Authors:Â Megha Bisane, Nupur Jain, Supriya Gupta
Abstract:Â Our idea focuses on building a crypto currency for P&G, say P&G coin which would be used for cashless transaction and using them for chit fund system in order to popularize crypto payments among suppliers and retailers. This P&G coin will be the use case of block chain. Hence it would be more secure compared to other cashless payment methods. Value of each coin could be decided by company as per their profits or any other criteria.
Supplier and retailer will have a choice whether they want to be a part of the chit fund system. Each subscriber in the chit fund would be asked to keep a bid, say one P&G coin, suppose there are 50 subscribers in this chain, so the total bid amount would be 50 P&G coins. A lucky name would be picked up and 45 P&G coins will be served in the account of that lucky supplier or retailer. Rest 5 coins would be distributed among rest of the members. This withdrawal of lucky names would be done monthly and will continue for 50 months, as there are 50 subscribers, every member will get a chance to win the fund. Once a particular subscriber wins, we can decrease his probability to win next time, so that everybody gets a chance to win. Actual chit fund system works with a little difference in India. It was given below in the uploaded images. Chit fund system can bring many suppliers and retailers who believes cash payments as more secure way of transaction to crypto payment methods. Hence cashless economy of P&G would increase with more secure way of transaction i.e by using P&G coin Blockchain.
Keywords: - Bitcoin, Cryptocurrency, Blockchain, Chit Fund SystemÂ
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