Powering UPI Transactions through the Blockchain 🕸️
Docs : Fundzin Docs
The growth in UPI transactions has been tremendous over the last few years. With more and more people shifting to online/digital payment solutions the net amount transacted via digital transactions has been on the rise. A similar trend can be observed in the Blockchain Industry as well where people are moving towards mainstream adoption and countries deciding upon legal frameworks to incorporate this new field.
Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank peer-to-peer and person-to-merchant transactions. It is safe, secure, and private. What if we could add another layer of security along with transparency to UPI transactions? In cases such as a donations platform where people would like to see where their donated money is utilized and who exactly withdraws how much of it and at which points in time, blockchain-based distributed ledger technology could be far more beneficial and transparent.
The problem with current blockchain solutions and blockchain wallets mainly lies in their relatively steep learning curve as compared to solutions such as UPI. Knowledge about how blockchains work (at least superficially) and about private and public keys are somewhat essential to ensure safety and a proper understanding of blockchain solutions. But, what if a person could simply do a UPI transaction that would occur normally, while a virtual copy of the same transaction is done on the blockchain. This virtual copy is immutable (under the properties of a blockchain) and hence acts as a transparent source of proof related to public transaction details while maintaining and building on the simplicity and familiarity of people with UPI payments.
This is what Fundzin aims to do. It is built on top of the Ethereum Standard with Smart Contracts written in Solidity. It can be integrated with a payments provider API (such as RazorPay) and customized to carry out the virtual transactions on the blockchain in parallel. It was primarily built as a module to be integrated with a donations platform.
Requirements : requirements.txt
Backend Requirements : requirements.txt
In the future I plan to add modules to enable the setting up of custom Geth or Hyperledger Besu client and boot node configurations for quick set up and support of a custom private blockchain network (preferably hosted on Azure or even locally) to facilitate the development process.