The problem Credify solves

Problem statement:
Traditional Banks don't deal with microfinance.
Other organizations solving this problem in a centralized ecosystem. Don't deal globally. Do not enforce liquidity by their nature. Can only solve for a few audiences in a region

Solution:
A peer to peer lending system which
helps students to have easy access to credit
Without Paying Collateral
and
Safeguarding Lender
Against Fraud

How do we take care
of Frauds?

A new user on the
platform can
borrow a loan,
only if has some
history of
transactions in a
coinbase wallet.

Lending a
big amount
of loan only
if the
students
maintain a
good history
on the
platform.

Adding negative coins to the student's ethereum wallet valued equivalent to the lending amount
Whenever a user pays an EMI, the negative coins equal to the amount of EMI automatically gets deducted from the wallet. The amount of Negative Coin in the student's ethereum wallet can act as an indicator of his credit history. This helps to generate a credit score for the user which will help the lender to make a decision in the future for lending a user or not

Challenges we ran into

1. To enforce safeguard in the ecosystem against fraud

2. Taking credit against physical assets and digital assets have different challenges and thus different workflows to solve