The problem ₹UPI solves

Secure and Efficient Digital Transactions:

• Utilize blockchain integrated with UPI for secure and efficient digital transactions.
• Ensure tamper-proof records of transactions, enhancing transparency and trust.

Elimination of Intermediaries

• Remove the need for intermediaries in transactions, reducing associated costs.
• Direct peer-to-peer transactions facilitated through blockchain and UPI integration.

Enhanced Security

• Blockchain's cryptographic security ensures data integrity and protection against fraud.
• Immutable ledger records prevent unauthorized alterations, ensuring trust in transactions.

Streamlined Processes:

• Simplify and streamline transaction processes with automated smart contracts.
• Expedite settlement times and reduce transaction processing times.

Cross-Border Transactions:

• Enable seamless cross-border transactions with blockchain's borderless nature.
• Overcome traditional banking limitations and reduce transaction complexities.

Financial Inclusion:

• Foster financial inclusion by providing secure digital transaction capabilities.
• Reach underserved populations with simplified and accessible payment solutions

Reduced Transaction Costs:

• Lower transaction costs by eliminating intermediaries and associated fees.
• Improve cost-efficiency for both businesses and individuals.

Enhanced Trust and Transparency:

• Build trust and transparency in transactions with blockchain's immutable ledger.
• Ensure transparency in financial dealings and improve overall credibility.

Innovative Payment Solutions:

• Drive innovation in payment solutions by leveraging blockchain technology.
• Explore new avenues for digital payments and financial services.

Scalability and Accessibility:

• Offer scalable and accessible digital payment solutions to cater to diverse needs.
• Facilitate easy adoption across various sectors and user demographics.

Challenges we ran into

To address speed concerns, we implemented a hybrid approach by initially uploading transactions to a traditional database management system (DBMS) for quick processing. Subsequently, we periodically batched these transactions and uploaded them to the blockchain for immutability and transparency. This strategy allowed us to maintain transactional efficiency while leveraging the security and decentralization benefits of blockchain technology. By combining the speed of traditional DBMS with the reliability of blockchain, we ensured optimal performance and scalability for our integrated UPI solution.