The financial services provided by the banks are completely centralized and one has to trust the central system provided. This can also be done using a decentralized peer to peer system which is faster and secure.
What it does
Loan Chain is a peer to peer lending marketplace platform which connects borrowers and lenders from all over the world in a trusted, fast and easy manner using the advantages of Smart Contracts and Blockchain technology.
How we built it
We used the truffle framework and solidity compiler for creating and building the smart contracts. We made use of Infura 3rd party Full Node for deploying the smart contract to the Ethereum Blockchain. We followed a few tutorials and some projects to get some technical help.
Challenges we ran into
We ran into a few challenges. 1.The first and foremost challenge was to come up with this idea of peer to peer lending system which can not only be used to provide loan, but can also be used as donations during natural calamity in a fast, secure and easy manner.
- The next challenge that we still have to figure out is on how to verify a collateral provided by the borrower.
What we learned
What's next for LoanChain
To make the app bigger by accommodating features like digital ownership verification over blockchain which can be used as a collateral for the borrower.