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Hyperledger is Enabling New Blockchain-Based Business Models for 5G

By Blog, Hyperledger Fabric, Telecom

The fifth generation of cellular networks or 5G promises revolutionary improvements compared to the previous generation that reaches beyond merely multiplying the bandwidth and reducing latency. 5G is expected to enable a wide range of new internet-based services such as vehicular communications and Smart City infrastructure that, in addition to connectivity, require on-demand fine-grained infrastructure and resource access to operate. Hence, the allocation of the underlying resources has to be capable of supporting and adapting to sudden changes in demand for resources and be able to flexibly provide customized bundles of resources to fit the demands of the vertical industries using the 5G infrastructure.

Entering the 5G market, an operator may experience up to 65% increase in RAN deployment and infrastructure costs [1]. Discovering new ways to more efficiently allocate resources can, to some extent, alleviate the massive increase in the infrastructure cost. Network and infrastructure sharing is one of the solutions that could help major operators to gain considerable returns by leasing out portions of their idle resources to other service providers that o are willing to operate in the same geographical region.

A Decentralized Marketplace for Network Infrastructure Sharing

The practice of infrastructure/network sharing dates back to the previous generations of cellular networks. However, these sharing models were typically in the form of bilateral agreements and were limited to long-term sharing of passive and seldom active network resources. Such sharing models cannot support either the on-demand short term sharing requests or the larger markets where the parties involved in resource trading exceed only two operators. On the other hand, the intense competition in the telecoms industry rules out the prospect of a centralized marketplace where a trusted intermediary is in charge of the market and makes the final decision regarding the allocation of the resources and the price. Therefore, a decentralized approach is required to incentivize participation by the infrastructure providers, network operators, and over-the-top service providers.

Hyperledger Fabric blockchain technology can provide the foundation for the described decentralized marketplace where all the market players could participate in the resource allocation and pricing process in a transparent and trustworthy way and without relying on a third party. 

Case Study: 5G Network Slicing

Network virtualization technology allows the division of network resources into isolated virtual slices of the network that could be then offered to other users. This creates a new business opportunity for network operators and infrastructure providers to monetize their idle resources. Therefore a new business model has been gaining attention where operators and service providers can trade network resources in a marketplace equipped with a market mechanism(e.g., auctions). The aim is to develop a marketplace that does not rely on a third-party broker to conduct the market.

Why Hyperledger?

Hyperledger Fabric is an open-source project that is built as a modular software so that every piece of it can be tailored into the needs of the developers. Besides, with Hyperledger Fabric, there are no coding language lock-ins as the platform does not force the developer to use a particular language for the smart contracts. Finally, compared to other blockchain frameworks, the supported high transaction throughput and low latency make it a right candidate for 5G use cases.

Scenario:

A number of operators and service providers are participating in a marketplace to buy/sell network slices [2]. They each offer ask/bid prices for the offered quantity of a network slice and the smart contract that has to be endorsed by every single operator decides the final allocation and price of the network slices.

  • The commodity: A network slice consisting of computing, RAN, and storage resources.
  • Member organizations: Infrastructure providers, network operators, and service providers.
  • Technology: Hyperledger Fabric v 1.4.1, Raft ordering service
  • Architecture: Five organizations each with one peer node and 10 Raft orderers.
  • The Smart Contract: A sealed-bid double-sided auction mechanism that allows bilateral trade of network slices.

Conclusions:

The research team at Connect Centre [3] have developed the smart contracts and deployed the Hyperledger Fabric network on one of the major public cloud provider’s infrastructure. The results of the performance benchmarks of the blockchain solution are reported in [2]. In addition to the 5G slicing, other resource sharing problems in 5G are expected to benefit from the blockchain technology. One other example is Virtual Network Function (VNF) marketplaces where network operators and software vendors could offer their virtualized network services such as Firewall, DNS, CDN, etc. 

[1] Future Networks. “5G-Era Mobile Network Cost Evolution.” Accessed September 10, 2020. https://www.gsma.com/futurenetworks/wiki/5g-era-mobile-network-cost-evolution/.

