➢ Major Area: Financial Market Domain
➢ Title: Managing personal finance using Blockchain
➢ Dapp name: LoanPurse-Dapp
➢ Clients: Lenders, Borrowers(Requestors)
Problem Statement:
• Financial markets are quite cumbersome for many of us and especially for the
people who are in dire need of their finance but have a hard time arranging it. Banks
and other middle entities make the process tedious, time-consuming and lending
money from these entities make it costly by factors like the rate of interest. In the
real world, I have often seen how difficult it is to manage personal finance in case
of certain unprecedented situations. Arranging money from people who do not have
any immediate relations makes the situation worse.
• For instance, this pandemic has been hard on everyone. Managing personal finances
for everyone has been a task. Students like us find it difficult to manage money after
losing jobs and other sources of income.
• This problem has a global scope where participants are decentralized and not
necessarily known to each other. To address situations like these, I am planning to
build a peer-to-peer decentralized application, where anybody can lend money to
anyone over any place in the world enabling an opportunity for one user to get the
return on his/her money and the other user to borrow money at a very reasonable
rate without much hassle of involving the third party like banks, brokers, etc. This
would enable and build trust between the lender and borrower which is an
important aspect of blockchain. They do not need to give any fees or amount to a
third party, and it would help them save their finance.
• The transactions in this Dapp are recorded, verified, and validated. Hence all the
transactions are secure. This Dapp will solve several similar issues and would be a
boon to many in this pandemic and otherwise.
• Implemented an end-to-end blockchain decentralized loan application as a P2P model.
• Developed smart contracts using HTML/CSS and JavaScript on the client-side and Solidity and Node.js on the server-side.
(Tech stack: Solidity, Ethereum, JavaScript, Node.js, HTML, CSS, Web3 API, Infura, Ganache, Ropsten)