Questions & Answers for Article
What was the problem that UTC’s platform aimed to solve for a consortium of Bank
The problem that UTC’s platform aimed to solve was to de-risk trade finance. That is detection and prevention of duplicate invoices being financed. There was no such system in place for the same earlier though this was an industry problem prevailing for some time.
How does UTC’s platform use AI, ML, and blockchain technology to solve this problem
UTC’s platform uses AI and ML to analyse data from the invoice presented by the consortium banks and identify potential duplicate invoices. It calculates a risk score for invoices using AI and ML algorithm and flags any invoices with a risk score for further review by the banks prior to financing. The platform is based on a decentralized blockchain platform, which allows for the creation of a tamper-proof record of all invoices and transactions, ensuring the accuracy and transparency for the invoice financing process.
What additional security measures does UTC’s platform include to ensure the protection of sensitive financial data and the consortium’s network and infrastructure
In addition to the inherent security features of the blockchain technology, UTC’s platform is secured by a Security Operations Center (SOC) which provides real-time monitoring and prevention of security events. A Security Information and Event Management (SIEM) solution is implemented, which collects and analyses security-related data from multiple sources to identify potential threats. The platform is also built with permitter, application and edge firewalls which ensures security at each layer in the infrastructure. At regular intervals, UTC performs Vulnerability Assessment and Penetration Testing (VAPT) to identify and mitigate any security risks.
What were the results of implementing UTC’s platform for the consortium of banks
The consortium banks are clearly able to see the value of the platform by having those duplicate invoices being flagged by the platform. Now the banks feel confident and make an informed decision while trying to finance the invoices like never before. The AI and ML components allowed for efficient and accurate identification of potential duplicate invoices, and the decentralized blockchain platform provides a tamper-proof record of all invoices and transactions.
