SnBChain (Savings and Borrowings Chain)

• GIF

  SnBChain

Inspiration:

Financial Inclusion - enabling finance to the needy irrespective of their social status is key to any developing economy. We believe in creating, enabling and empowering the next generation finance systems to serve the needy.

What it does:

We at SnBChain, believe that, this product actually builds a customer centric, financially inclusive solution while enabling the businesses to run in a completely decentralised way.

How we built it:

Our source of inspiration for this product comes from Chit Funds (A ROSCA - Rotating Savings and Credit Associations) in India. This is a highly regulated product but with a great opportunity to not just disintermediate but also decentralize the operations too. We have built this product completely around this concept on how does a regulated chit fund work in India. We believe it can be expanded across the world in a decentralised way.

Challenges we ran into:

This being a highly regulated product, we had to build this product completely focused around real governance and made it fully regulator compliant. In the process we had to work with the state Government (Telangana). Working with a state was one of the toughest decision we had to take but choose to do it still, because state was playing a pivotal role in pushing the product adaption across. With limited finances and a complex financial product (in terms of implementation) we had to go though multiple challenges in terms of process reengineering and technology adoption. We successfully overcome all of them and is being used by the state for the past 5 years now.

Accomplishments that we're proud of:

We have won 4 National level awards for this project. Purely because of the size and effect this project has created in the administration of chit fund activity across the state. We currently support close to 2000+ businesses and 1.3 Million Subscribers (indirectly). We are proud about the product implementation methodology and scaling across the state. It is the first Product which was implemented in Blockchain in any State government.

What we learned:

Many lessons both personal and professional. But will limit to professional here. We have come to realise that

1. A completely decentralised solution is possible only in Phases. It is not a 0 or 1 thing.
2. Building a long term business and product is not an overnight miracle.
3. It takes patience, grit and perseverance beyond money to build a good impactful product.

What's next for SnBChain (Savings and Borrowings Chain)

We have a full fledge product which we built and waiting for the right time to scale it across the globe.

1. We designed this solution to be a private permission blockchain. But we realized it has the potential to scale beyond and can act like a federated blockchain / can be a completely public blockchain based on how we can repurpose it.
2. With retail CBDCs, we strongly believe this can be a good use case in India. If we ever mature ourselves into a real retail CBDC model in India, we are ready yesterday. We are betting big on this and hence we are her to submit this proposal too.
3. With Ripple’s XRPL systems and with CBDCs we believe we can position / repurpose this solution to scale the model with CBDCs.

Built With

• angular.js
• couchdb
• hyperledger
• j2ee
• java
• mongodb
• springboot