Inspiration

Easy and convenient access to core financial services including loans are a challenge even in developed countries like the United States. Add on developing countries and people affected by natural and man-made desasters and it turns out that billions of people lack access to private and commercial loans. In many cases these people may be deemed not 'credit worthy' in a traditional sense, due to a variety of different factors. Our tool aims to provide this access by allowing the crowdsourcing of collaterals, rewarding great ideas.

What it does

Using the power of smart contracts on the Algorand Network we are able to take full advantage of the increased security and flexibility of decentralized finance. We connect people that need loans to rebuild their homes and business after a crisis as well as people not served by traditional banks with potential investors that want to provide collatoral for a good cause, in exchange for a small return. The loan would still be offered by a institutional investor, but is secured by crowd collateral. The entire loan process, from paying the security to repayment is handled in a single smart contract, allowing for full transparency and security.

How we built it

The project was built using a combination of Algorand SDK, PyTEAL as well as Flask for the Front- and Backend.

Challenges we ran into

With none of the team members having a strong background in blockchain technology, starting to write smart contracts and setting up a complete development environment was a challenging adventure.

Accomplishments that we're proud of

We are very happy with the fact that we were able to set up a fully working smart contract that implements most of our envisioned core features.

What we learned

All about Blockchain.

What's next for Kollateral

We are not sure yet, but would potentially be interested in taking this idea further.

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