyperledger Project. Each of these solutions has a publicly available numeric benefit.
- English and Japanese Versions
- Portuguese – coming soon
Future Opportunities with Hyperledger
Supply Chain Traceability:
- Enhanced Tracking: Utilizing Hyperledger for real-time tracking of goods, ensuring authenticity and reducing fraud.
- Sustainable Supply Chains: Implementing blockchain for eco-friendly and ethical sourcing, enhancing brand reputation and compliance.
Advanced Trade Finance Solutions:
- Decentralized Finance (DeFi): Leveraging Hyperledger Besu for DeFi applications in trade finance, enabling new financial products and services.
- Automated Trade Processes: Developing smart contracts for end-to-end automation of trade finance, from issuance to settlement using MLETR.
Integration with IoT:
- Real-Time Monitoring: Combining IoT and blockchain for real-time monitoring of goods in transit, improving logistics and reducing losses.
- Automated Compliance: Using IoT data to trigger blockchain-based compliance checks and audits.
NFTs value in Supply Chain and Trade Finance:
- Reduce Logistics cycle times: Leveraging blockchain to remove papework bottlenecks and monitor asset usage.
- Product Verification: Using blockchain to understand provenance and authenticity and issues certificates.
By focusing on these highlighted solutions and future opportunities, businesses can further leverage Hyperledger projects to enhance transparency, security, and efficiency in supply chain, trade finance, and related sectors.