Team Uptime - SIRA compatible auction system for PKO BP

Auction system based on Blockchain (SIRA compatible). The bank, which is the operator of the network and platform, charges a fee for every transaction completed in the system. Team Uptime.

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Bank PKO BP Bounty #1 and #2

Inspiration

We were inspired by the SIRA (Standard Interfejsu Rejestrów Akcjonariuszy) initiative's idea of legal token technical implementation to digitalize and automate the company shares market exchange.

What it does

It is a web application platform that is connected through our API to a Blockchain Quorum (private Ethereum blockchain network). The system has a panel for the Bank, which acts as the operator and validator of the offers and transactions between shareholders. Shareholders have their accounts to create buy/sell orders or accept orders from others.

The platform automatically collects a fee for the bank from every completed transaction that occurs within the system.

How we built it

The idea

We started by analyzing the SIRA solidity smart contracts. Based on that, we brainstormed a possible commercial implementation of a system based on a similar legal token for PKO BP. This led to the development of the "SIRA compatible auction system for PKO BP."

Blockchain and Smart Contracts

We began by modifying and extending the smart contracts to align with our business idea. For instance, we introduced a Sell order flow, which was not present in the original SIRA code. Additionally, we implemented StableCoin minting to represent the transfer of Polish Zloty for accounts with access to the system.

We also made tweaks to the existing code, such as reading StableCoin and EquityToken amounts for an account in our Blockchain network. Furthermore, we enhanced the TOK smart contract flow and functionality to obtain information about fees collected by the system for the bank.

The backend

We implemented the backend API using Express TypeScript, starting from authentication and authorization. We utilized the web3 library for communication with our Blockchain network. Despite the short development time, we followed best practices, including error handling.

The frontend

Implementing the frontend, we adhered to current best standards, including React, TypeScript, ant-design, and SWR. We designed an intuitive business layout for the platform and customized graphical layouts for each role in the system. This web application is also mobile-ready, and with minor adjustments, it could be easily usable on any mobile device. For security reasons, there is authorization for every API request to the backend system.

Challenges we ran into

Based on our experience, we know how to handle every step of developing this project. However, setting up and running the initial SIRA smart contracts required us to go through all the Solidity code to understand the logic and gain knowledge of which contracts, coins, and tokens had to be initialized to successfully run the test environment.

Accomplishments that we're proud of

We are proud that we were able to implement a coherent solution within the Hackathon timeframe. All parts of the solution, including Blockchain, backend, and frontend, communicate with each other in a secure way. This project provides a solid foundation for an enterprise commercialized solution that could be customized for PKO BP.

What we learned

We have updated our knowledge about all the current tools and best practices for developing business Blockchain projects.

What's next for Team Uptime - SIRA compatible auction system for PKO BP

We believe that this type of platform could be commercially delivered to PKO BP as a Proof of Concept in a short timeframe. We are looking forward to discussing the possible usage of the idea or how we could customize the technology from this Hackathon for the business purposes of PKO BP.

Live DEMO

You can access the live demo of our project at the link below: http://20.8.168.205:3000

Bank account login: bank password: secret

Shareholder 1 account login: shareholder_1 password: secret

Shareholder 2 account login: shareholder_2 password: secret

Shareholder 3 account login: shareholder_3 password: secret

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