The problem Safypay solves

We have designed a platform to solve the problem of trust and security in online transactions and e-commerce, which is particularly important for small businesses and also to businesses selling high-value goods. My team has developed an escrow service and dispute resolution process that a trusted 3rd party delivery partner backs so that buyers and sellers can feel confident and safe throughout the transaction process.

One of the key challenges that we are solving using the platform is the issue of fraudulent orders and payment disputes, which can be a major concern for small businesses. By offering an escrow service, we ensure that funds are held securely until both parties agree that the transaction has been completed successfully. This helps to prevent fraud and reduce the risk of payment disputes.

In addition, our platform provides a marketplace where buyers can purchase products with complete trust and confidence, without worrying about receiving fake or different items.

Overall, our platform empowers small businesses to sell their products with confidence, while also providing buyers with a secure and trustworthy platform for making online purchases. We are committed to building trust and transparency with customers, where everyone can benefit from the power of online commerce.

Challenges we ran into

Initially, we were planning to use smart contracts to draft agreements between the parties but later we got to know that it is difficult to create smart contracts for transactions using normal money. Using smart contracts would involve us creating a cryptocurrency or token for supporting the transactions which would involve tokenomics and we decided to implement the smart contracts at a later stage as it was difficult to implement this in a 36 Hours Hackathon.