[2] N. Afraz. and M. Ruffini, “5G Network Slice Brokering: A Distributed Blockchain-based Market,” in EuCNC conference 2020.

[3] CONNECT – the Science Foundation Ireland Research Centre for Future Networks and Communications, https://connectcentre.ie/

If you’re interested in how blockchain is being used in the telecom industry, get involved with the Hyperledger Telecom Special Interest Group

About the author
Nima Afraz is a postdoctoral researcher with Connect Centre for Future Networks and Communications, Trinity College Dublin. He is a member of Hyperledger Telecom Special Interest Group. His research interests include network economics, network virtualization and blockchain for telecoms.

Cover image by mohamed Hassan from Pixabay

Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate. 

Webinar: Introduction to Minifabric and How to Use It

Minifabric is the tool to help you set up a Fabric network easily and quickly. It also helps application developers with needed connection profiles and wallets when a Fabric network is up and running. In this talk, Tong Li from IBM will introduce to the audience Minifabric and also demonstrate how to develop go applications using these profiles and monitor the Fabric network using Hyperledger Explorer.

Tune in on Wednesday, September 16, at 10 a.m. EDT. Go here for more information. 

Case Study: CULedger’s MemberPass™ – a permanent, portable digital identity solution for credit union members

Get the details on how CULedger protects credit unions from fraud with Hyperledger Indy in this new case study.

Blockchain Developer Course en Español 

The Hyperledger Latinoamérica Chapter continues its Spanish language Hyperledger Fabric training course series with sessions this week on digital identity with PKI services on Hyperledger Fabric (September 12) and distributed orderer with RAFT (September 17). 

For more details and the full schedule, go here

Virtual Meetups

See the full Virtual Meetup schedule here.

CULedger’s MemberPass™ delivers fraud protection for credit unions and their members using Hyperledger Indy

By Blog, Hyperledger Indy

How many times have you answered, “What’s your mother’s maiden name?” or named your first pet when setting up a new account? Today, those common knowledge-based authentication questions have become the most vulnerable forms of customer identification as financial institutions are being increasingly hit by fraudsters in the call center.

CULedger, a credit union service organization (CUSO) that began when a group of credit unions came together in 2016 as a direct response to the increasing threat of fraud, took up the challenge of improving the member identity authentication process across all delivery channels. CULedger was formed specifically to bring a decentralized identity solution product for credit unions to market. Hence MemberPass™—a digital identity credential held by credit union members that protects credit unions and their members from identity theft and fraud in all financial interactions, from call center authentication to lending to opening new accounts—was born.

CULedger worked with decentralized identity organization, Evernym, to build MemberPass™ (formerly called MyCUID) with Hyperledger Indy—a distributed ledger software project that is interoperable with other blockchains or can be used on its own to power the decentralization of identity. With Hyperledger Indy at its core, MemberPass™ serves as a permanent and portable digital identity that reduces member friction and injects more trust in digital interactions within credit unions.

During a pilot program with three credit unions in 2019, initial results for MemberPass™ were promising. Whereas authentication in the call center could take anywhere from 90 to 120 seconds—or sometimes even up to five minutes depending on the transaction—MemberPass™ reduced that process down to 15 seconds or less.

There are now thousands of MemberPass™ credentials in live production, with the expectation that number will grow year after year as the focus shifts to scaling and evolving the network. Credit unions recognized the advantages of MemberPass™ from the get-go and are looking to get more of their members using the digital identity credential. One participating credit union is working with CULedger on a strategy for issuing new MemberPass™ accounts inside its branch locations as part of their new member onboarding process. Other credit unions have expressed interest in implementing MemberPass™ in its Internet banking channel and its mobile banking channel. More use cases are being defined as more credit unions begin to understand the power of this privacy-enhancing technology.

Hyperledger teamed up with CULedger to capture the details behind the launch of MemberPass™ as well as steps that are underway to grow adoption and interoperability. Find out more in the full case study.

Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

Climate Action and Accounting SIG Discussion: Designing out Waste and Pollution with Blockchain

All are welcome to join Carsten Stöcker of Spherity GmbH for a presentation and discussion on  designing out waste and pollution and using blockchain to create a system for full disclosure and accounting of emissions. The talk is presented by the Hyperledger Action and Accounting Special Interest Group (SIG). 

Tune in on Tuesday, September 8, at 8 a.m. PDT. Go here for more information. 

/dev/weekly newsletter

Sign up to receive the latest Hyperledger technical news and updates via a new weekly developer newsletter: https://hyperledger.org/developer-news

Blockchain Developer Course en Español 

The Hyperledger Latinoamérica Chapter continues its Spanish language Hyperledger Fabric training course series with sessions this week on API Rest with NODEJS (September 5) and specific blockchain and Fabric concepts (September 10). 

For more details and the full schedule, go here

Virtual Meetups

See the full Virtual Meetup schedule here

Hyperledger for the Blockchain Skeptic

By Blog, Hyperledger Fabric, Special Interest Group

As an enterprise software developer, I’m used to thinking about solving real world business problems. So, naturally, I was pretty skeptical of bitcoin and the blockchain when I first heard about it.  

Yet the idea of a “distributed ledger” kept tugging at me. Since all the apps we’ve built, from ERP to CRM to e-commerce, revolved around a ledger of transactions, what could a global, distributed ledger allow us to build?  

It took me three years of off-and-on studying and a few very smart people to finally make me realize that the blockchain, or distributed ledger technologies (DLTs), is just a small step from what we’re already used to. But that little step could unlock a new world of possibilities.  

In this post, let me address some of the common skepticism I’ve encountered as part of the Hyperledger Climate Action and Accounting Special Interest Group. Then in a follow-up post, I’ll show you why I believe climate change is the killer app for the blockchain.

I Don’t Need a Blockchain

Are you sure? Because you’ve probably already started building a few.  

With enterprise software, we often have to prove that the data we’re using is authentic. So how would you assure someone that the data you’re using has not been altered or tampered with?  You know that the data provider might change its API or the data you get from it, so 

  • Did you make a local copy of the data you got?  
  • Did you record the date and time you got it?  
  • Did you record a hash of the data, so it could be compared with the data you used for your application?  
  • Did you store archival copies of the data and the hash so that you could prove that they are all correct?  
  • Did you store multiple copies just to be sure?

If so, then you’ve built much of what goes into a blockchain or distributed ledger. A blockchain is really a protocol to store data across multiple nodes while assuring their consistency. It follows all the steps outlined above, plus a few more, to make sure that once stored, data cannot be lost or altered.  

So if you’ve already been building your own “distributed” data records, then you obviously need what the blockchain offers. It addresses many of the pain points of data integration that we deal with every day in enterprise software.  

The advantages of an open source blockchain platform such as Hyperledger Fabric or Hyperledger Sawtooth, compared to a homegrown solution, are many: Most obviously, there is security and scalability of a developed solution. Then there is the support for the “unknown unknowns,” use cases you may not realize exist but would surface over time. Finally, there’s the chance to work with some very smart people and learn more about this emerging technology.

Databases Are Faster than Blockchains

This is certainly true, and nobody would suggest that you replace your database with a blockchain. The two have different but very complementary uses.

Databases are great for fast read and write access of data within an organization. Blockchains are great for making sure data is stored immutably, so that its authenticity could be proven across multiple organizations.  

Another way to think about it is that databases are for building applications, while blockchains are for building collaboration.

There Are too Many Competing Blockchains for Me to Use Them Now

This probably stems from confusing blockchain with Bitcoin, just like people once confused Compuserve or AOL with the internet.  

Remember that blockchain is a technology, while Bitcoin is a protocol and a cryptocurrency implemented with blockchain. There will always be many different protocols, cryptocurrencies, and frameworks implemented with blockchain technologies, just like there were many different websites implemented on the internet.  

