Cyprus Fintech 2.0 Hackathon
From October 26th to 28th, 2018 team trustwise (Cyprus) participated in the #FINTECH 2.0 hackathon at the Bank of Cyprus Cultural Foundation in Nicosia, Cyprus. Sponsored by the Bank of Cyprus, KPMG, IBM and Microsoft, 18 teams competed in innovative applications in the FINTECH sector.
Team trustwise developed UNBROKABLE, a solution to secure collateral in a peer-to-peer secure loan. UNBROKABLE consists of 3 parts, a smart-contract to manage and control the secure loan process, a mobile UI for the 2 parties (the lender and the borrower) and finally a blockchain controlled vault. To use the vault, the 2 parties have to agree on the amount to lend, the payback amount and the payback time.
The lender has to create the agreement with all parameters. The borrower places the collateral item in the vault and closes the vault door. The lender then confirms that the borrower has placed the item in the vault and puts the secure loan into the execution phase. The borrower has to pay the agreed amount before the payback deadline. If the borrower fulfills the payment then they can unlock the vault to take back the collateral. If the borrower fails to pay until the payback date then the lender can unlock the vault to take the collateral.
The combination of IoT and Blockchain drew a lot of attention from mentors, media representatives and potential business partners.