We live in a world where kiosks and card machines break down, and where owners of your favorite local restaurant only take in cash, in the advent of cashless, contactless transaction society.
We want to make this transition a positive experience by offering the next generation alternative that incentivizes both customers and owners.
Current card and online transaction industries bully restaurant owners that operate on very tight margins to just survive and compete with 3% + 0.5 cents transaction fees. Without the alternative, in the advent of the shift, this is just plain monopoly and bullying.
We can potentially capture $114 B(cash) + $247 B (debit) + $554 B = 915 B (credit) sized market on both online and offline POS, just in Canada.
What it does
We replace cash, credit, and debit transactions with blockchain technology. However, we overcome the traditional challenges of blockchain by using Algorand's proof by validation technique. This reduces energy, time, and cost of transaction traditional blockchain down to almost instant time frame just like the current commercial infrastructures with fees.
We provide beautiful and easy to use customer and merchant Android Apps for Paysy. Also, for commercial settings, we provide a java application that can be used in any device by the merchants.
Merchants sends a bill to the user, user approves or declines, and the smart contract is fulfilled through a given node.
How we built it
We integrated Algorand's services in both the desktop and mobile applications by using their SDK. We were able to finally build a working point-of-sale (POS) service by successfully adding different stages of blockchain transaction mechanisms to our application- creating and storing of public-private keys for users, generating unsigned transactions for exchange, signing and verifying transactions and adding the node to the blockchain.
Challenges we ran into
It was our first time learning about blockchain technology. There were some issues with protocol communication, but with the help of mentors and company employees, we were able to successfully build the infrastructure.
Accomplishments that we're proud of
We are now familiar with the blockchain technology and are able to use a state-of-the-art blockchain platform to create our application that will change the world for the better.
What we learned
We learned about the blockchain technology.
What's next for Paysy
We will implement the recommendation algorithm for restaurants so that users can save time, and provide an ML-based analytics dashboard for small restaurant owners to enable them for strategic business decisions. This will allow them to go from surviving to THRIVING.