Blockchains are Too Energy Intensive and Bad for the Environment

I get this from climate activists, some of whom actually got angry when I mentioned the blockchain.  Again, this stems from confusing blockchain with Bitcoin, Ethereum, and other implementations of the blockchain.

The early blockchain protocols such as Bitcoin and Ethereum used proof-of-work consensus mechanisms, which required a lot of energy-intensive “mining” of cryptographic puzzles. Their  creators probably never imagined them to become as popular as they did, or that they would consume as much energy as whole countries.

Fortunately, we’re all moving away from proof-of-work because it is so energy intensive and simply slow. Hyperledger Fabric, for example, is both fast and energy efficient because it does not use proof-of-work.

Blockchains are Too Immature Right Now

This may have been true five years ago but is definitely not true any more.  There are plenty of blockchain applications — Bitcoin, Ethereum, Compound to name a few — that have billions of dollars of stored value. On the enterprise side, Hyperledger platforms have been used in production for a range of interesting use cases for a while now.

The field will continue to evolve, but, as a whole, blockchain has probably reached the level of maturity of the internet around when Amazon got started, if not further.

There is No Killer App for Blockchain

Which brings us back to the original question: What could a global, distributed ledger allow us to build?

I believe it would allow us to create collaboration on an unprecedented scale, across traditional national and industry boundaries and over long time horizons. And there’s no use case better suited, or more urgent, than climate change. Stay tuned.

About the author
Si Chen has been developing open source enterprise software since 2005.  He is a part of the Hyperledger Climate Action and Accounting Special Interest Group, which is working on using Hyperledger and blockchain to solve the climate change problem. 

Cover image: https://www.needpix.com/photo/1214471/blockchain-block-chain-technology-computer-symbol-network-connection-web

Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

Webinar: Creating an API-first settlement solutio

On September 2 at 10:00 a.m. EDT, join Gal Hochberg of Clear for a discussion about tackling the major challenges for enterprise readiness and usability in the context of the telecom industry and specifics on creating an API-first settlement solution.

Go here to register for the free session.

Blockchain Summit Global

Catch two days of business, innovation and new technologies content at Blockchain Summit Global (September 3-4). Attend the sessions, which will include more than 40 speakers presenting real cases, for free online. And don’t miss Hyperledger’s Marta Piekarska-Geater’s presentation on “Hyperledger Greenhouse and its best applications” on September 3 at at 2:30 p.m. BST. 

Go here to register.

Blockchain Developer Course en Español 

The Hyperledger Latinoamérica Chapter continues its Spanish language training course series with sessions this week on smart contracts (August 29) and wallets and tokens in Java (September 3). 

For more details and the full schedule, go here

Virtual Meetups

See the full Virtual Meetup schedule here

Hyperledger-Powered Education Solutions in Action

By Blog, Education, Hyperledger Aries, Hyperledger Fabric, Hyperledger Indy, Hyperledger Iroha

Just before the age of COVID began in earnest, The New York Times ran a feature on “How Technology Is Changing the Future of Higher Education.” The rise of remote learning and other pandemic-related changes and challenges have added to the need and opportunity for technology-driven advances. 

The Hyperledger community is doing its part to help the higher education market adapt to an increasingly digital world. Below we look at five Hyperledger-powered solutions that are at work now in the education market. They are helping colleges and universities modernize how they tackle a number of core tasks, including issuing and verifying academic credits, automating on-campus payments and managing students’ identity and privacy. 

Read on for more about these #HyperledgerEdu solutions, built using a mix of Hyperledger technologies:

Byacco, an on-campus payment system

Soramitsu has officially released Byacco, a payment system based on Hyperledger Iroha, for the University of Aizu, Japan. Byacco is a system that allows students and staff of the University of Aizu to use an application on their phones to pay for goods in the cafeteria and university store and to transfer funds within the campus. To make a transaction, all they need is to scan or to provide a QR code, depending on the operation. Byacco’s technology also has high standards for transfers: it follows the EMV® QR Code specification and has bank application level financial security protocols. The keys that are used to authorise transactions on the blockchain are stored only on the device, in a secure storage, so that no one except the owner can access the funds. Students of the university can join the development of the system, thus acquiring skills in creating financial systems based on Hyperledger technologies.

