ChainScore

This project is a B2B solution designed to build trust in business transactions by leveraging the transparency and reliability of blockchain technology, specifically Ethereum. At its core, the solution retrieves contract agreement data between businesses and tracks on-chain transactions related to payments. Based on the timeliness and reliability of these payments, a trust score is generated. This score reflects the payment behavior of the business, providing an objective and transparent metric for assessing their reliability in future partnerships.

The Problem:

One of the key challenges in business-to-business relationships is the lack of transparency and trust regarding payment reliability. Businesses often enter agreements without a clear understanding of their partner's track record for fulfilling payment obligations. Late payments, defaults, and disputes over contract terms lead to financial stress and operational bottlenecks, harming cash flow and business relationships.

The Solution:

Our product solves this problem by tracking contract fulfillment and payments in real time on the Ethereum blockchain, which provides an immutable and transparent record of each transaction. By assigning a trust score based on payment behavior, businesses can make more informed decisions when choosing partners, reducing the risk of delayed or missed payments. The trust score is essentially a blockchain-based rating system that reflects the financial reliability of the business.

Moreover, the solution integrates digital contract signing features, allowing businesses to sign agreements using their digital wallet. To further enhance security and authenticity, the platform uses Worldcoin authentication, which provides a biometric-backed identity verification system. This ensures that the digital signature on contracts is far more authentic and trustworthy than traditional digital signatures.

Impact:

• For Businesses: This solution offers a new way to ensure financial security in business relationships. By knowing a partner's trust score, businesses can minimize the risk of entering into unreliable agreements. It fosters a more transparent and accountable business environment.

• For Global Trade: In industries where cross-border transactions are common, this trust score can help businesses verify the credibility of overseas partners. It adds a new layer of due diligence that can speed up negotiations and decision-making processes, contributing to faster growth and smoother operations.

• For Small and Medium Enterprises (SMEs): SMEs often struggle with getting paid on time by larger corporations. This trust score gives them leverage by highlighting their own reliable payment behavior or exposing unreliable partners, helping level the playing field in negotiations.

Why Blockchain?

Blockchain provides the transparency and immutability necessary for a system like this. By tracking on-chain transactions, it ensures that trust scores are calculated based on verified data rather than self-reported information. This eliminates the risk of manipulation and provides a fair, objective assessment.

The addition of Worldcoin authentication provides an innovative layer of security for contract signing. By using biometric-backed identities, businesses can be sure that contracts are signed by verified, legitimate parties, reducing the chances of fraud or misrepresentation.

In summary, this project creates a reliable trust score system for B2B transactions, offering businesses the transparency they need to evaluate potential partners, secure payment obligations, and sign authentic digital contracts. This solution aims to revolutionize how trust is built in the world of business, creating more reliable and transparent business relationships.

ChainScore represents a transformative step toward redefining business-to-business (B2B) trust, utilizing blockchain technology to bring transparency, reliability, and automation to transactions. Core Technologies Used

1.	Polygon Blockchain:

Polygon was the obvious choice for ChainScore. It’s designed to overcome the high gas fees and scalability issues associated with Ethereum, while still retaining the security and interoperability of Ethereum’s network. 2. Smart Contracts: The entire backbone of ChainScore operates on smart contracts deployed on the Polygon network. These contracts are designed to handle the creation, signing, and verification of agreements between businesses. 3. Worldcoin for Authentication: We leveraged Worldcoin for authentication, allowing us to implement secure, decentralized identity verification. 4. Chainlink Automation: One of the more challenging aspects of the project was ensuring that the smart contracts were triggered automatically, without manual intervention, based on external data and events. For this, we employed Chainlink’s automation capabilities. 5. Frontend Integration and User Experience: To handle authentication via Worldcoin and interact with the Polygon blockchain, we utilized Web3.js and ethers.js, both essential libraries for blockchain-based applications. Challenges and Hacky Solutions Building ChainScore was not without its challenges. One notable hurdle was ensuring real-time performance in updating trust scores across a distributed network while minimizing gas costs. To address this, we used a hybrid approach. Trust score calculations are performed off-chain on a dedicated server, and only critical score updates are written to the blockchain. This drastically reduces the frequency of on-chain transactions and thus the associated gas costs. Another hacky but effective solution was in automating contract signing and completion. Initially, we noticed that many businesses were slow to manually execute contracts on the blockchain. To solve this, we used Chainlink Keepers to automate contract execution at predetermined times. This removed the need for businesses to manually close out contracts, ensuring that trust scores were updated promptly. Partner Technologies and Their Impact Using Polygon helped us scale while maintaining low transaction costs, allowing even small businesses to interact with the platform without concern over gas fees. Worldcoin simplified authentication by offering a decentralized, privacy-preserving method to onboard users globally without relying on cumbersome traditional KYC processes. And Chainlink’s automation tools were invaluable in making the entire process run smoothly, from automating smart contracts to ensuring real-time trust score updates. In conclusion, ChainScore’s architecture reflects a carefully curated blend of technologies aimed at solving key challenges in the B2B space. The use of blockchain for transparency, automation for efficiency, and decentralized identity verification ensures that ChainScore is a powerful tool for any business looking to build trust in a decentralized economy.