Business Management Using Cardano's Smart Contract

[GENERAL] Name and surname of main applicant

Quang Daniel

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

[GENERAL] Requested funds in ada

135294

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

8

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

Yes

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We create a system that helps companies manage financial and administrative tasks automatically using Cardano's Smart Contract. This system helps minimize personal intervention in company operations

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

Full open

[METADATA] Horizons

Business Services

[SOLUTION] Please describe your proposed solution

The financial process of companies today is very complicated. It depends a lot on the company's accounting. This can easily lead to errors or financial misappropriation that are difficult to prevent.

When companies hire freelancers, it is also very difficult to control the work results to pay them.

The benefits of the company's employees also face many problems when financial management is not clear and transparent.

Solution:

We will create an application that can help CEOs control the company's financial situation easily. Besides, it will also help CEOs manage work and employee compensation more fairly

Our application will have:

• Performance-based pay system:

The company has many seasonal employees and freelancers. These people cannot pay monthly salaries like normal employees. They will be paid based on the work completed. CEO or manager can create a job on our app and lock ADA (or stablecoin) in Smart Contract. Work results will be connected to Smart Contract through Oracle. When work is completed and recognized. ADA (or stablecoin) will be automatically transferred to the employee's wallet

(ảnh)

• Financial management system:

An accountant is someone who manages a company's financial tasks. They are the ones who receive money spending decisions from the CEO and manage to make money transfers or receive money. This process in companies is often very complicated and has many problems. Therefore, our application will simplify this process by applying Cardano's multi-signature transactions to divide money transfer rights between CEO, manager and accountant. It will make the company's money management transparent, simple and safe

(ảnh)

• Work management and decision making:

Our application allows users to create private tokens for their companies on Cardano (or side-chain connected to Cardano). This token can be used to lock into Smart Contract and connect to the company's work. The jobs within the company can be quantified in this way so that employees' work results can be measured in a transparent and fair way. When employees complete their work, they will receive an amount of tokens corresponding to their work. This amount of tokens can be used to calculate salaries or bonuses for employees.

In addition, we also provide an application to help employees vote for decisions that require employee opinions.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

According to Statista, the estimated number of companies is approximately 333.34 million worldwide in 2023. This is a marginal growth from 2021 when there were 314.21 million. More than 95% of businesses are small and medium enterprises. These businesses often encounter many problems with financial management and work management. Our project will help these businesses simplify and make their company management processes transparent. It also helps alleviate a lot of the company's survival (financial) problems. Most small and medium-sized companies often fail after 2 and 5 years due to financial and work management problems.

Our project has the potential to attract more than 300 million small and medium-sized companies that can participate in the Cardano ecosystem. These companies perform hundreds of financial and work management actions every day. It will help make the Cardano ecosystem more vibrant than ever.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We have successfully completed 4 funded proposals in fund 8 and 9:

• Haskell Book Vietnamese Translation: https://cardano.ideascale.com/c/idea/62683. Link download: https://bit.ly/Real-World-Haskell
• Haskell Book Vietnamese Translation: https://cardano.ideascale.com/c/idea/63881. Link download: https://bit.ly/Learn-You-A-Haskell-Vietnamese
• Haskell Course for Beginners: https://cardano.ideascale.com/c/idea/62320

https://www.youtube.com/watch?v=kEwg4p3yry4&list=PL6XMhpnl2Hg-gH0fxll273J0sWcAb_Wa3

• Haskell Course for Developers: https://cardano.ideascale.com/c/idea/63880

https://www.youtube.com/watch?v=v8EXjyX5gZs&list=PL6XMhpnl2Hg_f7N-pj3_eU5QMw8QXWuOv&index=1&t=1s

We also have 2 funded proposals in fund 11:

• The decentralized e-commerce platform utilizes Smart Contracts on Cardano: https://cardano.ideascale.com/c/idea/113059
• Live-Coding Haskell: https://cardano.ideascale.com/c/idea/112982

Fund 12:

• Bring Ebay to Cardano: Decentralized Real Product Auction Platform: https://cardano.ideascale.com/c/idea/121774:

We are one of the greatest team in Developer Ecosystem Challenge in fund 8 & 9

All members of our team are experienced and skilled individuals with a background in building and operating banking systems as well as large-scale e-commerce platforms.

Therefore, we are fully capable of executing this project.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Performance-based pay system (2 months)

Output: Performance-based pay system Prototype

Acceptance criteria:

• Performance-based pay system user flow design
• Feature to create jobs and lock salaries into Smart Contract
• The system checks work results
• Feedback system for managers
• Deadline and timeline features for work

Evidence: Prototype on Figma of Performance-based pay system

Financial management system (2 months)

Output: Financial management system Prototype

Acceptance criteria: 

• Multi-signature creation and authorization feature
• Set up signature permissions for managers and accountants
• Note and feedback features for managers and accountants
• Manage your wallet and spending portfolio
• Financial reports of accountants

Evidence: Prototype on Figma of Financial management system Prototype

Work management and decision making (2 months)

Output: Work management and decision making prototype

Acceptance criteria: 

• Manager's employee management feature
• Job creation feature + output + reward
• Employee user interface
• User interface for management
• Voting proposal creation feature

Evidence: Prototype on Figma of Work management and decision making

Output 1: Project close-out report

Acceptance criteria:

• List of project KPIs and how the project addressed them
• Key achievements
• Key learnings
• Next steps for the product or service developed
• Final thoughts/comments
• Links to other relevant project sources or documents.
• Link to Close out video

Evidence: Project close-out report (PDF)

Output 2: Project close-out video

Acceptance criteria:

• The problems and our solutions
• Demonstration of the project outputs
• KPI that we've achieved
• The issues when we doing this proposal
• What have we learn after doing this proposal
• What next? (after we complete this proposal)

Evidence: Project close-out video (link youtube)

[RESOURCES] Who is in the project team and what are their roles?

