SMART INDIA HACKATHON 2024
TITLE PAGE
• Problem Statement ID – SIH1589
• Problem Statement Title- Student Innovation: Blockchain Driven Platform for
Microfinance and Entrepreneurs Mentorship
• Theme- Blockchain & Cybersecurity
• PS Category- Software
• Team ID- 22553
• Team Name- Crew Dynamo
CREW
DYNAMO BLOCKCHAIN DRIVEN PLATFORM FOR MICROFINANCE
AND ENTREPRENUERS MENTORSHIP
❖ Proposed Solution:
❖ Problem: Many underserved communities lack access to vital Innovation & Uniqueness:
financial services, education, and mentorship, limiting
economic opportunities and deepening inequality. ❖ Decentralized Credit Scoring: Inclusive credit profiles using
alternative data.
❖ Idea: DAAP FUNDING, A blockchain-powered platform ❖ Blockchain Security: Transparent, trusted transactions build
offering secure access to credit, financial literacy, and confidence in financial services.
mentorship, empowering communities, fostering equality, and ❖ Inclusive Design: A holistic, gender-inclusive platform that supports
boosting entrepreneurship. diverse needs.
Problem Solved:
➢ Access to Credit: Transparent, blockchain-based microloans and decentralized crowdfunding open doors for many Start-ups, women
entrepreneurs and small industries.
➢ Financial Education: Mentorship from various Industry experts, Entrepreneurs, Educators, multilingual modules make financial literacy
accessible and engaging for everyone.
➢ Mentorship & Community: AI-driven mentorship and networking create a supportive, growth-oriented ecosystem.
@SIH Idea submission- Template 2
CREW
DYNAMO TECHNICAL APPROACH
Prototype:
Technologies to Be Used:
➢ Blockchain: Secure, transparent smart contracts on Ethereum/Hyperledger.
➢ AI: Personalized credit scoring and mentorship matching.
➢ Web & Mobile: React.js/React Native for seamless access.
➢ Cloud: Scalable hosting on AWS.
Implementation Process:
➢ User Onboarding: Connect Wallet, verify identity, and create a profile. Architecture:
➢ Loan Application: Apply for loans; smart contracts evaluate credit scores.
➢ Financial Education & Mentorship: Access gamified learning modules and mentors.
➢ Community Engagement: Participate in forums, networking.
➢ Repayment: Loan repayment with rewards for on-time payments.
Flow Overview
➢ User Registers → Profile Created
➢ Apply for Loan → Smart Contract Eval
➢ Loan Approved → Access Education & Mentorship
➢ Repayment Process → Earn Rewards
This platform redefines financial empowerment, making it accessible, secure, and inclusive for all.
@SIH Idea submission- Template 3
CREW
DYNAMO FEASIBILITY AND VIABILITY
Feasibility Analysis: Flowchart:
❖ High Demand: There's a strong need for inclusive financial services in underserved communities.
❖ Proven Technology: Blockchain, AI, and mobile tech are ready to support the platform.
❖ Scalable: Designed to grow with user demand using cloud and decentralized tech.
Potential Challenges and Risks:
❖ Regulatory Compliance: Navigating financial regulations across regions.
❖ User Adoption: Building trust in communities unfamiliar with new technologies.
❖ Technical Complexity: Ensuring seamless integration and security.
❖ Financial Literacy Gaps: Varying user understanding could impact platform use.
Overcoming Challenges:
❖ Regulatory Compliance: Work with legal experts and partner with financial institutions.
❖ User Adoption: Run awareness campaigns, offer incentives, and provide community support.
❖ Technical Complexity: Start with an MVP, conduct rigorous testing, and secure the platform.
❖ Financial Literacy: Use gamified learning and real-time support to bridge knowledge gaps.
@SIH Idea submission- Template 4
CREW
DYNAMO IMPACT AND BENEFITS
Potential Impact on Target Audience:
❖ Empowers Entrepreneurs: Provides easy access to capital and expert mentorship, enabling business
growth and success.
❖ Increases Financial Inclusion: Reaches underserved communities, offering microloans to those
without traditional banking access.
❖ Builds Trust: Blockchain transparency ensures secure, fraud-free transactions.
❖ Boosts Local Economies: Encourages job creation and economic development in local communities.
Benefits of the Solution:
❖ Social: Reduces poverty, promotes gender equality, and improves education opportunities.
❖ Economic: Drives economic growth, creates jobs, and enhances access to capital.
❖ Environmental: Encourages sustainable business practices and reduces carbon footprint.
❖ Technological: Increases digital literacy and fosters innovation in financial services.
❖ Ethical: Ensures transparency, accountability, and fairness in financial transactions.
@SIH Idea submission- Template 5
CREW
DYNAMO
RESEARCH AND REFERENCES
Reference and Research Resources:
1. World Economic Forum: Blockchain Technology in Financial Services
➢ Examines blockchain's role in transforming microfinance.
➢ Link: https://www.weforum.org/reports/blockchain-technology-in-financial-services
2. Harvard Business Review: Case Study on Blockchain for Financial Inclusion
➢ Real-world examples of blockchain's impact on transparency.
➢ Link: https://hbr.org
3. BanQu: Blockchain platform connecting unbanked individuals with microfinance.
➢ Link: https://banqu.co
4. UNDP Report: Blockchain and Sustainable Development Goals
➢ Highlights blockchain's role in promoting financial inclusion.
➢ Link: https://www.undp.org
5. Book: Blockchain Revolution - by Don and Alex Tapscott
➢ Explores blockchain's transformative power in finance.
➢ Link: https://www.amazon.com
@SIH Idea submission- Template 6
