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

1. User selects the NFT that he/she wants to collateralize
2. Upon successful confirmation of the NFT's value and the user's approval, the NFT will be transferred to the smart contract and a loan will be initialised
3. Each loan on the smart contract is identified by a unique LoanID, Repayment Due Date and Loan Amount
4. The user inputs the amount he wants to repay and the loan amount will decrease accordingly. The amount will be transferred to PandaBank's wallet
5. If the user fulfils his/her repayment before the due date, the NFT will be returned.
6. Else, the NFT will be seized and transferred to PandaBank's wallet address.

How we built it

We revolve our service around the following technologies: Python, Javascript, Solidity, NextJS, Flask

Challenges we ran into

1. Time Management
2. Automation of smart contract functions to seize the NFT
3. QR code scanner to reflect merchant's bank address and transaction amount
4. Integration between smart contract, frontend and backend elements

Accomplishments that we're proud of

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

What we learned

1. NextJS
2. Flask

What's next for FlexiPay

1 . Allow bulk collateralization of digital assets

1. Use machine learning to enhance digital assets quotation
2. Enhance flexibility to allow repayment plans tailored around the user's cash flow
3. Implement a database

Built With

• flask
• javascript
• nextjs
• python
• solidity