FlexiPay

Inspiration

With the onset of the pandemic wrecking havoc on the global economy and a looming recession just around the corner, many banks have begun setting aside billions of dollars in expectation of tremendous consumer loan defaults. Evidently, loan defaults and the steps taken to mitigate these risks represent a significant loss of revenue for these banks.

What it does

We propose the adoption of smart contracts, with the use of cryptocurrencies and Non-Fungible Tokens (NFT) as collateral, in issuance of loans as it increases the efficiency of payment collection, eliminates the risk of non-payments and allows for effortless trust between both parties.

How we built it

We plan to revolve our service around the following technologies: Python, Javascript, Solidity

Challenges we ran into

1. Time Management
2. Automation of smart contract functions to seize NFT

Accomplishments that we're proud of

1. QR code scanner
2. Repayment of loan
3. Integration of Web2 and Web3

What we learned

1. Solidity
2. NextJS
3. Flask

What's next for FlexiPay

1 . Allow bulk collateralization of digital assets

1. Use machine learning to enhance digital assets quotation
2. Database

Built With

• axios
• flask
• javascript
• python
• react
• solidity
• sql
• sqlalchemy