DoDream, a “Study Abroad Platform”

Dain Leaders is an education solution provider for universities in Korea. It serves more than 45 Korean universities by providing services for students’ career path development. As part of that effort, Dain Leader is introducing its “Study Abroad Platform,” called DoDream, to support the extended education ecosystem of the universities, accreditation and related agencies, and prospective employers. Based on Oracle Blockchain Platform Cloud Service (which is powered by Hyperledger Fabric), the platform is an O2O service that provides foreign students with information on studying in Korea and a matching service with Korean universities.

Oracle Digital Certificates Solution

In the face of fast-changing demographic and economic drivers and student expectations, the current processes for issuing and verifying student certificates are too inefficient and time consuming. They can also lead to fraudulent or counterfeit certifications.  

The Oracle Digital Certificates Solution, built on the Oracle Blockchain Platform (based on Hyperledger Fabric), provides a complete, end-to-end solution for educational institutions to issue verifiable tamper-proof and secure credential certification that improves the student experience after graduation and improves operational efficiency. The solution enables institutions to issue digital certificates along with transcripts and provide self-sovereign capability to the students who can share them securely with third parties through an access token.

This solution has been successfully deployed in production by customers like China Distance Education Holdings Limited (CDEL) and Taibah Valley University. CDEL uses Oracle Blockchain to share educational records and professional certifications across many educational institutions to help employers and recruiters verify the educational credentials claimed by individuals. 

Many other institutions like national universities, employment agencies, government organizations, professional skills academies and universities that provide student grants/scholarships are using this solution as part of ongoing or planned pilots.     

PwC Smart Credentials

Data is the new gravity in the world today and organisations are gravitating to and concentrating around trust as the ultimate currency in this data driven world. This trust is crucial for people to exchange information, especially in this digital age when trust is often violated. 

With that premise, PwC developed Smart Credentials, a credential issuance, sharing, reviewing and revocation platform levegering the inherent core benefits of blockchain technology such as immutability, tamper-proof nature, transparency, authenticity and security.

Built using Hyperleder Indy and Hyperledger Aries to support the verification process, Smart Credentials has two key pillars: Authentication (you are who you say you are) and Authorization (genuine claim). Both are crucial ingredients of building trust in any ecosystem. 

Smart Credentials recently won a “Bronze” medal for the Best Global Blockchain Innovation 2019 at the Reimagine Innovation awards (Backed by Wharton and QS) and is a finalist in the DataIQ 2020 awards “Best data product/ service” of the year category.

Verified.Me

As higher education moves deeper into online and remote learning for traditional and non-traditional students, colleges and universities are now offering a broader array of services that extend the campus experience to the digital realm. Beyond the advent of digital programming, educational institutions are also privy to sensitive personal student, faculty and alumni data from income and payment information to disciplinary records, healthcare and insurance information. 

SecureKey Technologies’ Verified.Me service is one approach that supports education’s new digital and data privacy demands. This new digital identity verification service can help verify students, alumni and faculty in a timely and secure manner, strengthening educational institutions’ ability to expand their digital offerings with confidence – while also providing much-needed cost savings. Verified.Me is built using the IBM Blockchain Platform, which is based on Linux Foundation’s open source Hyperledger Fabric.

Join the conversation about solutions and applications supporting the higher education marketing with #HyperledgerEdu this month on social channels. Also, Hyperledger has an Education Architecture Special Interest Group that is open to all.

Weekend Update: This Week’s Round-up of Remote Blockchain Learning Resources

By Blog, Weekend Update

Welcome to the Weekend Update. Our goal with this weekly post is to share quick updates about online education, networking and collaboration opportunities and resources for the open source enterprise blockchain community. 

