Solution: Blockchain Solution (POC)
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.
- 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.
- 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.