Getting an uncollateralized loan for an online purchase is a tedious process. Research has shown that having a payment plan converts more visitors, encourage them to spend more money, and over half of the customer would rather pay in installments. However, many businesses don't want admin costs and risk that comes with it. There is a centralized payment solution out there such as an affirm. However, you would need to go through an extensive background process and you wouldn't be able to apply for it if you have one minor credit mistake. This project allows you to simplify many of those processes using a decentralized identity and smart contract on ethereum. Sellers on the platform can call easily call ediv smart contracts if they want to implement a payment plan without going through the hassle of getting approval from a company like affirm. Using a decentralized identity from bloom, each user will have a risk ratio and determine how much initial payment they would need to make. After purchase, they can easily go to dashboard in order to track their previous purchase as well as keep up with monthly payment
How It's Made
Used truffle-react box and remix. Wanted to implement bloom but didn't have the time & skills to do so. I didn't know much solidity so it took some time to learn it. This is basically a prototype version of it and I could've added more features such as implementing decentralized identity, implementing a staking model to provide liquidity for these payment plans so it can transfer to the seller right away, etc.