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LATEST UPDATES ON FUTURE TECH HACKATHON BY FLEXILOANS

Fintech

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Posted on
Sep 10, 2018

Flash back to 1995 when there was no Internet, no mobile phones, no cloud hosted software – when you had to rely on physical social networks to gain access to reliable information and trust. Today, everything is different – its faster, easier and more intelligent.

We are living in an era of unprecedented disruption. Newer technologies are finding their way to legacy industries like education, commerce, financial services, insurance, and many more. Blockchain is not a buzz word but a real step to the digital revolution in the finance industry. Some say that it is the next Internet and possibilities are endless.

FUTURE TECH HACKATHON

There are many leaders in the industry who are early adopters of these technologies and one of them is FlexiLoans. This Mumbai based digital lending platform doesn’t leave any stone unturned to disrupt the financial services. This comes with evidence to the fact that FlexiLoans had recently joined hands with leading capital market participants viz. NSE, BSE, MSEI, CSDL. NSDL and Elemential Labs to co-host an event based on redefining the Capital Markets with Blockchain over the weekend of 8th and 9th September 2018 in its headquarters.

The event was graced by MD & CEO of NSE, Vikram Limaye himself who was accompanied with a panel of judges that included industry experts like Abhishek Kothari (Co-Founder, FlexiLoans.com), Joydeep Dutta (EDO & CTO, CSDL), Anil Kumar Verma (AVP, CSDL), Sunil Batra (SVP, NSDL), Devanshu Desai (Head-Tech, MSEI).

This was fourth in the series of Future Tech Hackathon focusing on enabling transparent and efficient capital markets by leveraging Blockchain Technology. This hackathon saw a footfall of 170+ tech-enthusiasts distributed in 30+ teams participating to win prizes amounting to Rs. 10 Lakhs, the highest ever offered till date.

The mandate to the participants was to leverage blockchain DLT to disrupt a use case within financial services, especially capital markets and trade finance. The winning teams came up with great solutions to the problem statements especially relating to Tokenisation of assets, Real-time Monitoring of trades and loan disbursements, and blockchain powered trade finance systems.

FASTER LIQUIDITY OF ASSETS

One of the projects aimed at providing faster liquidity of assets, thereby, ensuring quick settlement of the transactions and a secure “Ownership ledger”. This included development of platform that tokenizes assets into equivalent worth of ERC20 tokens so that multiple investors can invest in same asset with any amount of money. Imagine, one can partly own/invest in a piece of land for just $100 or $10. Other use-cases are: Debt Syndication and crowdfunding.

SMART CONTRACT SOLUTION

While, the other project gave a smart contract driven solution on Ethereum blockchain which streamlines the whole process and provide transparency, visibility, smooth settlements and reliable documents sharing over secured IPFS. Currently the process is very cumbersome. The project took the use case of Syndicate Loans and provided Blockchain based solution for it naming it as “Smart Syndicate Loans”.

SEAMLESS VENDOR FINANCING

Likewise, another project was a solution built for a private Blockchain network with possibilities to integrate API banking and data integration with ERPs for seamless process by proposing a vendor financing Blockchain platform that can maintain constant data sync between buyers, suppliers and financiers to enable faster invoice approvals and discounting processes. Moreover, it could track and prevent any cases of double spend or unauthorised invoices.

ABOUT US:

FlexiLoans is one of the leading Digital Lending Platforms for small businesses. It was started with an endeavour to solve the problems that small businesses face in accessing quick, flexible and adequate funds for growing their businesses. They are the leaders in using advanced data science and cutting edge technology that focus on alternate / surrogate methods for scoring customers. Till date, it has disbursed loans to small businesses across 1000+ cities with a completely branchless model.