Payment commitments are a major trade make-or-break element in a B2B trade cycle. Both customers and suppliers are cautious about risk-free payments. Traditionally, customers resorted to Banks to guarantee their payments to suppliers in the form of Bank Guarantees/Letters of Credit, etc.,
Vaakku is enabling a blockchain-based trustless payment commitment system, whereby, customers can leverage the benefit of blockchain, can create an irrevocable payment commitment by themselves.
What it does
Vaakku uses Chia blockchain to create a multi-signature required payment transaction, the payoff &
How I built it
Chia is a smart-coin-based blockchain ecosystem, which makes it a perfect platform to create trustless payment commitments.
Challenges I ran into
Getting around Chialisp & re-orient the smart-contract-based blockchain approach to the smart-coin-based approach.
Accomplishments that I'm proud of
Glad to create a trustless payment commitment system, which is cost-effective & transparent
What I learned
Learned the amazing Chia ecosystem & how it enhances the idea behind Bitcoin in an energy-efficient & sustainable way.
What's next for Vaakku
Add more payment commitment types to benefit B2B payments