The problem CREBIT solves

Misuse of farming loans, irrational distribution of farming loans and corruption in farming loans are some major issue. Many large scale farmers get large amount of loans easily and then misues it at other sectors than farming. Small scale farmers who genuinely seek loan for farming are deprived of it as banks tend to provide loans to the large scale farmers.

We have created a system which uses special digital currency which can be used at shops and service centres registered to us.
This digital currency cannot be used at any other place or any other reason. Thus we make sure that loan amount provided for farming is being used for the same purpose only.
As loan amount cannot be used at other places, large scale farmers will tend to ask for a limited amount of loan, thus a good amount is left with the bank to be provided to small scale farmers as loan.

We have used blockchain in our system to provide security and easy monitoring to the system.

Whenever a new customer (shopkeepers, service providers and farmers) are registered to us, a new chain corresponding to that user is initiated and added to the main chain. For every loan issued and every transaction made by the user, a corresponding block containing the data of that transaction is added to the chain.

The blockchain technology provides a very high level of security to our system, and the security increases as number of customer and transactions increases. It is almost impossible to tamper the data of transactions or loans without alerting the system once the chain become a sufficient length. Thus it reduces the chances of corruption.

Transactions are easy to make at any eligible shop and service centre via our website. Thus, farmers need not worry about the transition from conventional currency to digital currency. They just need to know their username, and for every transaction they will get an OTP, on verified, transaction will be succesful. We can also use RFID cards for easier trnsactions.

Challenges we ran into

Using blockchain with django and sqllite was a tough job for us, as the technology was new for us. By looking at tutorials and articles available on internet we were able to overcome this problem.
Securing the transaction process was a tough task. We used blockchains and firebase authentication services in order to solve this problem.