Basic Information
- Year: 2020
- Category: Trade Finance, Hyperledger Fabric, Blockchain Monitoring
- Client: TradeReboot
- Blockchain Protocol: HyperLedger Fabric 2.2
- Network Size: 17
ABSTRACT:
TradeReboot, a Fintech start-up, is at the forefront of disruption in the USD 700 trillion Trade Finance industry. It was launched with the objective of solving pressing challenges in the cross-border trade activities by using Blockchain Technology and Data Analytics.
The existing Trade Finance domain suffers from many challenges:
- Siloed data across the international trade leading to information asymmetry and lack of transparency in the system
- Various intermediaries add to the cost of doing business like –
- Transaction costs between importers and exporters
- Interest rates, surcharges and fees
- Risk of human errors, hacking and forex rate volatility
- Capital is blocked until all the documents are received in physical format leading to a delay of 15-17 days.
- Intermediaries like Inspection and Custom Clearance Agencies may cause delays while processing and forwarding the documents.
TradeReboot platform is a robust trust-less network of all key stakeholders involved in Trade Finance process. This includes importers, exporters, importing country bank, exporting country bank, shippers, inspection agencies, insurers and other 3rd party intermediaries.
TradeReboot seeks to solve these challenges using Blockchain, smart contracts and data intelligence. It connects all the key stakeholders with automated and verified process trail to bring in the desired trust and transparency in the system. TradeReboot platform has demonstrated huge benefits for the ecosystem players like cutting down the cost by 50-70% and time by 80%.
A large network like TradeReboot needs an equally robust network management platform. For the purpose, TradeReboot partnered with Zeeve, a leading Blockchain as a Service platform providing enterprise Blockchain development and deployment.
CHALLENGES:
TradeReboot team had following objectives in mind to design a scalable and robust trade finance consortium platform:
- Identify the most suitable Blockchain protocol to achieve the business goals.
- Identify the integration touch points for the legacy applicationsDesign the deployment architecture to ensure scalability and cost optimization without the cost overheads of in-house team
- Enterprise grade network that has high availability, security and desired performance.
- Cloud agnostic deployment of nodes so that third party stakeholders are not locked to a single cloud service provider.
- Continuous monitoring of the deployed network as a service to reduce upfront and ongoing costs.
- An enterprise level support the Blockchain network, nodes and decentralized applications.
TradeReboot leverages Zeeve’s better technology and custom-built methods:
Zeeve experts helped TradeReboot to design the technical and deployment architecture for the Trade Finance platform. This includes the setting up of the local environment as well as AWS cloud infrastructure. Zeeve enabled automated HyperLedger Fabric deployment of nodes, GIT integration and IDE integration for seamless DevOps experience. Once the development of the platform including DApps and smart contracts was complete locally, Zeeve helped TradeReboot to deploy HyperLedger Fabric and DApps on the AWS cloud infrastructure.
Zeeve platform provisioned following services to get the production network up and running:
- AWS cloud architecture including node application instances, RDS for off-chain database, security rules, load balancers and the backup plan.
- Deployment of HyperLedger Fabric 2.2 on Kubernetes cluster on AWS
- Governance smart contract to govern the rules of the consortium for nodes management
- Deployment of dApps for the different stakeholders directly from the GIT repository.
- Enabled the invitation module to on-board the initial users on the platform.
A total of 17 nodes were deployed in the initial network that includes 4 CA, 8 Peer (4 organization with 2 each) and 5 Orderer nodes. The complete process was completed in less than 30 minutes.
THE RESULTS:
A trade finance consortium is a large and complex network that includes stakeholders like banks, insurers, importers/exporters with diverse needs. TradeReboot wanted to ensure a seamless experience to all the stakeholders involved and realized Zeeve platform the following benefits using Zeeve Platform:
- Seamless Onboarding – Zeeve helped quick and hassle-free onboarding of users who wanted to host their own nodes.
- Cost Saving of ~45% –Zeeve helped optimized setting up of the nodes and network instances. Owing to the automation and configurations, Zeeve helped reduce the cost of manual processes and resources.
- Faster time to market by ~80% – Zeeve accomplished the complex deployment of trade finance network of Hyperledger Fabric on AWS in less than 30 minutes, saving valuable time to market.
- Proactive Monitoring – Zeeve features advance analytics and proactive monitoring of Blockchain and cloud resources. You get real-time alerts on any issue with the networks and this ensures the health of the network. It also saves cost of manually managing the network.
- 24/7 Support – Zeeve provided DevOps experts and Blockchain engineers for initial deployment architecture and ongoing management of the network. The network never sleeps and neither does the Zeeve team
About Zeeve:
Zeeve is an enterprise-grade Blockchain-as-a-Service no code platform that allows developers and organizations to develop, deploy and manage Blockchain applications and networks in an automated and reliable manner. Zeeve supports multiple Blockchain protocols over all top Cloud Providers including on-premise option. Zeeve is trusted by 2000+ developers and Blockchain start-ups for their Blockchain deployments. Zeeve is the leading player for deploying Hyperledger fabric on AWS and Azure cloud.