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Blockchain Payment System - Reimagined

Charity wanted to raise funds by having sponsors pay for certain achievements.
Reimagined as a perfect application for blockchain.

Summary of Video:

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Blockchain payment
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Problem Statement
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Needed to sponsor users for a charity event
Wanted to sponsor for incremental accomplishment
Long term even over several days
Wanted to see updates regularly
Credit card processing fees for small amounts is high
Needed trust
_ money to be transferred incrementally
_ money returned if not completed
Since charity running backend with credit card info cumbersome
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Name
Call it Incremental Sponsor or
IncroSpon
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Reimagine
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Reimagine - Design
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Sponsor sends money to IncroSpon
_ specifies how much $ per increment
_ time limit
_ wallet addresses of charities
Participant as they do the event, each increment sends money to charity
If the participant does not finish on time
_ refund is generated automatically
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Uses blockchain
Meets the 4 Rich Budek requirements for blockchain
public = everyone can see the progress
decentralized =
__ no central bank w/ credit processing fees
__ no storage of user CC data
immutable = once pledge is made can not back out
trust =
__ if participant does not complete everything money is returned
__ not relying on third part like bank to return
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Outcome
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First time handicapped users were able to run charity events
Could spread out over several days
Did not have to track down the sponsors if participant did not finish
Could send money to multiple charities
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Lessons Learned
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Blockchain is great for micro payments
With instability of ethereum, value of donation fluctuates
Good example of blockchain daap
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Thank-You