Product developed for HACKINFINITY 2.0 @DAIICT. See demo here
SMEs make up a large portion of the market - almost 2/3 of the global market - which is worth about $3 trillion USD.
In India, SMEs count for 6-7% of the manufacturing GDP and about 25% of Service Sector GDP. They are also the
largest source of employment, as a collective, employing about 106 million people - 40% of India's workforce.
They form an integral part of the country's economy and are thus closely tied with the growth and progress of India as
a nation. This makes problems faced by SMEs a collective issue that affects the economy, growth and wellbeing of the
country and it's people.
The problem that we identified as one of the most important, one that causes many SMEs to fade away into obscurity is cash flow management. Our product fintact aims to resolve this situation by applying blockchain technology and its paradigms.
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KYC (Know your Customer): Most of the investors do want invest in small to medium scale enterprises but due to the lack on information on their financial invoices and associations. In case of personal researching about the potential SMES's which could yield lucrative profits isn't much beneficial
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Seamless Dataflow : In order for the platform to showcase an association between the sellar and buyer, proper method of authentication is required so that investors does not get fradulent data.
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Immutable Ledger: With the use of blockchain and smart contracts, we have immutable ledger of transactions and invoices to inspire trust and creditability among our customers.
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Escrow: A dedicated wallet and token system was created using smart contracts, with us - the product creators - as the banker to ensure hassle free escrow transactions for our customers.
For more for information on Smart Contracts
Our solution was to create a Smart Contract(Blockchain) based product. We aimed to connect buyers, seller and
investors, in a common marketplace. In the marketplace, buyers (Core Enterprises - large corporations eg: Reliance, Tata
Motors etc.) can source requirements from SMEs without having to compromise the cash flow.
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The buyer will raise a request to a specific SME when required.
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The sellar can understant the buyer's requirements and based on that can specify the amount of working capital and working capital deadline.
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The buyer has the option to specify the percent of insurance that will be backed by their side in case of anything default by the sellar.
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After the final approval by the buyer's side, the contract will be visible to the investors along with the previous statstical data of the buyer and seller.
