Improvisation in financial inclusion via blockchain – Success Story
Blockchain-based finance transfer system to improve global financial inclusion by enhancing cross border payments
Our client is a financial institute whom we helped in setting up a perfect blockchain-based system to enhance microlending process.
Cross border payment and access to credit across geographies is still a challenge for many even with all the advancement in tech and finance. Existing systems are inefficient, expensive and majorly out of reach of the major chunk of world population. 2-Billion adults are never banked and have limited or no access to financial services. Urgent steps need to be taken to have a standard system to facilitate micro-lending and cross-border payments.
The microlending industry is set to eliminate poverty, offering low-barrier access to loans to those never had access to finance. Microlending industry faces criticism from every possible corner of the world for being greedy and taking advantage of underprivileged.
How to remove or reduce the following primary pain points of traditional micro-lending customers and providers was a challenge in front of us.
Overheads and operating costs
High fees to offset heavy operational expenses
Overall transaction processing time
Corruption and malpractices
Centralized structure and its disadvantages
SoluLab has worked on a solution to improve financial inclusion problem by applying blockchain technology for cross-border remittance, online payment, currency exchange and micro lending. This solution will provide best of the best system by providing a blockchain-based capital transfer system that aims to reduce or remove financial inclusion barriers and provide financial service access to the unbanked or underbanked.
The Blockchain based verification system that we developed for our client requires sign off of other network members on each transaction. If a transaction has been sent, it cannot be sent again and efficiently remove the issue of double spend. By using Blockchain protocol to verify transactions, blockchain networks can verify transactions in fraction of seconds. Regular banks generally takes days for the same.
Decentralized system will issue a notice to the rest of the network that a transaction was done, and then publishes that record to the rest of the network. By routing transactions through the whole network, more than one confirmations get generated, resulting in a faster turn around for transactions of any size.
Delivery Time: 5 Months
Team Involved: 2 Blockchain Developers, 1 Full Stack Developer, 1 Graphics Designer, 1 Business Analyst, 1 Project Manager, 1 Quality Assurance
Technologies we used: Ethereum Blockchain, ERC20 Standard, Solidity for Smart Contract
Results – A journey from Ideas to Success
Rapid pace to complete the end to end payment.
Better tracking of cross border transactions.
Seamless and faster payment reconciliation
Up to the minute transaction turnaround time
Transparent and effective system that save resources
Cost effective alternative to current high priced banking transactions
“Had heard a lot about blockchain in finance but never knew the actual magic which SoluLab did for us.”
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