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Micro-Finance

DAPP that facilitates Loan Process, no-required third party based on Ethereum Network. It has a mechanism to incentive good behaviour by giving users heart token which can be used to redeem coupon.

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Built at LionHack 2023
🥈2nd Place

Created on 16th April 2023

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M

Micro-Finance

DAPP that facilitates Loan Process, no-required third party based on Ethereum Network. It has a mechanism to incentive good behaviour by giving users heart token which can be used to redeem coupon.

The problem Micro-Finance solves

The emergence of Blockchain is a key to solve any intermediary-related problem. Lenders and Borrowers can communicate directly, all loan transactions are stored in immutable database.
The comparision of non-Blockchain and Blockchain solution :

Non-BlockchainBlockchain
Expensive traditional audit processSmall amount of money for gas fee
Truthless intermediary companyNo need third party
Transactions can be manipulatedTranparent and secure transactions

Challenges we ran into

  • Micro financing through blockchain can provide a revolutionary solution for refugees who struggle to make a living without proper identification, which makes it difficult for them to access traditional banking services. With blockchain's fast and secure blockchain technology, refugees can obtain micro loans without the need for collateral or a credit history, empowering them to start small businesses and become financially independent.
  • This innovative approach to financing can significantly improve the lives of refugees and support their journey towards self-sustainability. By deploying the contracts, the lending process becomes transparent, secure and highly efficient, enabling lenders and borrowers to transact directly and transparently without the need for intermediaries. This technology also ensures that funds are distributed equitably, without the risk of corruption or misappropriation.
  • Overall, micro financing through blockchain has the potential to be a powerful tool for social and economic empowerment, enabling refugees to build better lives for themselves and their communities.

Tracks Applied (5)

LionHack

The project addresses the challenge of financial inclusion and empowerment for refugees. Specifically, our project propo...Read More

DeFi Prizes

By leveraging blockchain technology to create a decentralised lending platform, our project can provide a more accessibl...Read More

Arbitrum

In terms of how our project fits into the Arbitrum track, Arbitrum helped us to improve the efficiency and cost-effectiv...Read More

Ava Labs

The project leverages the power of blockchain technology to provide micro-financing solutions for refugees who face diff...Read More

Quantstamp

Our project aligns with the mission of Quantstamp by utilising smart contracts to provide transparent and secure lending...Read More

Technologies used

Solidity

Firebase

MetaMask

JavaScript

Redux

React.js

Arbitrum

Avalanche

ThirdWebSDK

CoreWalletExtension

Discussion

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