North America suffers from a growing carbon footprint in overproduction and overconsumption, and with the increasing inflation rates, the average household is unable to afford monthly budgets.
On the other hand, globalization enables individuals to purchase everything online, and digital social networks desocialize communities. This means that we find ourselves reluctant to share resources, resulting in unneeded and unaffordable purchases.
Additionally, the act of lending resources is currently cumbersome and tracking tedious.
So we set out to create a solution for reducing our carbon footprint through improving socialization within communities via leveraging a Sharing Economy and simplifying the entire process with technology.
What it does
Introducing Baro - a crowdsourced resource lending ecosystem. Baro engages one another within communities through incentivizing a lend and borrows exchange system wherein resources are securely shared among each other.
By participating in the community and allowing the rental of your resources, you earn credits towards future loanings of your own.
Through this, we reduce excess resources, improve community involvement, and help grow our economy.
How WE built it
Through leveraging CPS (Creative Problem Solving) techniques and amalgamating multidisciplinary ideas, our team identified the growing problem spreading through North America and formulated a gameplan to remedy these pain points.
Challenges WE ran into
Understanding the types of insurance particular resources might fall under, the legalities of insurance claims, and the process of tracking, profiling, and auditing the transactions of resources for theft or damage claims. As well as resolving user acquisition, retention, and privacy.
What's next for Baro
Further research into custom, encompassing insurance plans is needed to ensure our users are secured when participating in good faith and loaning out their resources.