The client is a leading European bank who 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.
Eliminating middlemen that are affecting borrowers with time-consuming processes and exorbitant costs.
Difficult to track and manage payments
No real-time transaction data is available
Fewer choices are available to the borrowers for the selection of loans
Market determination on interest rates enabling lenders to decide the interest rate for borrowers
Loan settlement by the borrower if they fail to pay the loan amount within the given timeframe
Recommendation of lenders based on borrower reputation determined
A 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
A secured system that leveraged SAML2.0 & OAuth 2 to ensure secured transactions
Devoid of middlemen, blockchain provides lenders with competitive loan offers and secure transactions.
By eliminating third-parties, loan seekers rely on social safety networks to verify and approve responsible loans.
This solution ensures that both the loan seekers and lenders agree to fair and feasible terms regarding proof-of-funds and payment planning.
Borrowers access a larger pool of competitive financing offers.
Loan seekers lock into responsible loans using smart contracts