Technologies UsedBlockchain API
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Chit means a transaction by which person enters into an agreement with specified person that every one of them shall subscribe certain amount of money by way of periodical installments over definite period and that each such subscriber shall in his turn as determined by auction or tender or any other manner specified in agreement entitled to prize. Here in our app there shall be an organizer who will create an chit and the members are enrolled to that chit and they will follow the regulations as per the chit agreement. The main aim of our app is to make the transaction more transparent and secured as there is possibility of fraud involved in such agreements. So. we reduce this by storing the transactions details in a blockchain and for each transaction there will be an hash generated and stored in the block ,so that any change in transaction will result in change of hash. Also the organizers and the members can enroll int our app only if they are authorized by proof of identity. Benefits: Considered secured form of agreement and rate of return is high compared to other investment options. Interest rate determined by members themselves ,based on mutual decisions.