DefyBanks

Bringing financial services to those that are "unbanked".

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Inspiration

In 2019, the FDIC reported that approximately 7.1 million households in the US were “unbanked”. One of the of the main reasons for this is a lack of trust in the centralized banking system. We want to appeal to these households to make sure that everyone receives the financial assistance they need to succeed in life, whether they have a bank account or not. This is why we are leveraging blockchain technology to bring financial services on the decentralized system. These services include financial assistance from advisors and loan arrangements even if you do not have a legal credit score.

What it does​

  • Utilizes blockchain technology to create a system in which unbanked users can financially gain assistance through loans which would otherwise be near impossible for traditional banks to provide.
  • User can request lenders for needed loans depending on their current asset and the lender can create their terms of interest and time when agreeing to provide the loan to the other user.
  • Organizes the user’s net worth and shows a breakdown of what contributes to the value of the net worth.
  • There’s an integrated news feed section that provides information on how the market is doing in relation to the investments of the user.
  • Aims to provide a chat system for users to communicate directly with lenders and mentors to not only discuss deals, but expand their knowledge.

How we built it

To build this application we decided to base it off of React Native using cli command line and framework packages.

Challenges we ran into

As this is our first hackathon, we were all learning to work together remotely. Our idea was very ambitious and we had limited experience with React. Another challenge we faced was appropriately scaling our project to match our given time constraint

Accomplishments that we're proud of

We accomplished to find a passionate idea that can evoke the needs of countless many who relate to the same playing feel.

What we learned

We learned how smart contracts work and a better understanding of blockchain technology. We were also learned how to design and prototype in Figma.

What's next for DefyBanks

We were unable to connect our app to the blockchain itself so the total capital is not updated in real time. Additionally, we failed to deploy an app on google cloud to use the storage instances which would have helped to keep track of the smart contracts.

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