FundChain | Devpost

🤔 Problem Statement

The e-commerce industry is evolving rapidly, and there is an increasing demand for decentralized payment solutions. - Shopify, one of the biggest players in the e-commerce industry with over 1.7 million active merchants, processed more than $79.5 billion in sales in 2021. However, it lacks a good way of processing crypto transactions without resorting to centralized exchanges.
Payments made through centralized exchanges are ultimately settled in US Dollars, limiting the options for merchants and their customers. This lack of an integrated, decentralized payment solution restricts the growth potential of businesses in the new digital economy.
Consumer fraud is a significant issue in e-commerce. The existing system does not provide a reliable guarantee that goods purchased will be authentic or that they will even be delivered, leading to increased mistrust among online shoppers.
The Federal Trade Commission reported 2.2 million instances of fraud in 2020, leading to a total financial loss of $3.3 billion. This prevalent problem of fraud continues to dent customer trust and affects the overall growth and reputation of the e-commerce industry.
There is an urgent need for a system that provides a clear, unalterable proof of purchase to protect consumers from fraud. The current systems in place lack this capability, which increases the risk for consumers when purchasing goods online.
Lastly, mental health issues associated with financial scams and frauds are rising. A personal incident wherein a friend suffered from mental health problems after being scammed emphasizes the urgent need to address this issue and contribute to mental health causes.

💡 Inspiration

Shopify, a major e-commerce platform with over 1.7 million active merchants, processed more than $79.5 billion in sales in 2021. Yet, it lacks a system for processing crypto transactions, which represents a significant gap in the market.
In 2021, the global cryptocurrency market cap crossed the $2 trillion mark, illustrating the growing importance of integrating decentralized payment solutions into mainstream e-commerce platforms.
FundChain aims to provide an integrated decentralized payment solution for Shopify merchants, enabling them to process payments in NEAR tokens or any other cryptocurrency. This solution is a first-of-its-kind for the Shopify platform.
Consumer fraud is a major issue in e-commerce, with the US Federal Trade Commission reporting 2.2 million instances of fraud leading to a total financial loss of $3.3 billion in 2020.
FundChain addresses this issue by creating an immutable Proof of Purchase NFT for every transaction, providing a reliable and unalterable record of the purchase to safeguard consumers.
The project also has a social mission: all profits generated by FundChain will be donated to mental health charities. - This commitment highlights the project's intention to address the mental health issues associated with financial scams and fraud.
FundChain's goals are to revolutionize the e-commerce transaction process, provide a secure, crypto-friendly solution for merchants, protect consumers from fraud, and support mental health initiatives.

🤖 What it does

Decentralized Payments: FundChain introduces a NEAR extension to Shopify that allows merchants to process payments through a NEAR wallet. This feature enables transactions to be settled in NEAR tokens or any other cryptocurrency, creating a more inclusive payment system in the e-commerce industry.
Proof of Purchase NFTs: To combat fraud, FundChain mints a unique Proof of Purchase NFT for each item purchased on Shopify. This NFT acts as an immutable digital record of the purchase, providing a reliable safeguard against fraud and enhancing customer trust.
Chatbot Support: FundChain includes a mental health support chatbot. This interactive tool offers immediate mental health guidance and can even connect users to professional assistance.
User-Generated NFTs: In a novel approach, users can mint their own NFTs through the chatbot, adding a personal and interactive element to the user experience.
Speech-to-Text Feature: To make the chatbot more accessible and user-friendly, FundChain incorporates a speech-to-text feature. This allows users to engage with the chatbot using voice commands, providing an easier and more natural mode of interaction.
Donation to Mental Health Charities: Lastly, all profits generated by FundChain are donated to mental health charities. This commitment underlines the project's mission to support mental health causes while innovating in the e-commerce space.

🧠 How we built it

Natural Language Processing (NLP) and Language Model (LM): Utilized for training the chatbot to understand and respond to user queries in a natural and conversational manner.
OpenAI's ChatGPT: Used as the underlying language model for the chatbot, generating human-like text responses to enhance user interaction.
Voiceflow: Used for designing the conversational flow of the chatbot, including the speech-to-text feature, ensuring a smooth and user-friendly experience.
Blockchain: Implemented to mint Proof of Purchase NFTs and process crypto payments, providing secure and immutable transaction capabilities.
HTML and CSS: Foundational web technologies used for building the frontend of the application, providing structure and styling for an accessible and visually appealing user interface.
React: Leveraged the Shopify Checkout UI Extension to develop a custom React app that integrates seamlessly with Shopify, enabling transactions through a NEAR wallet.
Shopify API: Utilized to fetch user information and cart items from Shopify, providing data for processing within the frontend application.
Coingecko's API: Used to fetch the most recent NEAR to USD conversion rate, ensuring accurate transaction values for customers.
Smart Contract: Deployed on the NEAR blockchain, the NFT Smart Contract handles minting transactions to create and distribute Proof of Purchase NFTs securely.
Google Cloud: Used for hosting the application and managing data storage, providing robust and scalable infrastructure.
These tools, combined, enabled the development of an innovative e-commerce solution that integrates blockchain, AI-based chatbot support, and mental health awareness within the Shopify platform.

