Credify
We help in lending where banks cannot see
Demo
About
The problem it 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
How it's made
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