With advancements in distributed ledger technology (DLT), various industries are leveraging it to eliminate intermediaries from legal and financial transactions. Popularly known as Blockchain, the technology helps store digital records in a secure and auditable manner, enabling a speedy, safe and cost-effective transfer of assets.

The applications of Blockchain, the underlying technology for crypto-currencies, have now been extended to payments, identity management, insurance, healthcare, and digitization of physical assets. LTI’s team of Blockchain experts and domain specialists can help companies across industries implement tailored DLT solutions. We help you make peer-to-peer (P2P) transactions faster, more secure and transparent, thereby reducing fraud risk.

Blockchain can boost the ROI of IoT-related investments for the oil and gas, retail and manufacturing industries, as DLT helps address common scalability, privacy, and reliability concerns. By partnering with LTI, you can drive enterprise-wide Blockchain initiatives with ease. We can help you accelerate the time to market for such projects through rapid prototyping, an agile development approach, and by leveraging our strategic partnerships with leading enterprises and academic institutions.

Analyst Speak

Companies exploring blockchain need not only look at providers’ ability to hel...

Christine Ferrusi Ross

Research Vice President, Strategy & Product Development
HfS Research

Our Offerings

Consulting and Advisory

Consulting and Advisory

With expertise spanning across verticals, and equipped with the required DLT skill sets, LTI’s Consulting team is well suited to work with clients throughout their DLT Journey. Our exploratory workshops are aimed at introducing this technology to our clients, and we work with them to identify use cases specific to their business needs. We are strategically positioned to partner with our clients to devise their overall DLT Strategy, which comprises adoption, execution, and finally, implementation

Innovation Lab

Innovation Lab

LTI’s Innovation Lab facilitates collaboration with clients, to identify and pilot different use cases. Our Rapid Prototyping approach shortens the time to work through the use case, and helps us achieve meaningful results faster. At the end of this reiterative cycle, we deliver a detailed report with our findings, which facilitates strategic decision-making with regards to DLT implementation.

DLT Implementation and Integration

DLT Implementation and Integration

We have recently partnered with leading players in the DLT space to provide specific solutions to our clients. Positioned to act as system integrators, we offer the clients our capabilities to scale, and leverage our existing business associations for these solutions. Our alliances are focused in areas of Payments and Enterprise Integration, speculated to be segments that are most likely to see DLT implementation first.

Transformational Use Cases

Know Your Client

As mandated by regulations, financial institutions need to conduct KYC checks on new and existing customers. For these institutions, it means knowing whom they are providing their financial services to – be it Individuals or Corporates. The process today is cumbersome, costly, and brings an inherent element of redundancy. For these firms, KYC checks drive the acquisition costs per customer; and at the customer’s end, it becomes repetitive to go through the same process, while engaging with a new financial institution.

At LTI, we are currently engaging with our Banking & Financial Services and Insurance (BFSI) clients, to create a Distributed Ledger, shared amongst the participating financial institutions, which would remove duplication of effort in carrying out the KYC checks separately, by each entity. Moreover, any update to client profiles can be distributed to all banks in near real-time. The ledger can provide a retrospective trail of the documents shared, along with the compliance checks for each client.

Step 1: On the client KYC portal, the customer uploads the necessary KYC documents and selects the bank that he/she chooses,to validate these documents.

Step 2:The transaction thus initiated gets added to a Pending Transaction Queue at the designated bank’s KYC terminal. The bank agent selects the transaction to be verified, and proceeds with the manual checks.

Step 3: Once the transaction gets verified, the bank agent approves the transaction to be added to the Blockchain. The documents are now reflected on the client interface as ‘Verified’.

Step 1: The documents submitted by the client on the HTML Interface get encoded into string values, using the Base 64 Algorithm. These strings are sent to the Non Validating Peer, using Web Services.

Step 2: The Non Validating Peer assigns the aforesaid strings to client-specific variables, and constructs an Initialization Transaction. This transaction is sent to the Validating Peer, which denotes the Bank chosen by the customer.

Step 3: Once the bank agent validates and approves the documents on the bank interface, the Validating Peer executes the Initialization transaction and adds a block on the Blockchain. Execution of the Initialization Chain Code generates an address unique to the customer. This address is required for any access to the customer information block going forward, and is stored with the customer and the validating bank.

Step 4: Once the transaction gets executed on the Blockchain, the ledger across all Validating Peers gets updated with the same customer information.

