Problem faced: Processing payroll is a highly complex activity as individuals have different rules depending on their salary structure. This becomes further complex while processing payments to freelancers for the hours of their work based on the delivery committed. Traceability of work done, payment terms agreed, rates of different freelancers are very complex for organizations to maintain. After the payments are made, post the above complexities, the employees and freelancers face difficulties in reconciling the received payments, remitting the payment to their families, and tracking the history of these transactions.
Impact your project makes on society: Our project EazyPay aims to target the use of blockchain to enable smart contracts between companies and employees/freelancers. The smart contracts will have exact terms of the engagement like monthly pay, hourly pay, the deduction for leaves, duration of the contract, the penalty for delay, etc. The smart contract will be mutually accepted by the employer and the employee/freelancer before starting the engagement. The smart contract will automatically perform complex calculations & disburse the relevant ethers to the emp/freelancer after the completion of the contract. The emp/freelancer can track their account balance and also invite friends/family on the platform to transfer the tokens instantly to their family members without any delay. The platform thus helps everyone in the ecosystem with greater accuracy, faster speed of transaction, and complete transparency of each transaction.
Contribution of each team member in this hack Because of the time constraints and more number of things to do, we carefully divided work among ourselves in order to maximize our productivity. We made sure that we make use of everyone’s strength to our advantage. On the whole, Manjot worked on the frontend part of the project, Pranay worked on the backend of our project, & Deepak worked on the blockchain part of the project.
Challenges we faced while building the hack- One major challenge we faced was about thinking about a problem that society faces in real life and propose a solution to the problem in order to make life easy for all. We also faced a couple of problems while brainstorming about what exactly we need to incorporate in our project in order to reach a good, effective and practical solution within the duration of the hackathon itself. Another challenge we faced was on how to carefully divide the work among ourselves so that we optimize our performance in order to build the project witing the time duration of the hackathon. We faced some little problems while debugging our project when some functionality of our project was not working up to our expectations. An excitement to incorporate more & more useful changes in our project also put us with some challenges.
System design implementation- The employer/company initially draws up the terms of the smart contract such as the duration of the contract, the pay per hour, the penalty which is charged in case of any delay, etc. Based on these values, the pay of the freelancer is automatically calculated by the smart contract and the respective payment is made to the freelancer. The amount which remains as a result of the deduction is transferred back to the company. Our platform also allows the freelancer to check their account balance and send money to family members. All he needs to do is enter the address of the beneficiary as well as the smart key and the money will be automatically deducted from the freelancer’s account and sent to the other beneficiary’s account.