Paper Title
Unleashing the Potential: The Future of Blockchain-Based P2P Lending
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Authors
Harshil Shah , Saurabh Gurde , Vineet Holker , Prathmesh Barad , S.R Patil
Keywords
Abstract
The world of peer-to-peer (P2P) lending has witnessed a transformative impact with the advent of blockchain technology. This disruptive innovation has revolutionized the traditional lending landscape by offering transparency, security, and efficiency in financial transactions. In this paper, we explore the intersection of blockchain technology and P2P lending, highlighting its benefits, challenges, and future prospects. The paper begins by providing an overview of blockchain technology and its underlying principles, emphasizing its distributed and immutable nature. It then delves into the application of blockchain in P2P lending, showcasing how it enables direct transactions between lenders and borrowers, eliminating intermediaries and reducing costs. The integration of smart contracts ensures automated loan agreements and facilitates seamless repayment processes. Furthermore, the paper examines various case studies and existing projects in the realm of blockchain-based P2P lending. It explores the emergence of stablecoins, which provide stability to digital currencies, and their role in facilitating P2P lending transactions. Additionally, the implementation of decentralized credit scoring and identity verification mechanisms is explored, emphasizing how blockchain enhances trust and reduces fraud in the lending ecosystem. An analysis and evaluation of blockchain-based P2P lending initiatives provide insights into the advantages and limitations of this technology. While blockchain offers increased transparency, security, and accessibility, scalability and regulatory challenges must be addressed for widespread adoption. The paper also discusses the potential risks associated with smart contracts and the need for robust security measures. Looking ahead, the paper highlights future directions and outlook for blockchain-based P2P lending. It explores the potential for interoperability between different blockchain platforms, the integration of artificial intelligence and machine learning for enhanced credit assessment, and the role of decentralized finance (DeFi) in expanding P2P lending opportunities.
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How To Cite (APA)
Harshil Shah, Saurabh Gurde, Vineet Holker, Prathmesh Barad, & S.R Patil (May-2023). Unleashing the Potential: The Future of Blockchain-Based P2P Lending. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(5), i747-i755. https://ijnrd.org/papers/IJNRD2305885.pdf
Issue
Volume 8 Issue 5, May-2023
Pages : i747-i755
Other Publication Details
Paper Reg. ID: IJNRD_197544
Published Paper Id: IJNRD2305885
Downloads: 000121977
Research Area: Engineering
Country: Mumbai, MAHARASHTRA, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2305885.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2305885
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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