Fund +

Total Transparency over all your transactions

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Inspiration

With the development of complex banking infrastructure, it is highly unlikely for anyone to lose track of their payments. In India, philanthropy has become more open. Higher volumes of people are able to contribute. With the onset of Internet Technologies, wide-spreading information is available at our fingertips and this helps in crowdfunding in huge volumes. While managing such huge funds, close to zero error is expected and a lot of accountability is expected. Huge volumes of funds can’t be dealt with behind closed doors, for instance, PM Cares Fund didn’t fall under a public authority and hence couldn’t be questioned under the RTI Act. A donor would also expect to know where his earnings are spent. This challenge needs to be dealt with as soon as possible and a convenient solution that takes care of all the stakeholders must be designed.

What it does

In today’s world we have an application for nearly everything and with our smartphones reaching near-ubiquity in most parts of the world, all the charities and non profit organizations are publicizing their money raising campaigns through fundraising apps and responsive web applications. While most non profit organizations do amazing work, lack of transparency has reduced trust and confidence across the sector. The charities face difficulties in transferring funds and operate in countries that require development aid. To encounter these problems, we had made our system through blockchain technology. Blockchain technology, with the characteristics of transparency, security, immutability, accountability could contribute to reorganize the transaction and management of the donation process cycle. We affirm that our application will provide security and responsibility over traditional charity systems. To encounter this problem we have build FUND+. With FUND+ non-profit organizations are recognized as trusted after the signup process and they will be able to collect funds seamlessly through the app. For the Donors, we have provided an amazingly powerful dashboard to keep track of all his donations and thereby getting immediate tax exemption tokens. With the cutting-edge Blockchain technology, all the transactions made via FUND+ are taken care of and not even a single penny goes unaccounted for. This way the donor is ensured that his donations are making a difference in the real-world. We do plan on monetizing this app either by getting a certain percentage cut from all the donations made for Phase 1 and then gradually move on to a more Robinhood approach where we provide a wallet option for the user and based on his interest we automatically do the donations providing him the receipts and tax exemptions and we gain the interest from his wallet over a period of time.

How we built it

A blockchain is a series of blocks, each block records a number of transactions. All the transactions are recorded in the form of hashes. A hash is a series of strings and numbers which is unique for each transaction and it includes information of previous and current transactions. As a result, chains of blocks will be created which are immutable. After the transaction, every node will compete for the accounting right through a consensus algorithm. Fund+ is built using Blockchain and Web frameworks. The application is donor-friendly and supports various cryptos for donations all over the world.

Challenges we ran into

  • Connecting web3.js to metamask.
  • Working on distributed ledger.

  • Test network run.

    Accomplishments that we're proud of

  • Second Runner up of HackNuthon 2020

  • Top 15 of SLAC 2020

    What we learned

  • Usage of Blockchain and decentralized applications.

  • Usage of truffle and ganache client.

  • Deployment of smart contracts and web3.js.

  • Financial development industries.

    What's next for Fund +

  • Implementation and scaling up of the application.

  • Testing and marketing of the proposed application.

  • Expansion of roles to national level and CSR funds.

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