Purchasing companies many times are asked to prepay for orders as they might be finanically unstable or new to a Vendor. Vendor customers do not want to prepay as the products may never arrive. Many times Vendors will sell their receivables which requires factoring thereby increasing prices. If a purchase goes through properly the purchasing company expends administration costs to pay the invoice and the vendor does the same when receiving payment.
What it does:
When a purchase order is created and Chicken Nuggets is used a smart contract is created with the appropriate funding sent to the blockchain. The vendor then can accept the order which freezes the funds or reject which will refund them. Once the product is shipped and received by the purchaser the funds are released. The shipping company can also release the funds back to the purchaser all or in part if they cannot fulfill the order after accepting it.
How we built it
We built it using the ethereum virtual machine, solidity and hardhat. The smart contract was tested in the Goerli test network with etherscan.
Challenges we ran into
We could enter in the purchase order information from the purchaser to the smart contract, but we had trouble getting the information to the vendor. (resolved) Sleep is required for the human body to operate correctly.
Accomplishments that we're proud of
Complete programming the entire transaction flow and all functionalities in 9 hours.
What we learned
Prior to writing programming code, we created pseudocode and a transactional flow diagram, which was very helpful.
What's next for Chicken Nuggets
We plan on adding functionality as this is just a base setup of the Purchasing and Sales Orser cycles. Added sections would include trucking, partial shipments, etc.
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