FinlandHeaven

Inspiration

Many of the world problems (ex. Tax Evasion, Financial Fraud, and Bernie Madoff) can be solved by enforcing a transparent and efficient taxation system. Using Ethereum, we will enable governments and organizations, especially nonprofits (such as the Community Empowerment Fund), to promote transparent, fair taxation with smart contracts.

Now all we need to do is to route the system to a secure serverless network to prevent another DAO-like hacker from penetrating the Ethereum system and convince the US government (or any government, we are not that picky at this point) to get on board. Give us another 10 years tops. Finland, we're looking at you. Your name has "fin" in it and you are the beacon of all of Scandinavia, after all. And everyone is happy there (at least we think).

What it does

Using Ether cryptocurrency, we are creating an automated platform for income tax systems, ensuring financial transparency and efficiency, since governments of all levels and organizations (including nonprofits) do not file their own taxes.

With smart contracts, all taxes are transparent, since each user has a unique hash that contains their taxation level, and this hash to available to the government and relevant organizations.

How we built it

Blockchain Technology - We used Blockchain technology to ensure serverless transactions across users.

Node JS - Node JS is the primary base for getting started with blocks for implementing BlockChain Technology.

Rest API - Rest API is used to pass data and create smart contracts to impose different restrictions on financial transactions.

Python - Python is used to implement Rest API and call HTTP GET and POST methods from Python files.

Challenges we ran into

We learned Blockchain technology from scratch and implemented it in a functional back-end system under 24 hours. Huge shoutout to Jim Posen, the Coinbase team, Michael Wuehler, Brent Xu, and the Consensys team for introducing us to Blockchain Technologies. Special shoutout to Shaun Cheng of Spotify for aiding us greatly with development. This project would not be possible without them.
Bitcoin is not programmable. Instead, we used Ethereum so that we can alter the rules of contracts and of the trading platform.

Accomplishments that we're proud of

All of us had no experience with blockchain technologies, and this was an extremely exciting introduction to this field--a field that is the future of global financial trading.

This is both the end of a fantastic Hackathon experience and the beginning of our journey into the world of Blockchain technologies.

What we learned

Peter: One day in the near future (probably around 10 years from now), there will be a global currency, and it will leverage BlockChain technology. Also, Blockchain has so many applications besides for cryptocurrencies, including clearing and settlement (finance), provenance (supply chain) tracking, and as a digital identity platform (courtesy of Brent Xu).

Debosmita: Blockchain, ethereum, bitcoins were the technology names that I have just heard till one day ago of HackDuke. But with the end of this hackathon, I am taking away tons of knowledge on BlockChain technology. I have learned that how Ethereum platform can be used to ensure transparency in any transfer which involves identity check (courtesy of Brent Xu, Michael Wuehler, Shaun Cheng).