Sancus Loans

Inspiration

The pain point for budding startups is securing funding - be it bootstrapping, receiving funding or receiving disbursed grants. We found that it was hard for startup owners and venture capitalists to track and have accountability of funds used for the startup, leading to increasing the complexity of accountability and red-tape measures. This stunts a startup’s growth and potential, which has irreversible consequences. This problem led us on a search for a way to overcome this in a transparent and sustainable manner.

What it does

Sancus Loans does Smart Contract execution and serves as a way to manage contracts for startups and investors in an accountable way with blockchain. Via an app, the startups are able to search for investors that can offer the fundings they need. They also are able to access the terms and conditions of the investors, as well as milestones required for them to hit. This is important as being transparent on deliverables will help startups streamline their effort towards a particular fund to get quantum disbursed from the investor via smart contract, which fuels growth. The app is simple to use and easy to track, allowing both investors and beneficiaries to monitor their funding in a secured, transparent and sustainable manner with the usage of smart contracts and blockchain.

How we built it

Using Javascript to code it through proto.io while referring to the Finastra API

Challenges we ran into

Coming up with an idea we all believed in was not easy, there was a lot of scrapping and improvising of ideas. The Ideation process took us quite some time before arriving at Sancus Loans which we all believed and agreed on. We all come from different universities, and with various different schedules and internships, finding a common time to come together posed an issue. Troubleshooting the app proved to be tedious in adding new features and adjusting the User interface.

Accomplishments that we're proud of

We were able to come up with something we were proud of within a short amount of time despite the tight schedules and time constraint we all had. We also bonded well as a team and would work with each other more often in the future looking forward.

What we learned

We learnt that teamwork and open, clear communications were paramount to any team effort. Everyone needs to be on the same page and believe in the same goal to accomplish a common goal. Learning to adapt to new people and various working styles allowed us to pick up interpersonal skills and exposed us to different points of view. We also learnt more about coding and APIs.

What's next for Sancus Loans

We are looking to get funding and access to expert help to push the app past the prototype stage, and eventually be able to get a few partners to trial and run the app and make the concept and execution of the app to be successful.

Built With

• blockchain
• finastra-api
• java
• smartcontract