🧩 Challenges we ran into

Lack of Experience: Perhaps the most daunting obstacle was our lack of experience with the majority of the tools used in this project. None of us had prior exposure to developing a blockchain project, making the task of integrating NEAR payments and minting Proof of Purchase NFTs particularly challenging. However, this lack of experience also presented an opportunity to learn quickly and adapt, forcing us to dive deep into documentation and tutorials.
Limited Time: The hackathon's time constraints compounded the difficulty of our unfamiliarity with the technologies. Given our inexperience, setting up and understanding each tool required more time than would be typically expected. This was especially true for the blockchain components of the project, which we were interacting with for the first time.
Platform Incompatibility: We faced a technical challenge where NEAR didn't work on Microsoft machines, limiting development to the one team member with a Mac. This bottleneck constrained our ability to parallelize work and increased the pressure on the individual with the compatible device.
Newly Formed Team: Having just met on the day of the hackathon and coming from different schools, coordinating and working together as a team was a challenge. As first and second-year students, we were also dealing with varying levels of technical knowledge and expertise, making it a challenge to distribute tasks effectively. Health Issues: During the hackathon, one of our teammates fell sick, which impacted our overall productivity. The team had to reallocate tasks, reshuffling workloads to ensure project continuity.

🏆 Accomplishments that we're proud of

Completing the Project: One of our most significant achievements was seeing the project through to completion despite our limited experience and challenging circumstances. By managing to build a working application within the timeframe of the hackathon, we not only improved our technical skills but also proved our resilience and adaptability.
First Blockchain Project: Successfully developing our first blockchain project was another substantial milestone. It was particularly rewarding to see the NEAR payments and Proof of Purchase NFTs working seamlessly on the platform, demonstrating the potential of blockchain technology in resolving e-commerce challenges.
Problem Solving: We are especially proud of the way our project addresses the problem statement. FundChain not only presents a solution for decentralized payments and consumer fraud but also integrates a chatbot for mental health support. It brings us great satisfaction knowing that our project has the potential to impact people positively, both economically and emotionally.
Dedication to a Cause: We developed FundChain with a particular dedication - to our friend who suffered from mental health issues due to a scam. We believe that FundChain can prevent such scams from happening, which brings an additional layer of achievement and satisfaction to our work. This personal connection fuelled our commitment to the project and made the accomplishment all the more meaningful.
Potential for Positive Impact: Beyond the technical achievements, we are excited about FundChain's potential to help people. By addressing e-commerce fraud, enabling decentralized payments, and providing mental health support, we believe our project can make a real difference in people's lives.
Technical Skill Enhancement: The multitude of tools and technologies we were exposed to during this project expanded our technical skill set substantially. From learning how to build on blockchain, to getting hands-on experience with NLP, LM, ChatGPT, and other AI technologies, this project served as an intense learning bootcamp for all of us.
Soft Skills Development: Besides the technical knowledge, the project also enhanced our soft skills. Teamwork, time management, problem-solving, and resilience were all put to the test during this hackathon, and we came out stronger on the other side.

💻 What we learned

Blockchain Technology: We learned how to integrate blockchain technology into a real-world application, understanding its potential and limitations in e-commerce.
Artificial Intelligence and Chatbots: We gained practical knowledge of Natural Language Processing (NLP), Language Models (LM), and OpenAI's ChatGPT, which formed the foundation of our chatbot's intelligence. We also learned how to structure and develop a chatbot using Voiceflow.
Web Development: Our skills in frontend development were enhanced with practical experience in HTML, CSS, and React. We also learned to utilize Shopify's API and Checkout UI Extension effectively to enhance user experience. APIs and Data Fetching: We learned how to work with external APIs (like Coingecko's) to fetch real-time data, an essential skill for creating dynamic and responsive web applications.
Smart Contract Programming: We gained insights into smart contract programming, understanding how to write, deploy, and interact with smart contracts on the NEAR blockchain.
Project Management and Teamwork: We learned to work effectively in a newly-formed team, under tight time constraints, leveraging our diverse skills and backgrounds to manage and complete the project.
Resilience and Problem-solving: We realized the importance of resilience in the face of technical challenges, and honed our problem-solving skills to troubleshoot issues effectively.
Real-world Application of Technology: Lastly, we learned the satisfaction of creating a project that can potentially make a tangible impact in the world, addressing serious issues like fraud in e-commerce and mental health.

