FinIoTa - Using IoT to enhance real-time banking operations

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  Using IoT and Blockchain to enhance real-time banking operations

Inspiration

Trade Finance market is expected to reach 71 Trillion USD by the end of 2024, growing at a healthy rate of 3%. This is a highly complex (paper-intensive) industry involving a lot of manual activities leading to inefficiencies, no transparency, payment frauds and delayed shipments along the delivery chain.

What it does

FinIoTa tracks the real-time location of the goods delivered by the seller along the transit route till the goods are successfully delivered and automatically executes payments.

How I built it

We leverage Azure IoT Hub and Blockchain technologies for our use case thereby triggering Payments Open APIs on FFDC.

Challenges I ran into

Since this is our shot at IoT and Blockchain technologies , we had to deep-dive to determine the best tools supporting our use-case, thereby solidified our learning.

Accomplishments that I'm proud of

New domain learnings - Trade Finance, Blockchain and the usage of FFDC Open APIs.

What I learned

Design mindset! The experience to evolve the idea and bring it to life with latest Industry 4.0 technologies.

What's next for FinIoTa - Using IoT to enhance real-time operations

We intend to develop FinIoTa as a service on FFDC wherein the entire gamut of 52 Finastra products / Fintech / Bank developers will be able to consume real-time data, derive business insights and build innovative solutions. We envision this to be a data monetization opportunity!

Built With

• azure-iot-hub
• blockchain
• ffdc-payments-apis