Secure Lending System (peer to peer) Using Blockchain

Secure Lending System (peer to peer) Using Blockchain

Registration ID: IJNRD_205995

Published ID: IJNRD2310170

DOI: Click Here to Get

KALAGARA HARI

blockchain, fintech, peer-to-peer lending; P2P, financial inclusion, financial trauma, trust, experimental finance

For the last few years, blockchain has taken over the global financial markets with its disruptive power to transform various industries. While multiple sectors have experienced a positive impact on the blockchain, the lending market is also ready to be a part of it. The blockchain is all set to reconstruct the model of the peer-to-peer lending platform by bringing more trust and transparency to the system. Companies like SALT Lending, Lend it, and Jibreel Network have already launched a peer to peer lending platform using blockchain and smart contracts. In a traditional lending process, people require intermediaries like a loan officer, banks, underwriter, and loan processor to build the trust. But adding middlemen and regulations to the process of lending leads to the high fees. Also, applying for a loan or credit can take a couple of weeks, and the rate of interests differ widely around the world. For example, the rate of interest for lending money in different countries like Algeria, Argentina, Bangladesh, United States is 8%, 31.2%, 9.5%, and 4.8% respectively. So in this project we are going to develop a peer to peer lending block chain network which shall reduce many manual lending issues. Before the rise of banks, a peer-to- peer system of loans and repayments used to take place where transactions occurred just on the basis of trust. Then came in the concept of collaterals where one had to keep their belongings as security to get a loan. But over time as trust began to break and globalization came into picture, third parties and middlemen started to thrive as they provided that extra layer of safety which was much needed. But, with time the centralized nature of these third parties made the system very complex due to extra layers of regulations and time-consuming manual process leading to huge costs on consumer’s part. To tackle these issues, people are looking towards blockchain technology1 as it is built on the peer-to-peer model, providing a trustless, decentralized and a secure platform for lending practices.

Published Paper   E-Certificate

"Secure Lending System (peer to peer) Using Blockchain", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.8, Issue 10, page no.b623-b642, October-2023, Available :https://ijnrd.org/papers/IJNRD2310170.pdf

Volume 8 Issue 10, October-2023

Pages : b623-b642

Paper Reg. ID: IJNRD_205995

Published Paper Id: IJNRD2310170

Downloads: 000121186

Research Area: Science & Technology

Country: jangareddygudem, Andhra Pradesh, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2310170.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310170

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

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