We wanted to create a new banking paradigm with the use of blockchain, which has the potential to create wholly new business plans for banks and other financial institutions.
What it does
It is a cross-platform app that allows users to create transactions between themselves with their wallets, which contain USD. Our solution allows the bank to be the central player in the blockchain, and complete all their usual business transactions with the security and speed of the blockchain system.
How we built it
Challenges we ran into
The biggest challenge was creating a solution that still allows the bank to be the central player in the blockchain. This is especially hard due to the fact that blockchains are intrinsically decentralized and are not a natural fit for a bank trying to turn a profit. However, we believe we have created a slution that retains the benefits of blockchain while remaining profitable for the bank.
Accomplishments that we're proud of
We came up with a totally new system of classifying transactions within the blockchain so that we are able to represent lease and loan transactions as well as simple money exchanges. This is what makes this platform so valuable for a bank, in that they are the ones in charge of the blockchain, and that they are the ones that are able to loan money, earn interest, and turn a profit.
What we learned
This is our first foray into blockchain, which we had all heard about before this, but never actually explored or tried to learn how to do it.