Distributed Ledger Technology and External Mandatory Reporting in Banking Industry

Uurimus käsitleb kõigile osapooltele aja- ja kuluefektiivsuse ning globaalselt illegaalsete ülekannete vähendamise saavutamise võimalusi, kasutades pankade kohustuslike raporteerimiste protsessis asjaomastele asutustele finantskuritegude ja piiriülese maksuinfo teavitamisel, hajustatud andmebaaside, sealhulgas plokiahela tehnoloogiat.This thesis gives an outline of the potentials to attain time and cost effectivity to all partakers by using distributed ledger technology, including blockchain, in the mandatory reporting process executed by credit institutions to relevant authorities regarding financial crime and cross-border tax reporting with globally effective diminishment of these illicit transfers

An Improve the Onboarding Process in Trade Finance Applications Using Blockchain Technology

Today, challenges in Know Your Customer (KYC) and Anti-Money Laundering (AML) processes include inefficiencies, data silos, and the risk of fraudulent activities. Integrating blockchain technology offers a transformative solution to these issues. Blockchain's decentralized and tamper-resistant nature ensures a single, verifiable source of truth for customer information, reducing data discrepancies across institutions. Smart contracts can automate AML compliance checks, ensuring real-time monitoring and rapid response to suspicious activities. The immutability of blockchain records enhances auditability, facilitating regulatory compliance. Furthermore, the secure and transparent nature of blockchain instills trust among stakeholders, fostering collaboration in combating financial crimes. By leveraging blockchain in KYC and AML processes, the financial industry can achieve enhanced efficiency, reduced fraud, and strengthened regulatory adherence

COVID-19 Antibody Test/Vaccination Certification There’s an app for that

Goal: As the Coronavirus Pandemic of 2019/2020 unfolds, a COVID-19 ‘Immunity Passport’ has been mooted as a way to enable individuals to return back to work. While the quality of antibody testing, the avail- the ability of vaccines, and the likelihood of even attaining COVID-19 immunity continue to be researched, we address the issues involved in providing tamper-proof and privacy-preserving certification for test results and vaccinations. Methods: We developed a prototype mobile phone app and requisite decentralized server architecture that facilitates instant verification of tamper-proof test results. Personally identifiable information is only stored at the user’s discretion, and the app allows the end-user selectively to present only the specific test result with no other personal information revealed. The architecture, designed for scalability, relies upon (a) the 2019 World Wide Web Consortium standard called ‘Verifiable Credentials’, (b) Tim Berners-Lee’s decentralized personal data platform ‘Solid’, and (c) a Consortium Ethereum-based blockchain. Results: Our mobile phone app and decentralized server architecture enable the mixture of verifiability and privacy in a manner derived from public/private key pairs and digital signatures, generalized to avoid restrictive ownership of sensitive digital keys and/or data. Benchmark performance tests show it to scale linearly in the worst case, as significant processing is done locally on each app. For the test certificate Holder, Issuer (e.g. healthcare staff, pharmacy) and Verifier (e.g. employer), it is ‘just another app’ which takes only minutes to use. Conclusions: The app and decentralized server architecture offer a prototype proof of concept that is readily scalable, applicable generically, and in effect ‘waiting in the wings’ for the biological issues, plus key ethical issues raised in the discussion section, to be resolved

USING LEGAL ENTITY IDENTIFIER (LEI) ON BLOCKCHAIN FOR REDUCING MONEY LAUNDERING RISKS AT FINANCIAL INSTITUTIONS

The increasing use of blockchain technology nowadays can play a key role in using the decentralized network as a standard database for the unified and secured registry, through which financial institutions can conduct a relevant customer due to diligence measures and business transactions by verifying organizations’ Legal Entity Identifier (LEI) codes, self-sovereign identifiers managed by the Global Legal Entity Identifier Foundation (GLEIF). With proper implementation, this solution can be applied to blockchain networks, offering the additional advantage of quality control and detailed business analysis. Thus, by giving financial institutions the benefit of interacting with legal entities that have proved their reputation and, therefore, by reducing the money laundering risk at financial institutions, blockchain technologies now could reach global standardization and acceptance by financial institutions worldwide

Smart Contracts using Blockchain

The contract is the sovereign tool employed to manage agreements between entities in today’s society. It plays a crucial role in a variety of different fields, ranging from politics to finance. This fact implies the efficiency of these applications is determined in part by the efficiency of the contracts they rely on. Despite their important role, contracts have changed relatively little in the last few centuries and remain based on an outdated technology of bureaucracy and procedures done by hand. Such systems are full of unnecessary complications, are incredibly wasteful in terms of time, money and resources, and are susceptible to human failure. In the last few years, a type of contract represented by a computer program has appeared. This concept, known as a smart contract, is based on the emerging blockchain technology. Blockchain is a type of distributed system which assures the immutability of data via the use of mathematically secure cryptographic techniques and that, as will be discussed, is well-suited for the implementation of smart contract systems. Transitioning contracts into the digital era would not only allow them to catch up to the technological pace of society but also would be advantageous from a safety and efficiency standpoint. This body of work will test the feasibility of using blockchain-based smart contracts to facilitate the first steps of this evolution. This thesis assembles a proof of concept platform that supports the specification and execution of smart contracts on a blockchain network. This proof of concept will in particular target the use case of opening a bank account, aiming to create an efficient, permanent, reliable and safe process. To achieve this, we constructed a Hyperledger Fabric network. We present herein the system developed and discuss the nuances pertaining to deploying a codebase on a blockchain, the evaluation of our system, and finally some visions for further development of this and related use cases