In today's world when Amazon delivers physical goods within a day, it still takes days to receive and send money across border. And when money is sent for charity it matters more than ever to have it reached on time. This results in delay of reaching aids and discourages donors from again sending more aid next time. Also, visibility in a financial transaction is very important, especially when it is being used for charitable purpose. Our motivation is to develop something to solve these.
What it does
We present Blockchain based financial solution to track the funds all through the lifecycle of a transaction. Since blockchain provides the immutability to our system YAKChain, is designed for donors as well as Government bodies to track the funds.
How we built it
We used ethereum to build the smart contract and nodejs and ExpressJs for building the APIs. Users can buy and send the tokens to charity organization to procure goods from authorized(by trusted parties) procurement agents. We developed a web application for users to donate and track money. We have included KYC and AML into the blockchain and this helps everyone to authenticate themselves and to build Machine Learning(ML) model to detect the fraudulent transactions(today we used SVM network).
Challenges we ran into
Starting GCP Windows server, imbalanced data for ML.
Accomplishments that we're proud of
Developed a fully functional POC in 24 hours, using Blockchain and Machine Learning. My Machine learning and web development engineer did not leave me hanging in middle of hackathon.
What we learned
Ethereum, solidity, some great ideas from other teams and what are sponsors do.
What's next for YAKChain, tracking funds for greater good.
We would love to work with some NGOs and Governments to run a pilot project and if possible build a full scale solution that spans throughout the globe helping millions in need.