The lack of financial knowledge in Mexico is one of the main reasons why the countries’ population faces economic limitations. The habit of saving is almost zero, and income is spent immediately on products that could be considered as luxuries or unnecessary, overlooking the vital needs in the future. Access to credit cards or bank loans is challenging due to social, economic, and even cultural factors. When you finally get the chance to get a card or a loan, you face a reality of high-interest rates drowning in debt, extending its deadlines and putting its economic stability at risk. Stress becomes a constant in the family's atmosphere, impacting members of the family, but especially children, who are restricted from having a better quality of life as it affects their emotional health, education and therefore, their future.
What it does
Rotating credit and saving associations (ROSCA) known as “tandas” in Mexico, “gam’eya” in Arabia or “committees” in Pakistan allow people to get money quickly and easily. It is a system in which each week (or pre-set period time) all participants pay a certain amount to each of the participants until a cycle is completed or "close the tanda". In Mexico, it is widespread to hear of developed "tanda" between co-workers, neighbors, families, and sometimes among strangers. Obtaining the money is immediate and allows many problems to be solved instantly. When the "tanda" arises mainly in the face of a personal need, someone takes on the role of administrator and responsible for monitoring the participation of others, this character is a significant role for the project we are developing.We are creating a decentralized application with blockchain technology which will operate as a tanda administrator through smart contracts, guaranteeing a trustworthy and self manageable platform.
How we built it
Our dapp is based on a smart contract developed in Solidity that handles the tanda administration. The users interact with this smart contract with a front end developed with the react framework.
Challenges we ran into
We realize the gas and transaction fees of some blockchains can be a bareer for the implementation of solutions like bloinx and for blockchain adoption with new users. We are now looking into 3rd generation blockchains with lower fees to help tackle this issue.
Accomplishments that we're proud of
We won 1rst place in the Entrepreneurship World Cup Mexico in the idea stage and later selected in the global top 100. We were also nominated for the Blockchain for humanity awards 2020.
What we learned
We have learned that the UX is critical for the success of our dapp so the use of blockchain doesn't seam intimidating to newcomers.
What's next for Bloinx
After our acceptance test we have defined a backlog to improve our dapp and test it with real users and get feedback to improve usability and UX