Expediting Sub-Contractor Payments

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  Blue Collar Workers Lack Access to Digital Economy

Inspiration - Plumbing Company Subcontracting Professional for 30 Years. Experienced cash flow crunches with low profit margins as General Contractors slow down billing and payment cycles. Billing pain points - meet proof requirements for licensing, insurance, bonds, completed work and releases of liens

What it does

Payment Pro leverages permissionless Web 3 Technology to vet key stakeholders in the construction field including owners/developers, funding sources, engineers, architects, general contractors, vendors, and specialty contractors.

Double-sided platform creates a token gated privacy protected clearinghouse to verify conditions for payment and release payments automatically via smart contracts and dynamic NFT's that process real-time data.

Uses Dynamic NFT Technology to add layers of protection to payment process

How we built it

Concept:

User Owl Protocol's Dynamic NFT's and NFT nesting capabilities to create stakeholder profiles and set up smart contracts to meet specific payment cycles per unique General Contractor and Specialty Contractor services and performance schedules. Use Chain Link to link to data in sister construction industry project management software systems real time data to confirm conditions for payment are met. Can offer smart contract bonuses for finishing ahead of schedule, under budget, lack of job related injuries, etc. and conversely penalize companies for not meeting scope of work, scheduled deadlines, keeping the site clean, or having safety violations.

Email address wallets in above Web 3 companies allows for seamless Web 3 integration of funding via fractionalization as well as traditional financing methods. Allows for the smallest of one-man specialty contractors to larger stakeholder employers to receive Digital Currency Payments and to offer Web 3 payroll solutions.

Challenges we ran into

Multiple tech platforms are required Need to show both stakeholders how we ease their pain points in the billing and payment cycle - it's a win/win

• Saves time and aggrevation for both side
• Onboards the entire construction industry into Web 3 - painlessly
• Reduces liability

Accomplishments that we're proud of

Creating the concept was difficult with new technology in a low tech, legacy field

What we learned

That it's possible to make Web 3 accessible to the working class through skilled labor employers

What's next for Expediting Sub-Contractor Payments

Fine tune the tech side and create an MVP while conducting market research to discover the objections some contractors might have to onboarding

Built With

• chainlink
• crossmint
• filecoin
• owlprotocol
• quicknode