If you have suggestions for resources or events that we should spotlight in a future Weekend Update, let us know here using #HLWeekendUpdate.

New /dev/weekly Newsletter

Curious about technical project updates coming out of Hyperledger? We’ve launched a weekly newsletter with technical news and updates. Sign up for it here

New Case Study: How Soramitsu Helped Modernize the National Bank of Cambodia’s Retail Payment System

Get the details on a new Hyperledger Iroha-based digital payment system that Soramitsu helped develop for Cambodia’s central bank in this new case study.

Blockchain Developer Course en Español 

The Hyperledger Latinoamérica Chapter continues its Spanish language training course series with sessions this week on Docker and containers (August 22) and Hyperledger Fabric networks (August 28). 

For more details and the full schedule, go here

Virtual Meetups

See the full Virtual Meetup schedule here

Blockchain Stories 2020: Highlights from Five Weeks of Community Sharing in Asia Pacific

By Blog, Community Spotlight

We all have heard blockchain stories. Stories that redefined the way businesses operate. Stories that created new business across the domains. Stories that propelled innovation. Stories that are defining the future of technology. Stories that helped others run their business in decentralized fashion. And a lot more.

Blockchain technology has seen increasingly wider adoption across the industries. Digital transformation of businesses and innovation in the healthcare industry have seen unprecedented demand like never before during the challenging times of COVID-19. What seemed impossible in the past is now turning to be reality.

The Hyperledger India Chapter aims to bridge the gap between the blockchain technology enthusiasts and the blockchain technology experts. To us, it seemed it was time for an event to bring together booming startups and established organizations to share their blockchain journey. In these demanding times, having physical get-togethers is impossible around the world. There is a saying in Sanskrit “Vasudhaiva Kutumbakam,” which translates to “World is Indeed One Family.” The idea of having the virtual event in India transformed to one that could benefit the whole Asia Pacific audience. The event time was chosen so that everybody in the Asia Pacific region from the Middle East to Australia/New Zealand could attend.

In the last week of May and through June, Hyperledger India Chapter proudly organized a series of interactive events, the most anticipated “Blockchain Stories 2020.”

The series was an attempt to answer the questions one normally hears. Is blockchain really being adopted across the industries? What uses can blockchain solve? How do you effectively use a blockchain solution? Can blockchain transform agriculture? How does blockchain transform education and certification in the future? Is blockchain an answer to all the healthcare problems? What are the barriers for the adoption of blockchain technology?

Highlights:

  • 25+ organizations presented their solutions. The topics covered a range of domains including supply chain, telecom, healthcare, agriculture, digitally verifiable certificates, self sovereign identity and security, digital currency, global trade, research and education. 
  • More than 1,000 blockchain enthusiasts from across the Asia Pacific region signed up for the events.
  • Community engagement continued across five weeks.
  • 20+ volunteers helped tirelessly, physically separated but virtually connected. 

That’s not all. Since Hyperledger believes in inclusive community growth, sessions not only showcased solutions built on Hyperledger projects but also ones built on other platforms. These sessions focused more on how blockchain as a technology pillar is helping to design solutions to the demanding problems. The series also featured talks on how to measure and improve the performance of blockchain frameworks.

Indian blockchain firms have made an impact on Industry 4.0, which created massive hype amongst the young, brilliant and blooming minds of India. Blockchain tech has already made its way into many mainstream industries. The emerging technology startups thanked the Hyperledger India Chapter for organizing an event and providing them an opportunity to present their solution alongside the lights of big establishments. AyanWorks, a blockchain startup based in Pune, India, presented their immunity passport solution for safe reopening of the post pandemic world. Snapper Future Tech & IIT Alumni Association presented their solution on COVID-19 X-Ray analysis using  blockchain & AI, reducing the cost of testing. Tech Mahindra showed how blockchain is helping to solve the telecom’s billion subscriber problem, and countries including the USA are requesting a similar solution. The dltledgers, a blockchain startup based in Singapore, shared their digital transformation journey for cross border trade finance. Soramitsu, a blockchain technology firm based in Japan, shared their payment solution.