🚀 What's next for

Integration of Other Blockchains: While the project is currently built on the NEAR blockchain, we plan to explore the integration of other blockchain technologies such as Ethereum, Binance Smart Chain, and Cardano. This would provide merchants and consumers more options and greater flexibility.
Enhancing the Chatbot: Our AI chatbot can be developed further to provide additional services such as personalized product recommendations based on user behavior and preference, or sentiment analysis to identify and assist users who may be dealing with stress or anxiety.
Voice Commands and Interaction: To make the chatbot more accessible and user-friendly, we intend to incorporate voice recognition and speech-to-text technology, enabling users to interact with the chatbot via voice commands.
Enhanced Fraud Detection: We could use machine learning and artificial intelligence to analyze user behavior and detect any suspicious activity in real-time, improving the safety of transactions.
Expansion to Other E-commerce Platforms: While we currently focus on Shopify, we plan to adapt the FundChain solution to other popular e-commerce platforms like Amazon, eBay, or WooCommerce, broadening our user base.
Improved NFT Utility: NFTs generated as proof of purchase could be further utilized, perhaps as loyalty points or special access tokens in participating stores.
Incorporating Analytics: We envision adding a feature that provides merchants with insightful analytics about their customers and sales, assisting them in making data-driven decisions.
Monetization: To sustain and expand the project, we could introduce a nominal transaction fee for using our services. Alternatively, we could offer premium features on a subscription basis. Any profits generated would continue to support mental health charities, as per our mission.
Partnerships: Lastly, we aim to establish partnerships with mental health organizations and other charities, allowing them to accept donations directly via our platform and thereby simplifying the process for users who wish to donate.
Gamification: Introducing gamified elements to the user experience can increase engagement and user retention. We could incorporate reward systems, leaderboards, challenges, and achievement badges to make using FundChain more interactive and fun. For instance, users could earn points or badges for making purchases, reviewing products, or referring friends, which could then be redeemed for discounts, exclusive products, or even converted to NFTs.
Community Building: We could build a community platform where users can share their experiences, give feedback, discuss products, and make new connections. This could also be a space where mental health resources and support are readily available.
Customizable Storefront: Providing more customization options to merchants can make our platform more appealing. This could include unique themes, plugins, or the ability to create a distinctive, branded checkout experience.
Mobile App: As mobile commerce is growing rapidly, we could develop a mobile app version of FundChain, providing a seamless shopping experience for users on the go. Affiliate Marketing Program: To increase our user base and generate revenue, we could set up an affiliate marketing program. Users could earn commissions for referring new customers or merchants to our platform.
Digital Advertising Platform: Merchants could have the option to advertise their products within our platform, targeting specific user demographics. This would create an additional revenue stream for FundChain. Education and Support: As blockchain and cryptocurrency can be complex subjects for many, we could provide educational resources, tutorials, and dedicated support to help users understand and navigate our platform.

📈 Why FundChain?

Our project, FundChain, stands as an innovative and impactful solution that effectively addresses the hackathon's problem statement. Here's why we believe FundChain is deserving of first place and the Best Use of NEAR title:

Creativity of the Solution: FundChain isn't merely a standard blockchain integration; it's a creative blend of blockchain, AI, and NFT technology. We've uniquely utilized NEAR for secure e-commerce transactions on Shopify and devised an AI chatbot for mental health support. Moreover, each purchase is tracked through an NFT, making us pioneers in introducing this level of security and accountability in e-commerce.
Feasibility of Implementation: Despite being new to blockchain and facing time constraints, we have successfully built a working solution. By leveraging Shopify API, React, and NEAR blockchain, we've ensured our solution is achievable and practical. Additionally, the use of well-established AI models for the chatbot further affirms the feasibility of FundChain.
Scalability of the Proposed Solution: FundChain is highly scalable. Currently supporting Shopify, it can be expanded to include other e-commerce platforms, increasing its impact to potentially hundreds of millions of users. Moreover, while we currently use NEAR, our system's design allows the integration of additional cryptocurrencies in the future.
Blockchain Adoption: FundChain encourages mass blockchain adoption in two significant ways. Firstly, it introduces over 1.7 million Shopify merchants to the benefits of NEAR blockchain, potentially leading to an increase in NEAR's circulation. Secondly, by mitigating fraud, an issue costing e-commerce $56 billion annually, we illustrate blockchain's real-world utility, further promoting its adoption.
Impact and Community Benefit: FundChain tackles an urgent social issue by pledging all profits to mental health charities. This underscores our commitment to community welfare. Moreover, the chatbot's mental health support aligns with our mission of creating a safer, more supportive online space.
Future Potential: Our detailed roadmap outlines promising enhancements, including gamification, community building, and a mobile app. These additions will not only increase user engagement but also further promote NEAR usage, while generating more funds for mental health charities.

In summary, FundChain represents a creative, feasible, and scalable solution that effectively increases blockchain adoption. Our team's innovation and dedication have resulted in a project with the potential for wide-reaching social impact. We firmly believe FundChain embodies the spirit of this hackathon, and we're excited to see how it can shape the future of e-commerce and mental health support.