Challenge Area:
Economic Inclusion

Problem Statement:
Lack of transparent and accessible financial aid distribution in impoverished regions leads to mismanagement and exclusion of eligible beneficiaries.

Solution Concept:
A blockchain-based microfinance platform using a public ledger to track aid distribution. Smart contracts verify eligibility based on predefined criteria (e.g., income data) and automate disbursements. Data preprocessing ensures clean input from local NGOs.

Expected Impact:
Increases transparency, reduces corruption, and ensures aid reaches intended recipients, potentially lifting 10,000+ households out of poverty annually in a pilot region.

Next Steps:
Develop a PoC using Ethereum for smart contracts, integrate with local NGO databases, and create API documentation for stakeholder integration.

Challenge Area:
Financial inclusion for underserved populations

Problem Statement:
Over 1 billion people lack access to formal financial systems, limiting their ability to save, borrow, or invest, perpetuating poverty cycles.

Solution Concept:
A blockchain-based microfinance platform using smart contracts to facilitate peer-to-peer microlending. Funds are pooled in a decentralized escrow, and repayments are tracked transparently. Trust is ensured through identity verification on-chain (e.g., zero-knowledge proofs).

Expected Impact:
Empowers unbanked individuals to access capital, fostering entrepreneurship and economic stability in low-income communities.

Next Steps:
Develop a PoC with a smart contract for loan disbursement and repayment, integrate a basic identity verification module, and test on a testnet like Ethereum Sepolia.