Question: IICERTIFIED BLOCKCHAIN EXPERT - CBE BLOCKCHAIN ANALYSIS USE-CASE Scenario Fixed Deposit One of the retail banks in Bahrain, XYZ Bank, discovered that their fixed deposit

 IICERTIFIED BLOCKCHAIN EXPERT - CBE BLOCKCHAIN ANALYSIS USE-CASE Scenario Fixed Deposit
One of the retail banks in Bahrain, XYZ Bank, discovered that their
fixed deposit certificates were being forged and copied allowing bad actors to
mis-use them for government transactions. Some of the actors were using fake

IICERTIFIED BLOCKCHAIN EXPERT - CBE BLOCKCHAIN ANALYSIS USE-CASE Scenario Fixed Deposit One of the retail banks in Bahrain, XYZ Bank, discovered that their fixed deposit certificates were being forged and copied allowing bad actors to mis-use them for government transactions. Some of the actors were using fake fixed-deposit certificates to open new commercial entities and getting their CR's approved from these fixed deposit certificates. Bank XYZ is now considering to use innovative technologies that can help lower the rates of fraud in fixed deposit methods in forging certificates, and in the case any such methods are used, it would be detected by the central bank where those actors would be discovered. Please describe how a blockchain solution can be used by the central bank to help address this issue 1. What is the business case, area, or topic that this use-case applies to? Financial services 3. What is the value created by solving this problem? 4. Do they need a database? How will it be used? 5. Does it require shared read/write access? For what purpose? 6. Are any of the parties unknown or untrusted? Or if they are trusted, is it possible for them to have conflicting interest? 7. How will a blockchain be applied in this use-case? Which component pleces will be utilized? 5. Does it require shared read/write access? For what purpose? 6. Are any of the parties unknown or untrusted? Or if they are trusted, is it possible for them to have conflicting interest? 7. How will a blockchain be applied in this use-case? Which component pieces will be utilized? 8. Will the blockchain used be public, private, consortium (hybrid) and why? 9. Is a token to be used, (to digitize an asset, store value, or to provide access to the blockchain, for example) Why is it needed and how will it be used. USE-CASE WORK FLOW 1. 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!