Arun S M, Walmart Global Tech, says It feels amazing to see the great response from the community. What started as a thought late last year took multiple turns, shapes and forms to be finally called Blockchain Stories 2020. Hyperledger staff members made it easy for us to turn a local event into a virtual one that reached an audience throughout Asia Pacific. The community stood by us through a technical glitch on our first day of the event, showing quality and a high level of interest and engagement.”

Julian Gordon, VP, Asia Pacific, Hyperledger, says “Hyperledger’s India Chapter volunteers worked tirelessly and enthusiastically to produce this wonderful series of ‘Blockchain Stories 2020’ for the Hyperledger and wider blockchain communities. Each event featured cutting-edge blockchain solutions, addressed opportunities and challenges, and showcased exciting developments in blockchain. Hyperledger has received excellent and appreciative feedback from the series’ virtual audience. It’s particularly timely and heartening to see quality virtual events like these take place in this challenging time of Covid-19. It’s a pleasure to support Hyperledger’s India Chapter, and I would like to thank them for all their work on the ‘Blockchain Stories 2020’ series.”

Did you miss the event? We have got it covered. Watch the recap on YouTube. The Hyperledger India Chapter thanks all the volunteers and organizers for helping to make this event a success story.

About Us: The Hyperledger India Chapter is responsible for growing the Hyperledger community in India, promoting contributions to Hyperledger projects and providing a platform for collaboration, mentoring and support. The chapter aims to showcase the broad range of Hyperledger projects and initiatives to the Indian audience. Join us and share your ideas! Weekly meeting details can be found at the Hyperledger Calendar of Public Meetings.

Future Plans: There is a huge interest in the community to contribute back to open source projects. We are happy to provide a platform and connect, guide and mentor the technical community in India. Following the success of the “Blockchain Stories 2020,” we will organize a “Hyperledger Project Connect Series” to benefit tech enthusiasts in Africa, Europe and the Asia Pacific regions.

National Bank of Cambodia’s New Digital Payment System: How Soramitsu Helped Modernize Retail Payments Using Hyperledger Iroha

By Blog, Hyperledger Iroha

In the Kingdom of Cambodia in Southeast Asia, three-quarters (78%) of its citizens have no bank account, yet more than half own a smartphone. And even though the native currency—the Khmer riel (KHR)—has been stable for 20 years, most people there use the American dollar. Ever since a major UN mission in the mid-1990s, the price of everything from a cup of coffee to a car has been given in U.S. dollars.

Addressing these challenges and more, the National Bank of Cambodia (NBC) set out to see if a digital payment system could handle transactions faster and for lower cost than the existing system.

Could it promote wider use of the riel? And could that system run as a mobile app that any citizen with a smartphone could use to shop or transfer money to family or friends?

To find out, NBC partnered with blockchain developer experts Soramitsu on a retail payment system project that would modernize the country’s legacy retail payments with the help of the Hyperledger Iroha blockchain framework.

When most people picture a CBDC, they imagine an entirely new digital asset created out of “thin air.” The problem is, this new asset could distort a country’s monetary policy and affect its exchange rates. To be prudent, Cambodia’s central bank wanted to create a digital token backed by fiat currency stored safely in its vaults. The new payments platform would become a way to move around digitized cash, while preserving the creditworthiness and security of the central bank.

The resulting project, called Bakong, is the first retail payments system in the world using blockchain technology. Individuals can now transfer money and buy from merchants with a simple smartphone app. Merchants gain a fast, cashless, and secure payments system. And banks can do interbank transfers at much lower cost.

The pilot project went live in July 2019 and ran successfully with a network of 14 banks supporting more than 10,000 users, laying the groundwork for a large-scale rollout later this year.

Hyperledger teamed up with Soramitsu on a detailed case study covering the planning and implementation of Bakong, including key goals, milestones, security considerations and core technology requirements, as well as a preview of rollout plans and new features.

Read the full case study here.