The final submissions for this hackathon can be found here: https://bsichackathon.devpost.com/submissions
Our friends at Invisible College turned us on to this hackathon and we are excited to spend time this month getting to know the community that is working towards blockchain ideas that progress social impact initiatives. There is a lot of hype about the ability of blockchain to unlock value, create market efficiencies and empower the disenfranchised. There are many possibilities and we are currently focusing on two possible ideas for this hackathon, the first is supply-chain / supply-finance on the blockchain and the second is an idea for a smart-contract that incentivizes families for reaching educational goals.
Update: We've decided to focus on the smart-contract for reaching education goals for this hackathon. We have some ideas, and market research on this site for supply-chain but will table that set of initiatives for this hackathon. Don't hesitate to reach out if you'd like to chat about supply-chain it just won't be explored on this page for now...
Hackathon Challenge: Blockchain for Social Impact
Smart Contract to Incentivize Families for Children Reaching Educational Goals
Description of early stage idea:
The inspiration for the idea comes from these set of facts, that we've referenced here (from: http://www.globalpartnership.org/blog/why-educating-girls-makes-economic-sense:
The yields from investing in girls’ education are substantial. An educated girl is likely to increase her personal earning potential, as well as reduce poverty in her community. According to the World Bank, the return on one year of secondary education for a girl correlates with as high as a 25% increase in wages later in life. The effects carry from one generation to the next: educated girls have fewer, healthier and better educated children. For each additional year of a mother’s education, the average child attains an extra 0.32 years, and for girls the benefit is slightly larger.
A smart-contract allowing for a donor, family, and oracle to enter into an agreement whereby payments are made from donor-wallets to the smart-contract-wallet, paying out to family-wallets upon verification of milestones via the oracle.
Smart Contract: The smart-contract governs automatic execution of program for the following specific actions: 1) donation payment acceptance between donor-wallet and smart-contract-wallet, 2) oracle signal for payment, and 3) payment from smart-contract-wallet to family-wallet.
Donor Wallet: Donors will make payments to the smart-contract-wallet utilizing the cryptocurrency and wallet of their choice as long as it is supported by one of our exchange partners.
Family Wallet: The family wallet is where payments made by the smart-contract are delivered. This could be an SMS system, Android or iOS app, or any other regional digital wallet payments system that we have a partnership with.
Oracle: An Oracle is a third party piece of data that will provide the source of truth for a smart-contract to perform actions based upon. In this example, we imagine that non-profit groups will onboard with digital identity systems allowing for the signing of digital contracts. For example, someone from the Peace Corp, or an online exam would digitally sign a payment release upon verification of milestone.
Explanation of proposed business plan / business model: TBD:
Prototype / Proof-of-concept: We already have a functional Solidity smart-contract for lending money to a smart-contract, and borrowing money from a smart-contract. We will extend this to work for multiple parties. We will also build a website for interested parties to learn more about this idea and contact us to discuss partnerships in pursuit of the vision.
Timeline for sustained development of technology/business:
Stage 1: Open source version of simple 3-party (donor, family, oracle) education incentivization smart-contract.
Stage 2: Proliferation of variants of this idea into existing non-profits that are interested in and already working on education initiatives and would like to use the benefits of smart-contracts, blockchains, and cryptocurrencies.
We've joined up with the Sophia project:
Final Submission to the Hackathon