Chit Cell
Chit Cell is a new-age way of addressing chit funds...
About
The problem it solves Traditional chit funds have many issues such as "security", "Transparency", "Higher Costs" and most important "accessibility". The Chit Cell will give the users a platform where they can assure : 1. Security as Blockchain is a decentralized ledger that uses cryptographic algorithms to secure transactions and ensure data immutability. 2. The Chit Cell increases transparency for all parties involved, which is accessible to all participants ensuring complete transparency for all transactions. 3. The Chit Cell reduces costs associated with traditional chit funds. As there are no intermediates this could lead to significant cost savings. 4. The Chit Cell increases accessibility for users, as it can be accessed from anywhere in the world with an internet connection. Whereas in the traditional chit funds, individuals have to be present in that geographical area. 5. The Chit cell is built for faster processing for chit fund transactions and to perform various tasks automatically such as managing and distributing funds without the need for human intervention.
How it's made
Challenges we ran into The main challenge we face is that to create an algorithm for the chit-fund process, we closely looked into it from a customer perspective and tried to solve it with the business mind of a set where a larger amount of audience is targeted. As this could be done easily by adding collateral to it, and we were safe to go with it. But in the end, we encountered a very niche market where our TAM (Total Addressable Market) gets reduced. So now we have made our system and process so clear that any person with a valid authentification can use our services. The next problem we faced is to look after the government regularities where the authentification makes it difficult but the only solution was to use PAN(Permanent Account Number) which could reduce the duplicity and fraud. it will also be transparent to the government as well. Next problem is to create a user interface because only the user interface will decide the adoption and retention of the customer acquisition, where we have used JavaScript and HTML/CSS for the experimental purpose and later we will go into Kotlin for preparing the application. The next is preparing the smart contracts and making sure that it is easily understandable to each and every person for which we will slowly get into the deep technicalities and learn about it and make sure the system gets more efficient.