About the Solution
Lendly is a Proof of Concept (POC), based on the Hyperledger Fabric, to demonstrate a solution that makes money lending and borrowing process easier via trusted transactions regulated by a consortium.
Problem Domain
- For any financial loan applications, the current banking system goes through a long procedure and many document requirements just to get started.
- High-interest rates demotivate borrowers.
- New or small-time investors cannot compete due to higher share demand.
Entire process consumes huge time and resources. - For large scale investments and loans, there is always a trust issue.
Solution
- An easily usable blockchain application that will ensure the finality of the data.
- Due to the immutability of the blockchain, once a transaction has taken place, it cannot be erased/modified, thus reducing chances of fraudulent transfers.
Eliminate the requirement of going through a banking system procedure. - Lendly introduces a consortium network of Non-Banking Financial Institutes (NBFI), who can be even government bodies, to regulate the network and oversee the ledgers.
Build trust among the users and the system by introducing smart contracts. - High banking interest rates replaced with a negotiable and mutually agreed upon a profit-sharing scheme.
Features
- Easy registration procedure
- Easy profile activation with a few basic documents
- User documents stored in the blockchain as assets
- Easily create project proposals with supporting documents to ask for funds
- Proposals can be filtered based on multiple filter models
- Easy payment system for participants
- NBFI records each proposal signed into the blockchain and updates as per term to ensure finality
- The system architecture is point-based, and investors and borrowers are tiered accordingly
- Tier access is limited based on points threshold
Technologies
- Hyperledger Fabric using Node SDK for the DLT
- IBM Cloud
- PHP Laravel
- jQuery
- Bootstrap
- MySQL
Project Highlights
What clients say
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