Trade Finance

The Trade Finance cycle, as it stands today, is a cumbersome process, solely relying on multiple paper-based contracts, with settlement taking several weeks. Various components of this process are dependent on clearance, approval and verification, from several disparate entities. These include customs, freight forwarding companies, insurers, advising & issue banks, etc. Moreover, this dependency is without any end-to-end visibility of the entire process. All these complications make the current process time-consuming, manual, and also drive up the cost.

At LTI, we are working with our clients to create a Distributed Ledger Technology-based solution, which facilitates a frictionless workflow management for trade finance processes. Right from issuance of the Letter of Credit to the final payment, distributed ledger provides the much needed transparency & efficiency in this otherwise manual process flow. Inclusion of entities such as Insurance Providers, further streamline ancillary processes such as Insurance Claims.

  • Once the seller receives the Letter of Credit from the Importer bank, it initiates the shipping of goods and creates a new contract on Blockchain.
  • The necessary details with the trade documents are available to relevant participating nodes.
  • Smart contract ensures that the application flows in a sequential order, and reflects the status throughout the transaction life cycle.
  • Once the importer obtains the goods, the importer bank initiates the payout to the exporter.
  • Also, should there be a damage to the goods, the buyer can raise a claim with the insurance company. The smart contract would ensure a seamless and transparent insurance claim procedure.

Event-Driven Payout

A common example of event-based payout is that of travel insurance related disbursals. A smart contract on Blockchain can record the travel itinerary of the buyer of a travel insurance. On the day of travel, the contract can fetch the details from Airlines via APIs, determine whether the flight is delayed, and accordingly trigger a payout. The same idea can be extended to a speculative trader, who places a bet on a competing horse or an online auction of premium number plates. In fact, the underlying event condition can be replaced with almost anything that has a deterministic outcome.

Simply put, smart contracts are computer programs that act as agreements, where the terms and conditions are pre-defined. These contracts have the ability to self-execute and self-enforce themselves, i.e. when a condition specified in the code is met, the contract automatically triggers a corresponding action for the specified condition. A simpler example is that of a trade agreement between two parties, which can get executed automatically once the share price of the underlying security reaches the agreed market price.

      Travel Insurance Use Case on Ethereum

  • An Ethereum-based Smart Contract, which allows customers to purchase travel insurance on the Blockchain.
  • The traveler gets complete visibility on the premium and the coverage, pertaining to the type of insurance.
  • Smart Contract obtains flight information via Oraclize, a reliable connection between Web APIs and DAPP.
  • Based on the flight information and the conditions of the Insurance, the respective payouts are initiated without the need to file for claims.
  • Travel Insurance here, can be replaced by any other outcome-driven event.

Decentralizing IoT Networks

With vast number of devices sending, receiving and processing information, concerns arise around the ability to secure this data from malicious attacks. DLT however, has the potential to address such concerns.

At LTI, we are developing IoT (Internet of Things) based solutions for our Oil & Gas and Manufacturing clients, by harnessing the capabilities of Blockchain. Our use cases range from parts of heavy machinery self-ordering maintenance calls, to that of cement trucks logging transport statistics while in transit. Blockchain takes away the dependency of verifying the information being relayed between devices, which otherwise falls on a central agency. This technology, thus offers a tamper-proof and interoperable fabric for the future of IoT.

       Monitoring Key Shipment Details using Ethereum Smart Contracts

  • An Ethereum-based Smart Contract, which constantly monitors temperature variations, using sensors on the shipped packages.
  • While In-flight, the sensor relays the necessary details to Blockchain nodes, thereby creating immutable records for future references.
  • Upon receipt of the package, the recipient can check for any deviations from permissible thresholds.
  • In case of damages, the party in possession of goods at the time of breach, can be held accountable.
  • Also, a real-time relay of information could facilitate a timely corrective action.

Our Expertise

It is evident that Blockchain is an opportunity for organizations across industries to transform themselves. In wake of probable disruptions, firms that adjust their business models accordingly, stand to reap greater benefits such as increased transparency, reduced costs and greater time efficiencies.

As a leading IT Services Provider, LTI is collaborating with several of the leading organizations from across industries to identify and build DLT-powered solutions, tailored to their specific business needs. We invite you to partner with us in this journey, to collectively build business solutions and spearhead the digital disruption brought about by the Blockchain Technology.