After working at some of the largest Canadian banks, we identified a common problem: the traditional process of verifying financial statements for KYC compliance is slow, inefficient, and insecure. Common challenges include:
- Data tampering
- Lengthy verification processes
- Interbank trust barriers
These issues lead to a slow and tedious process for customer onboarding. Additionally, when financial statements are required for business activities such as credit scoring, verifying their accuracy can raise concerns, further slowing down transactions.
ChainedSimple is a solution that:
- Allows users to upload financial documents to the Blockchain.
- Enables access to these documents via a Wallet Address to share securely with others.
- Utilizes AI to analyze user data.
This approach ensures data integrity while keeping it more secure.
- Backend: Built using Flask to handle API calls and support the application. We integrated the Verbwire API to mint NFTs and attach them to customer wallet addresses.
- AI Integration: The Cohere API was used for analyzing data.
- Frontend: Developed with standard HTML, CSS, and JavaScript to provide a user-friendly interface.
- Learning Curve: None of us had prior experience with blockchain, and this was our first time implementing anything involving NFTs.
- Flask Challenges: Understanding variable scope in Flask when passing data between pages or functions caused blockers during development.
We are extremely proud of:
- Successfully implementing the Verbwire API to mint NFTs with metadata and attach them to wallet addresses.
- Analyzing financial data using AI.
- Celebrating each milestone as we inched closer to completing our project.
- Blockchain Fundamentals: We gained a deep understanding of how the blockchain works and its benefits.
- Teamwork Lessons: We realized that adding more hands to the wheel doesn’t always make the car drive faster—it just makes it harder to steer.
Our future plans include:
- Enhancing the UI for a smoother user experience.
- Adding workflows that allow users to share their NFT with others, such as through a QR code. This would enable users to share information like credit scores quickly and conveniently.