- SME's account for over two-thirds of the $3 trillion worldwide market.
- SMEs account for 6-7 percent of manufacturing GDP and around 25% of service sector GDP in India.
- They are also India's most important source of employment, employing around 106 million people, or 40% of the country's total.
- They are a vital aspect of the Indian economy, and hence are inextricably linked to the country's development and advancement.
- As a result, the challenges that SMEs encounter become a common issue that has an impact on the country's economy, growth, and well-being.
- We picked one of the most serious issues as one of the most pressing.
- Know the Customer - Most investors want to invest in small to medium-sized businesses, but they are unable to do so owing to a lack of information about their financial records and affiliations.
- Personal study into possible SME's with profitable profit margins isn't very useful.
- Seamless Dataflow: In order for the platform to display a link between the seller and the buyer, adequate authentication is essential so that investors do not receive tainted data.
- Immutable Log: We have an immutable ledger of transactions and invoices thanks to blockchain and smart contracts, which instils confidence and creditability in our consumers.
- Escrow: To enable hassle-free escrow transactions for our consumers, a specialised wallet and token system was established utilising smart contracts, with us - the product developers - acting as the banking.
- Our answer was to develop a product based on Smart Contracts (Blockchain). We wanted to bring buyers, sellers, and investors together in one spot.
- Buyers (Core Enterprises - major organisations such as Reliance, Tata Motors, and others) can obtain requirements from SMEs in the marketplace without jeopardising their cash flow.
- When necessary, the buyer will make a request to a certain SME.
- The seller can determine the buyer's requirements and, based on that, determine the amount of working capital and the deadline for working capital.
- The buyer can set the percentage of insurance that will be guaranteed by their side in the event of a sellar default.
- The contract, along with the preceding statistical data of the buyer and seller, will be available to investors after final clearance by the buyer's side.
