Supply chain financing is underserved at the bottom of the chain. Small suppliers lack the reputation to have their financing approved or to be offered competitive premiums. In addition, it can take from 3 months to up to a year for the money generated from executed trades to trickle down to the bottom of the supply chain. This situation acts as a barrier to entry and growth for small suppliers.
What it does
Promissory note on Ethereum allows small suppliers to use their existing network in their community to finance their trade. Municipalities, counties, and other beneficiaries of job creating factories can safely enter in a simple contractual agreement that finances the trade. It can be as simple as a small hot pepper sauce business based from Haiti asking for friends and family members to finance a bigger trade. This system allows businesses to finance bigger invoice and grow in size.
How we built it
We used Hellosign API https://www.hellosign.com/ to create and sign Electronic Signature Contracts and Ethereum to create and update a smart contract.
Challenges we ran into
The hackathon is limited to 24 hours to build and 3 minutes to present. It's tricky to make ready-to-market product in thes timeframes.
Accomplishments that we're proud of
Successfully build the demo and presented it
What we learned
We learned how to integrate e-signature contracts in smart contracts.
What's next for Ethernote -- Promissory Note on Ethereum
Next step is to make it a production-ready solution.