Blockchain Implementation for Mortgage

Client Overview

An established and fast-growing support service provider for Banking and Finance Industry wanted to develop a platform that manages and automates processes for lending loans between lenders and borrowers.

Business Challenge

The client wanted to develop a Blockchain-based decentralized and transparent micro-lending platform that facilitates free market decision of interest rates and transparency of all transactions with no middleman involved.

Solution Highlights

  • Market determination on interest rates enabling lenders to decide the interest rate for borrowers
  • Loan settlement by borrower if failed to pay loan amount within given timeframe
  • Recommendation of lenders based on borrower reputation determined
  • Central head that facilitates account opening and solving disputes between parties
  • Prevents financial frauds by logging details of all transactions
  • Saving time with paperless banking processes
  • Secured system that leverages SAML 2.0 and OAuth 2 to ensure secured transactions

Benefits

  • All micro lenders and facilitators will have a Smart Contract which will be immutable
  • The system ensures end-to-end security and transparency
  • Efficient and cost-effective system
  • Improved traceability of each transaction and payments