Mr. Thanh Ngo - Advisor:

• PhD in Economics from Massey University in 2015.
• Works at the School of Aviation, Massey University.
• Expertise in efficiency and productivity analysis in various sectors, including banking, finance, agriculture, and transportation economics.
• Editorial Board member for the International Journal of Financial Studies.
• https://www.researchgate.net/profile/Thanh-Ngo-14

Mr. Vo Minh Tuan - Financial and Legal Expert, Project Financial Manager:

• Over 20 years of experience in US/JP listed and multinational companies.
• Deep knowledge of finance, accounting, IFRS, US-GAAP, SOX, tax, customs, labor, investment, and business law.
• https://www.linkedin.com/in/tuan-vo-8a1557151/

Mr. Tran Thanh Thien - Project Director, System Process Analyst and Designer:

• Software Developer with expertise in Database Warehousing and ERP.
• Specialized in Einvoice solutions and business management software.

Mr. Nguyen Van Minh - Technical Design and System Programming Leader:

• Software developer and design programmer.
• Proficient in various technologies, including Servlets, SOAP, Microservices, CI/CD, Apache Kafka, Spring Framework, and more.
• https://github.com/nvminh
• https://www.linkedin.com/in/nvminh-gmail-com/

Mr. Dinh Duong Ha - UI/UX Design, Application Programming:

• Specializes in software design, microservices, C#, C++, Qt, Go, Rust, embedded Linux programming, blockchain, SmartContract, REST, and PostgreSQL.
• https://github.com/dinhduongha

Mr. Truong Hoai Quoc - UI/UX Design, Application Programming:

• Project Management and Software Development expertise.
• Proficient in C#, SQL, PHP.
• Involved in electronic invoice and business management software solutions.
• linkedin.com/in/truong-hoai-quoc-041519148

Mr. Arnaud Spiwack - Haskell Developer:

• Has 6 years of Haskell programming experience.
• Github: https://github.com/aspiwack

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Milestone 1: (2 months)

Performance-based pay system Prototype

• Performance-based pay system user flow design
• Feature to create jobs and lock salaries into Smart Contract
• The system checks work results
• Feedback system for managers
• Deadline and timeline features for work

Resources:

• 1 Project Leader: Cost $4,000 (2 months)
• 1 System Analyst and Designer: Cost $4,000 (2 months)
• 1 Blockchain Developer: Cost $3,000 (2 months)
• 1 UX/UI Developer: Cost $3,000 (2 months)
• Total: $13,000

Milestone 2: (2 months)

Financial management system Prototype

• Multi-signature creation and authorization feature
• Set up signature permissions for managers and accountants
• Note and feedback features for managers and accountants
• Manage your wallet and spending portfolio
• Financial reports of accountants

Resources:

• 1 Project Leader: Cost $4,000 (2 months)
• 1 Blockchain Developer: Cost $3,000 (2 months)
• 2 UX/UI Developer: Cost $6,000 (2 months)
• Total: $13,000

Milestone 3: (2 months)

Work management and decision making prototype

• Manager's employee management feature
• Job creation feature + output + reward
• Employee user interface
• User interface for management
• Voting proposal creation feature

Resources:

• 1 Project Leader: Cost $4,000 (2 months)
• 1 Blockchain Developer: Cost $3,000 (2 months)
• 2 UX/UI Developer: Cost $6,000 (2 months)
• Total: $13,000

Final Milestone: (2 months)

Project close-out report

Project close-out video

Resources:

• 1 Project Leader: Cost $2,000 (1 months)
• 1 Blockchain Developer: Cost $1,500 (1 months)
• 1 System Analyst and Designer: Cost $2,000 (1 months)
• 1 UX/UI Developer: Cost $1,500 (1 months)
• Total: $7,000

Total Budget:

• Total budget in USD: $46,000
• Total budget in ADA: 135,294 ADA (rate: 1 ADA = $0.34)

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

According to Statista, the estimated number of companies is approximately 333.34 million worldwide in 2023. This is a marginal growth from 2021 when there were 314.21 million. More than 95% of businesses are small and medium enterprises. If our product can reach just 1% of companies, we have the potential to reach 3 million businesses. Suppose these businesses only need to perform one on-chain activity per day on average. This means that this application can help the Cardano blockchain achieve 3 million transactions per day. The current transaction fee on Cardano is 0.17 ADA => Our application has the potential to generate more than 500,000 ADA transaction fees for Cardano every day. This helps Catalyst's treasury increase by 100,000 ADA every day

Therefore, with 100,000 ADA invested in this project, the Cardano ecosystem has the potential to create applications for a large number of users and Cardano's transaction volume also grows significantly.

In addition, all output of this project will be completely public. It's free for everyone to use and add other features and develop the product for many other uses in other projects.