A simple easy to use Flutter DApp , which keeps a track of all your day to day transactions by using Ethereum blockchain in the background which in turn increases your credit score.
- Flutter - for frontend
- Ethereum Blockchain written in Solidity in Remix IDE , we intend to use Cardano - its 1.6 million times more energy efficient.
- Metamask - for deployment of blockchain server.
- Infura - to provide enpoint url to estabish connection between blockchain server and flutter blockchain
Banking for Poor is one of the most neglected and biggest obstacle in the development of the country like India. Where one side, we have a India which is reaching pinnacle of the fintech technology , the other side is so badly neglected that 20% of the population of the nation doesn't even have a bank account. For people like us , having a credit card might not sound a big deal but we need to understand that credit is a such a miracle of economics that when done right it can double the income of the poorest in the country, and as of today it is underutilized to such an extent that we may be bleeding billions of dollars in terms of GDP of the country.
So the question is how can we built the next generation of banking system to uplift the poor ?
First lets understand this with an example , for instance there is a girl named Radha who earns 8k monthly , with total family income of 20k monthly and 500 Rupees savings each month . Now , in order to double her income by working in a call center , she needs to do a english course worth 3-5k . Seeing her situation , this seems not possible . So now if she goes to a lender for a loan , he'll charge her tremendous interest. So here comes the concept of Microloans. Micro-finance, also called microcredit or micro-loans​, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.
But wait , banks don't give microloans !! Why ?? Because they don't find it profitable , also there is no guarantee that the borrower will return the amount in time , since he doesn't have a proper address or ID , no salary slips , transactions history and top of that an inactive bank account.
So here comes into picture our idea - Sahayog - Credit for All . Its basically a mobile application , which uses the revolutionary technology of Blockchain in the background. So first of all it would be providing digital verification IDs to all its users . Secondly , it will keep a track of all your day to day transactions , so like a person X lends Rs.500 from a person Y and returns within a month , then blockchain will understand that yes this person is capable of returning Rs.500 in a month so basically Rs.3000-5000 in a year loan he can repay. Things like electricity bill payments , house taxes will also count into your credit score. But ya if you failed to pay on time , it will reduce your credibility too.
The major question which may come up is blockchain is enery inefficient . But we would like to propose the use of Cardano - which is 1.6 milliion times more energy effiicient than BitCoin, for a scalable product.
Thus our idea apart from being unique is also aimed at eradicating social termites like poverty, unemployment, and make people go cashless. Eventually we need to make people understand how credit can be the difference between life and death in medical emergenicies and also how can this idea should be seen as a pipeline to empowerment. How if a auto-driver's son gets a payroll in a good company by just a financial push would eventually be helpful to GDP of nation. Also since no banks would be involved , it would be a De-centralized , non-hackable system with secured transactions via Blockchain makes it all the more suitable.