26 October 2021

Announcing the winners of the SWIFT Institute Student Challenge 2021 – team Phoenix

The SWIFT Institute is pleased to announce the winner of the Student Challenges India – team Phoenix from Prin. L. N. Welingkar Institute of Management Development and Research!!

Congratulations to

  • Priyanka Wadhwa,
  • Mansi Sawant
  • Kishor Toshniwal
  • Nikhita Attavar
  • Neelam Pradhan
  • Rohan Bhor
  • Shantanu Jaykar
  • Mayur Shirke

Team Phoenix photo

The challenge was how can the Indian financial community increase the adoption and use of digital trade transactions to reduce / eliminate paper-based trade?

Their solution:

  • To reduce paper based trade, we proposed to integrate the InterPlanetary File System (IPFS) with the R3 Corda blockchain. The main challenge we wanted to address was the scalability of the infrastructure. As more data is shared and stored, the cost of operating blockchain nodes rises.
  • The Corda blockchain would contain only the name, sender, timestamp and location of the document in IPFS through smart-contract. The document would be uploaded on IPFS – enabling users to view and verify the document in one simple click. Our solution would enable current infrastructure to be scaled, and simultaneously mitigate certain risk management issues persistent in the industry.

Watch them receive the win awarded to them by Kiran Shetty, CEO & Regional Head, India & South Asia, SWIFT here

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