Deloitte Case Study
Deloitte uses ULedger Technology to Create Fraud Detection Solution
Over the past decade, there has been a significant increase in data security compromises due to malware. These compromises typically start with a phishing attack to gain access to a corporate system, followed by the hacker modifying system parameters to access privileges that lead to unauthorized transactions, loss of data privacy, and massive expense to a corporation’s bottom line.
Hackers have gotten extremely sophisticated, building malware that modifies, deletes, or otherwise corrupts log data, preventing standard hacking detection tools from recognizing the suspicious activity. This malware can essentially erase any trace that it leaves behind, leaving Security Information and Event Management (SIEM) platforms virtually useless in detecting this fraud. That is where a blockchain logging system bridges the gap.
You see, when data is recorded to a blockchain, it becomes 100% immutable, or unchangeable. Logs can never be erased, and all records are permanent. Furthermore, all data is verified by other repositories on the blockchain, making it completely provable.
Deloitte, a leading audit and tax consultancy serving 80% of the Fortune 500, recognized the power of this innate capability of blockchain and knew that it held the key to providing its clients with the cutting-edge fraud detection many were desperate for.
There are many technologies on the market today that attempt to detect fraud by studying anomalies in behavior patterns, but because mass fraud is typically proceeded by small, normal-looking test transactions, they often fail in the moments that fraud occurs. Deloitte set out to build a real-time fraud detection capability that captures anomalies in transactions by comparing system logs with an immutable blockchain twin. The moment that a system log doesn’t match its blockchain counterpart, the potential fraud is reported.
Unfortunately, many blockchain solutions weren’t up to the task that Deloitte assigned. Most solutions on the market are either public in nature, sharing underlying data with others on the blockchain, or completely private, stunting the blockchain’s ability to verify it’s data with other repositories. ULedger was the only choice for Deloitte because it’s blockchain architecture allows data to be verified externally without being shared, creating a provable record of transactions with the security of a private database.
What’s more, Uledger was easy for Deloitte to incorporate into existing data environments because of its open API, and easy to sell to clients, because it never requires access to underlying data and scales infinitely.
“By relying on ULedger to be our blockchain provider, we made the best decision for our fraud detection product and for our clients. The platform was designed for the enterprise in every way, making it the most suitable for our clients.”
Prakash Santhana, Managing Director, Deloitte
Brickschain Case Study
Brickschain uses ULedger Technology to Create Groundbreaking Commercial Construction Product
For building owners, facilities are living entities that often require regular maintenance. However, data about these buildings, and their construction history, tends to be scattered, difficult to track down, and almost impossible to verify.
With the mission of chronicling every building in the world, whether it be during construction, during the handover process, or vacant and unused properties, Brickschain uses Uledger to create a trustworthy data archive of events, transactions, assets, and other project details. This allows emails, project management systems, and accounting systems to come together in one place, creating a verified record of all transactions on the blockchain and ensuring that data can not be lost.
For Brickschain, the use of ULedger Blockchain technology in this way is what allows their contractor clients to continue to use their source systems while also storing data in a verified, unchangeable ledger that can be used to manage facilities over time.
Years from now, if a building material is found to be hazardous, building owners will now be able to easily check which buildings contain that material, and if renovations are needed. This type of data archiving and retrieval, provided by Brickschain, has never before been available in the construction industry.
ULedger was the only choice for Brickschain because it’s Blockchain architecture allows data to be verified externally without being shared, allowing the creation of a provable audit trail combined with the security of a private database, which is simply not available from other solutions. It enables companies like Brickschain to quickly create and maintain separate blockchain data structures that work together to certify and corroborate each others’ data without sharing its content.
“Partnering with ULedger has helped Brickschain bring Data democratization and coordination to the builtworld.”
Bassem Hamdy, CEO Brickschain
Brickschain uses ULedger across all of the construction projects under their scope, which also ensures that the data collected is verifiable and provable in the event of inquiry, audit, or legal challenge.