Greenblox: Fintech Use cases

Introduction:

Blockchain technology is predicted to have the most widespread adoption in Fintech, largely driven by the crypto world and DeFi. It is set to revolutionize the financial services industry, by increasing transparency, reducing costs, and improving the efficiency of financial transactions. In this paper, we will explore the use case of Greenblox framework for the fintech world, be it payments, trade, embedded finance, sustainability, compliance etc.

Background

Most of the current solutions have a relatively low transaction confirmation speed, which means terrible UX, resulting in lower customer satisfaction and lost revenue.

Current enterprise blockchain solutions, such as Ethereum and Hyperledger, are complex and difficult to use, making it difficult for organizations to implement them. These solutions require a high level of technical expertise and a significant investment in resources.

Blockchain Use Cases in the Fintech

1.Digital Identity Management: It can be used to create digital identities that are secure and easily verifiable. It can also improve the process of onboarding new customers, as well as to combat fraud.

2.Cross-border Payments: It can be used to facilitate cross-border payments, which are often slow and expensive. By using a decentralized network, transactions can be processed quickly and at a lower cost.

3.Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement written directly into the code. Blockchain technology can be used to create smart contracts that are secure and tamper-proof, which can be used in a wide range of financial services such as trade finance, insurance, and securities.

4.Asset Tokenization: It can be used to tokenize assets, such as real estate and art, which can be bought and sold in a fast and secure manner.

5.Supply Chain Financing: It can be used to create a transparent and secure supply chain financing platform, allowing small and medium-sized enterprises to access financing more easily.

6.Trade Finance: It can be used to digitize and automate trade finance processes, reducing the need for intermediaries and increasing the speed and efficiency of trade transactions.

How Greenblox helps

1. As a side-chain: Greenblox can be used as Layer 2 side-chain, to speed up transaction acceptance and confirmation times, thereby enhancing the user experience and reducing costs. In this case, Greenblox will front-end the transactions from the customer or act in parallel, providing an immediate acceptance notification, and then a confirmation within 2 secs. Greenblox can then aggregate these transactions at regular intervals and submit it to the public chain of your choice, to get these transactions recorded within the public chain, facilitating it be used by other parties involved.
2. As a main-chain: The above use case may be relevant where Greenblox is used to an existing solution to enhance the user experience. However, nothing prevents it from being used as the main-chain. In this case Greenblox will front end the customer on boarding and transactions acceptance, as well as the final and full conformation, which will then be used by other parties involved for any further settlements.

What it takes to implement this using Greenblox

1. Download SDK: Go to Greenblox network https://greenblox.xlabs7.com and download the nodejs sdk.
2. Create wallet: Use the sdk to create a user wallet. Wallet stores the private keys and also authenticates transactions.
   1. This is needed only one time initially to create the user wallet
   2. const xtk = new XtokApi(seedurl,SuccessCb, ErrorCb, WebsockCb,StorageCb)//get an xtok api instance
   3. xtk.createUser(userid,authcode,pwd,keypair) //create user with a userid/email, this will return a qrcode link
   4. xtk.setQrDisp(qrelem, 128, 128, qrlink)//use this api to display the qrlink in response or use any other means to display it
   5. //user scans qr code into any 2fa authenticator app like google authenticator and submits the code
   6. xtk.verifyOtp("otp",otpcode) // on succesfull verification response,
   7. xtk.signup()//on succesfull signup response, do register on websocket and login
   8. xtk.register("PREG")//to initate a websock connection. Response for "PREG" will be in websockCb
   9. wallet login complete and ready for transaction authentications
3. Transaction Client: Use the sdk to login the transaction client
   1. const xtk = new XtokApi(seedurl,SuccessCb, ErrorCb, WebsockCb,StorageCb)//get an xtok api instance
   2. //prompt user to get otp from authenticator and submit
   3. xtk.login(userid,type,nodeid,pwd,otp,keypair)
   4. xtk.register("PREG") // on succesfull verification response, register on websocket to login.
   5. on successful register, do clientregister to the network to perform transactions
   6. xtk.clientRegister("CREG")//this step is applicable only for transaction client
4. Transact- Buy Tokens: Use the sdk to buy tokens
   1. xtk.priceOrder(saletype,promocode,qty)//price
   2. //req payment with orderdata
   3. xtk.payReq(orderdata)//pay
   4. xtk.placeOrder(orderdata)//place order to network on websocket- "ORDER"
   5. //order status notifications will be received in websocket NSTAT messages
5. Transact- Transfer Tokens: Use the sdk to transfer tokens
   1. xtk.requestTransaction(touserid,tokeyhash,TXNTYP,amt,XRID,scr)
   2. //request a disgital asset proof transaction
   3. xtk.requestProofTransaction(touserid,tokeyhash,resourcetype,proofdata)

Please refer the developer documentation and the sample code in Github for details

Conclusion:

Greenblox addresses the complexity and difficulty of use of current solutions, and is designed to be highly secure and suitable for various fintech use cases.

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