Open Banking is one of the hottest hot sales in the fintech ecosystem in the last few years. If you visit any fintech conference/meetup, the most common buzzword you hear is “Open Banking”. It all started in Europe and then picked up the whole world like fire.
Why we need Open Banking ?
Banks are running on the almost decade-old infrastructure. There is a need for up-gradation and innovation. The biggest challenge is that it can’t be upgraded like a normal SAAS product. The reason is a numerous amount of dependencies in terms of regulations and tech. There are no. of advantages of it. I have detailed in https://medium.com/@a4nkit/how-open-is-open-banking-25920f55eb4d
What it does
Its a marketplace to sell the valuable finance data. It connects buyers and sellers/data generators. Here, seller can be any API/payment company provider. Buyer can be who needs to consume lots of data for better analytics behaviors or insights.
How I built it
I used the keeper contract as base layer, then reactJS for frontend.
I deployed it both on nile and barge then pacific. There are no. of tutorials on the ocean doc section which was quite helpful to get started.
Challenges I ran into
Coming up with right DeFi use case is very important. I talked with 5 data analytics startups about their expectation and current workflow. This consume bit time. On tech side, I wanted to include the decentralized oracle like chainlink or razor.network for validation. I am working on it to include it
Accomplishments that I'm proud of
Creating decentralized data market place for Finance. As of now, we are able to take data from data.gov.sg which is open platform for sharing of fintech data related to Singapore
What I learned
End to end of keeper contract and creating data marketplace. Learned lot about use cases around DeFi data ecosystem which is itself very big thing.
What's next for ZDeFi (Zeggo finance)
Few things like: Include oracle,
Include privacy Make it revenue generated Project
API based call via ZeDeFi will be charged on per hit basis. X amount of API will be free. Later it will be monetized. Also, there are lots analytics work can be done on top of it,, which will be in premium vertical
Article1: https://medium.com/@a4nkit/how-open-is-open-banking-25920f55eb4d Twitter: https://twitter.com/a4nkit/status/1215514084956753920 Article2: https://medium.com/@a4nkit/open-banking-5-things-about-psd2-29b4f88b1056