Checkpoint 1
Team Lead / or a team representative are expected to prepare: Plan: Explain your idea, problem you are solving & the solution you are going to build.
Traditional lending process depends on several intermediaries like a loan officer, banks, underwriter, and loan processors to manage the screening, qualification and distribution of funds to those who are in need. This addition of middlemen and additional steps to the process of lending results in significant time delays and high fees.
Also, applying for a loan or credit can take a couple of weeks, and the rate of interests differ widely. For example, the rate of interest for lending money in different countries can vary widely.
In addition to this, the current COVID pandemic has forced several processes to halt, and institutions including financial services (banks, non banking companies and others) to stop working, to maintain lockdown guidelines and distancing. This has severely affected the opportunities to access the funds.
*What impact will it have? * Our solution helps to remove intermediaries from the current system and help to make this process more efficient.
The solution has a significant positive impact by using Blockchain Technology built on R3 Corda which is suited for solving real world financial challenges.
It allows borrowers and lenders from all over the world to connect through a decentralized platform, making the process could become seamless and trustworthy.
Reduce Costs by allowing the borrowers to deal with lenders directly. Save Time by making the entire process quick by adding regulations in the smart contracts. Personalize rate of interest based on the profile of a borrower.
What are you going to build during the hackathon? During the hackathon, we are going to build an application on R3 Corda, which will allow Lenders and Borrowers to enter into smart contracts for lending money. We intend to showcase a workig application to achieve few core objectives:
Create User Accounts and Security Keys Lenders can create and post their offers for lending funds Borrowers and find offers and select smart lending contracts Once parties agree, the contract is moved from Ready to Active State and governed by the built in properties of rates, duration and returns Fund Transfers via internal settlement of tokens If we find the opportunity, we will try to achieve bank settlement via use of APIs
Log in or sign up for Devpost to join the conversation.