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
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