Smart Contract Management System Using Block Chain

Smart Contracts For Women Entrepreneurs and Female Freelancers of Pakistan

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Inspiration

So the inspiration for me was as you know in Pakistan everything is documented based either it's a lawyer, either it's a businessman or anyone. Every agreement is documented based and I started research about this idea but I didn't get anything online. So I started thinking about it and we thought of making a smart contract management system which can help every person living in Pakistan. Secondly I thought of entertaining male and female freelancers of Pakistan as you walk through there is a lot of payment cutted from the freelancers specially now taxes are also being taken from freelancers so in order to facilitate them I thought of adding this functionality to the application. Thirdly If you see there are alot of charity organization and if see the funding donors they are kind of shy and hesitating to donate as of trust issues and this platform can surely help them as they can track every single record of their donation. The front end of the application will be in Flutter - Dart and for backend it will be Big Chain and Hyperledger Fabric.

What it does

Cloud, IoT, Blockchain, and Data Analytics, among other disruptive technologies, have transformed into new automation demands in a variety of industries. Contract management needs to be revised in the business-to-business sector as well and specially for the females entrepreneurs and freelancers of Pakistan. Smart Contract Management System is a new Blockchain based solution that is expected to automate future business procedures. By streamlining firm workflow methods, blockchain has enabled corporate process re-engineering, particularly in multiparty agreements. Smart Contracts are a technique to automate business-to-business transactions that are triggered by IoT devices, data feeds, or other apps. This project will create a platform for numerous firms to collaborate on smart contracts and view transaction data stored on the blockchain. A user will utilize a dashboard to create a smart contract with another user. Certain requirements and clauses of the Smart Contract must be met in order for certain events to occur. If the contract’s terms are followed, a transaction-like event will occur. These transactions will be bundled into a block and kept on a blockchain network. Immuta ability is a property of blockchain-based contract. Smart contracts are more secure than traditional paper contracts since they may be changed after they’ve been created using hash code. For security and tamper-proof features, any data generated by smart contracts will be stored within the blocks of the blockchain. The fast expansion of blockchain technology and cryptocurrencies in recent years has altered the financial industry, resulting in the emergence of a new crypto-economy. Smart contracts, which are computer protocols that automate the negotiation and enforcement of agreements between several untrustworthy parties, have given rise to next-generation decentralized apps that do not require the involvement of a trusted third-party. From both a technical and a user viewpoint, this paper examines blockchain-enabled smart contracts in depth. To accomplish so, we propose a taxonomy of existing blockchain-enabled smart contract solutions, classify the research articles contained in the report, and assess existing smart contract-based studies. We propose a set of issues and open concerns based on the survey findings that should be addressed in future investigations. Finally, we look ahead to see what themes will emerge in the future. Smart contracts are beneficial not just to businesses, but also to male and female freelancers and charity organizations.

How we built it

So I started making user interfaces for this application after my one month research and I started implementing them as well. The screens are very minimal and simple in order to make it more user friendly.

Challenges we ran into

I faced a lot of challenges while researching for this idea and then implementing it. First one was implementing a wallet system is not easy in Pakistan but I was inspired from sadapay and thought of giving it a go. Secondly shifting the whole system to automation is not an easy task but I found out quiet few solutions for that. At First it was really difficult to gather data from freelancers and from entrepreneurs but when I reached out to few people in my connection they helped me a lot in this. Regarding the wallet system I faced issues but my father is working in bank and he helped me out to sort this problem and talk to them, explain my idea and they appreciated it.

Some Real Quotes of Freelancers: Freelancers may get their payments after tax being deducted at source. Similarly, freelancers are required to deduct tax at source before making a payment. Here is an example:

Roshni is a graphic designer who works as a freelancer for multiple clients. She is paid for each project she works on and not a fixed monthly salary. In each such payment, the client deducts tax at source before paying out. But, she does not know about the tax she has to deduct at the source.

Every time a freelancer or a small business owner makes a payment to professionals which exceeds Rs.30,000 per transaction or in aggregate during a financial year, TDS applies at the rate of 10%. The deducted tax at source must be deposited with the government.

Transaction Fees Transaction fees incurred for using Credit Card, PayPal or Skrill.* $0.30 USD + 2.3% International Wire Transfer $15.00 USD

Accomplishments that we're proud of

It's a big accomplishment for me as an idea like this never existed before. There might be some systems but they won't have that much features as I am introducing multiple option in my application.

What we learned

So I have been working as a freelancer from the past 3 years and I faced a lot of issues while transferring my money to bank or if it is an international transfer the fees is too much and specially when you are living in Pakistan where now you have to pay tax to the government as well. So let's suppose if it's a 10 dollar project on Fiverr, Fiverr cuts their commission of 2 dollars from the 10 dollar project and after that being a freelancer you want to transfer the amount to payoneer they cut their fee and when you withdraw it directly from payoneer card it has some fee as well means you are only getting around 3 or 4 dollars or may be less. I have gathered the data from one of the best freelancers around who were in my connection and they helped me to gather different data from different female and male freelancers around and on the basis of research and data I gathered will be linked in one way or the other way with my application. My goal is to facilitate the female freelancers of Pakistan by Introducing them to a wallet system where they will not have to pay any fee and I will be getting by the application where the user will have multiple premium memberships for 1 year and on a very reasonable price. The freelancers will have every possible option in their wallet through which even they can transfer their payments to the local bank without any charges. I have been talking with different banks of Pakistan and I have got a good response on this application and they are willing to help. The UI Designs are made user friendly, minimal according to the data I gathered and according to the customer requirements.

My personal learning included exploring blockchain and I have been working in flutter from the past 1 year. I am working as a UI/UX designer from the past 5 years as well. Learning Blockchain and embedding it and making smart contracts with flutter is a great experience and learning for me.

What's next for Smart Contract Management System Using Block Chain

So in future I will try to Introduce Election Voting System in this Application.

Reference Link for Freelancer Taxes & Freelance Platform charges: https://cleartax.in/s/income-tax-for-freelancers https://www.freelancer.pk/feesandcharges

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