Panda Pay

Inspiration

We observed that merchants have to do a long process of tracking and reconciling inventory that is on consignment, which can be a complex and time-consuming task for businesses. Smart contracts, self-executing contracts with the terms of the agreement written directly into lines of code, offer a solution to ease this process. This saves the hassle of the need to do extensive end-of-month settlements to various stakeholders, and can simply just retrieve the transactions data that are saved on the Ethereum blockchain for accounting purposes.

Goals

Our main objective of PandaPay is to utilize Pandabank’s core banking system on the blockchain to create an attractive payment solution that encourages merchants and consignors to become Panda Bank customers. PandaPay streamlines supply-chain management and reconciliation for merchants selling consignment goods. Merchants are able to immediately pay their sellers and other stakeholders for the merchandise in real time. In addition, PandaPay also offer increased transparency and security. All parties involved in a consignment agreement have access to the same information, and all transactions are recorded on a tamper-proof Ethereum blockchain. This makes it easy to track inventory levels and payments, eliminating the need for manual payment processing and reduces the risk of payment disputes. It also reduces the possibility of human errors, which could have lead to possible disputes.

What it does

When a transaction occurs on our payment system, it will automatically call the smart contracts via API, paying the various stakeholders for the merchandise in real time. In addition, on our system’s back end takes in the item’s consignor wallet ID, and the consignment percentage. This smart contract facilitates the transfer of tokens from the consignee’s wallet to the consignors wallet based on the calculated amount of tokens to be transacted. Our system leverages on our own ERC20 token called PandaTokens, which we envision Panda to peg them to the US Dollar and be the sole form of token currency that will be used in our transactions.

To be a part of this system, we envision all consignees and consignors to be PandaBank customers. PandaBank is to create e-wallets to function as digital twins of their deposit. PandaBank, as the main shareholder of the money supply, will transfer an identical amount of PandaTokens into their wallet as their deposit accounts. When the form is submitted on the interface, the API call helps to create a web3 wallet for the new user and stores the encrypted private key together with its address on to panda bank’s database upon registration. Users are then able to use the PandaBank app interface to track the amount of tokens in their account balance reflected on their dashboard.

Challenges faced

We faced multiple challenges such as the deployment of our web API to call the smart contracts, improving the functions of our web API such that it is user-friendly and to connect the backend database to the web API. In addition, due to the short time that we are given, we had to limit the functionality of PandaPay that we envision to execute.

What's next for PandaPay

As we are still developing PandaPay, some of the new and exciting features we have instore are (not exhaustive) :

Collection of transaction data from Etherscan to our web API so that Merchants can just use our web to do reconciliation.
Allowing non PandaBank customers to use our services
Adding new features such as data analytics services on our web