Please describe your proposed solution.
Develop a sustainable business model to supply profitable health products using dapps and smart contracts.
- Smart contracts will be developed to coordinate financial transactions through Web3 integration on the website.
- Smart contracts will handle internal workflows, these include;
- Supply chain management,
- Quality control,
- Inventory and logistics
This proposal includes the education of the health and environmental benefits of the products and the advantages of the usage of the blockchain, encouraging onboarding to the Cardano network by allowing purchasing through Web3 interactions. These benefits will be highlighted in educational videos and infographics.
A decentralised model offers higher security capabilities and offers the end user the guarantee that the final product is authentic.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The challenge settings of this category are addressed in numerous ways, including;
- Onboarding real world Products
- Marketplace
- Dapps and Smart Contracts
- Transport and Logistics
- Social Media, and
- The Environment.
Real world product marketplace - onboarding physical products. Allowing for direct exchange of ADA or supported native tokens for real world products, through Web3 integration with the website. This will encourage onboarding to Cardano as physical products can be purchased off the blockchain.
Dapps - Smart contracts allow for more effective automation and product tracking, improved financials while reducing the need for middlemen. Production parameters and Quality control, coupled with other internal operational and manufacturing parameters will be used to improve scientific research and development. As well as their main function in maintaining high quality products and traceability through design. Dapps that help increase internal business workflows, internal systems management and increase security.
Transport and Logistics, develop supply chain tracking to allow for authentication of products, a system that will enable purchases, delivery, and internal product tracking. This will be implemented through smart contracts, APIs, dapps and Web3 technology.
Social Media - broader marketing and education opportunities Increase Cardano onboarding. This includes the construction of educational videos and infographics, explaining advantages of the products, how the system works (both on and off chain) and benefits to people health, the climate and environment.
Environmental, the onboarded products are beneficial to the climate, reducing CO2 from the atmosphere and creating Oxygen. This is a circular economy where all water is recycled, and energy produced by solar. This is a net zero production facility.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
API and smart contract metadata availability, costs of processing over the blockchain. Find appropriate API vendors that provide adequate data storage, security and implementation to Cardano Ecosystems.
Smart Contract security breaches - develop security parameters that appropriately mitigate risk.
Allow for batch internal processing, build appropriate smart contracts to avoid unnecessary transaction fees.
Legalities and regulations - advice from a strong legal team, both local and international