Lender and Borrower platform
To create a lender and borrower platform, Cuneiform Consultancies works with the end user.
Use of Technologies in the Project
- The Blockchain Testing RPC (TestRPC)
- The Ethereum Wallet, MetaMask
- A Banking Industry start-up
An Overview of the Project
Essentials the client asked for
▸ The client approached Cuneiform Consulting, providing the best digital transformation services to have a smart contract-driven, Dapp-frontend lending platform developed. The project’s goal was to examine the existing technological infrastructure and verify the viability of the lending market.
▸ The customer necessitated the implementation of a trustworthy and clear system where users and administrators could see accurate records of all financial dealings. The system was designed to address the growing difficulty borrowers have when extending credit to new customers.
▸ The system’s stated goal was to simplify the process by which borrowers posted their needs and lenders posted their offer and interest rate. No one else should be allowed to see or edit the data at will unless there is a record of those modifications.
Challenges the client faced
▸ The DApp Lender and Borrower were developed by the best website developers at Cuneiform in under two weeks, with a total of fifty hours of effort, including the incorporation of the Metamask plugin to secure the client’s funds.
▸ Users can exchange cash for ether or another cryptocurrency. The Ethereum blockchain‘s immutable smart contract adds an extra layer of protection to monetary transactions. Users can send and receive cryptocurrency payments via the portal and the Ethereum wallet MetaMask. Since the money is protected by a strict smart contract clause, lenders can lend without doubt or anxiety.
How the Lending Platform Works
- Lenders can advertise loan amounts, repayment schedules, and rates.
- Loan Origination and Investment Tenure Flexibility.
- Capital can be raised from investors for targeted endeavors.
- Borrower loans fail if the debt is not repaid.
- If the loan is repaid, it is considered a success.
- After the completion of the payback term, investors can request a withdrawal.
Results influencing the platform's functionalities
- Smart contracts help ensure the safety of investments and loans.
- Boosts faith in financial transactions.
- There is no need to worry about the government prying into your business or the loans you apply for.
- Attractive interest rates and a reliable method of timely payments.