Client Overview
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.
Business Challenge
- 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
Solution Highlights
- 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
Benefits
- 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
Book a Meeting
Related Success Stories