TradeHack

Move the Letter of Credit to the blockchain by scaling Skale's L2 solution

Description

Many international trade deals make use of a centuries-old tool called the Letter of Credit. In the absence of trust between two parties, banks have dominated the market for several centuries. The process is highly inefficient, expensive, and still paper-based in most cases. We are building a web app that lets users obtain the trust of the Ethereum network and do so at reasonable cost thanks to L2 technology. In this prototype, users will be able to perform multi-sig, store money, and release it upon confirmation from a neutral third party, the logistician that both sides agree upon.

TradeHack showcase

How it's made

We used Skale, wrote our own smart contract and created a custom token (this wouldn't have been necessary but we did it to keep the proof of concept simple, web3.py, and a simple frontend to build the web app functionality. Our biggest problem was that we couldn't get Metamask to work for us as expected.

Technologies used

SKALE