Vaakku

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  Blockchain-based Trustless Payment Commitment System

Inspiration

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

Built With

• chia
• chialisp
• python