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Payment reconciliation using

Team: Smart Chain

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01

Implementation

Results & conclusion

Problem statement

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03

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1. Transparency and Trust Issues

2. Manual Intervention and Errors

3. Real-time tracking and payment reconciliation

Problem statement

01

What are the challenges of the current payment reconciliation systems

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How do we use blockchain?

Blockchain

Smart contracts

Our Approach

Blockchain is a decentralized ledger, immune to data modification. By harnessing the power of blockchain, we can ensure transparency, reduce fraud, and bring efficiency. When we talk about Web3, it essentially stands for a new generation of internet technologies that allow for decentralized and transparent peer-to-peer interactions.

Smart contracts, written in Solidity and deployed on Ethereum, form the cornerstone of our solution. These contracts facilitate automatic transaction execution once pre-set conditions are met, thereby ensuring accuracy and timeliness in payments.

Our system uses a smart contract to keep track of all entities involved in a shipment. We store information such as from whom and to whom the payment will be made, the stage of delivery, and the amount. Before the delivery process starts, each user transfers the required amount to the contract, which holds it until the respective delivery stage arrives.

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* Tracking the entities

* Tracking payments

Implementation

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Let's delve deeper into the implementation. Our solution uses a smart contract that keeps track of all entities involved in a shipment. This contract encapsulates the payment details for each entity # , including who will pay whom, the amount to be paid, and the stage of delivery when the payment will occur.

Before the delivery process initiates, each user transfers the required amount to the smart contract. #The contract holds these funds until the relevant delivery stage arrives

We have used Solidity's mappings and structs to efficiently manage these transactions. A mapping from delivery stages to payment details facilitates efficient lookups and updates.

The heart of our solution is a smart contract written in Solidity. It automates the transfer of value between parties based on predefined rules, removing the need for a middleman.

#The smart contract we've written, PaymentReconciliation, contains functions for adding payment paths, making deposits, and triggering payments based on product delivery stages.

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* Interaction with blockchain

* Implementation with Django

Implementation

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We use a struct named PaymentDetail to store the transaction details. A mapping named 'paymentDetail' links delivery stages to an array of PaymentDetail instances, representing the complete payment details for each stage.

#Users deposit the required amount into the contract using the deposit function. When the delivery reaches a certain stage, the sendPayments function is triggered, and payments are #ransferred from the payer to the payee.

Our application interfaces with the Ethereum blockchain through the web3.py library. This Python library enables us to interact directly with the Ethereum blockchain, read data, create new transactions, and even deploy smart contracts.

In Django, we use Web3.py to connect to our Ethereum node, which could be a local instance like Ganache, or a remote node provided by services like Infura. Once connected, we instantiate our smart contract using the ABI and the contract's address.

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Contd..

User-side implementation

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Ensuring safety and transparency

To ensure safety, our contract checks if the payer has enough funds before making a transaction. Transparency is inherent in the blockchain. Everyone can see the transactions that have occurred, but they cannot alter the data once it's on the chain.

Throughout the development, we faced challenges such as managing the mappings of payments efficiently, given that iteration over arrays in Solidity can be cost-prohibitive. We addressed this by structuring our data such that a mapping links delivery stages to a struct with payment details, promoting efficient searches and updates.

After finalizing our web application and smart contract, we deployed the contract on the Ethereum network using Remix, an online IDE for Solidity. Our Django application then connected to this deployed contract, establishing a complete end-to-end flow.

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Results

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Thanks!

Team: Smart chain

Members:

- Ananya Besufikad

- Akotet Yeshaw

- Biniyam Aschalew