Enhancing Banking Auditability and Security with CoreLedger

The Challenge

The regulator set forth two critical requirements that needed to be fulfilled by banks:

• Data manipulations must be transparently traceable.
• The immutability of data must be ensured.

While the problem was clear, the complexity of the technology presented significant challenges. The Rolf and Lisander recognized that to achieve these regulatory goals, data needed to be stored with timestamps, and any changes to the data had to be tracked in a manner that was unforgeable.

However, numerous questions arose: Which blockchain should be selected? Should data be written directly to the blockchain, or should only the hash be stored? How should transactions be signed? Were there existing tools that could be leveraged, or would they need to build everything from scratch?

These questions underscored the complexity of the project and the necessity of expert guidance to ensure success.

Previous Attempts

Given the intricate nature of blockchain technology, Rolf and Lisander required a clear roadmap from the very beginning. While they had a strong understanding of the problem, the path forward was less clear. They needed to evaluate the available options and determine the best approach to securely build their application. Without expert consultation, the risk of failure was high, and significant time could be lost in trial and error.

Why CoreLedger?

CoreLedger was the natural choice for Rolf and Lisander, as they had direct access to CoreLedger’s expertise through their lectures in the HSLU blockchain CAS program. Beyond academic support, CoreLedger provided critical consulting services, helping Rolf and Lisander navigate the complex technological landscape.

Rolf and Lisander also chose CoreLedger because of its comprehensive suite of tools, including TEOS components that perfectly aligned with the needs of their project. CoreLedger’s experience in blockchain consulting ensured that Rolf and Lisander could move forward with confidence, knowing they were backed by industry-leading knowledge and technology.

CoreLedger’s Solution

CoreLedger began by assisting Rolf and Lisander in answering the fundamental questions that were crucial at the project’s outset. This involved a thorough evaluation of the available options, defining a clear technological path forward, and recommending the appropriate tools to securely build their application.

Rolf and Lisander utilized CoreLedger’s consulting services, the SparkNet blockchain, and white-label tools such as the Notrzr web and mobile app. These tools provided the foundation for their POC, enabling them to build functional applications that could be tested in a real-world environment.

The Results

With the guidance and technology provided by CoreLedger, Rolf and Lisander successfully executed a Proof of Concept in collaboration with a Swiss bank. The POC demonstrated that blockchain technology could significantly enhance internal auditability and security in banking. The applications developed by Rolf and Lisander were functional and live on the blockchain, proving the effectiveness of the solutions they built.

The success of this project not only fulfilled the regulatory requirements but also showcased the potential of blockchain technology to revolutionize internal processes in the banking sector. The Rolf and Lisanders’ POC serves as a compelling example of how innovative thinking and the right technological support can address complex industry challenges.

Conclusion

Through their partnership with CoreLedger, Rolf and Lisanders in the CAS Blockchain program were able to turn a complex regulatory challenge into a successful Proof of Concept. CoreLedger’s expertise and advanced blockchain tools enabled Rolf and Lisanders to deliver a solution that met stringent banking requirements and set the stage for further innovations in the industry.