Project Overview
The DApp Lender and Borrower system rely on lending money through the Ethereum blockchain with a cryptocurrency like Ether. The transactions are bound by immutable Smart Contract Management at lucrative interest rates stored in MetaMask in a cryptocurrency like Ether.
Client Background
The Client is a startup that is the owner of a Lending Platform powered by blockchain technology. The client now manages the platform utilizing the immutable smart contract feature of blockchain and benefits both lenders and borrowers effectively.
Business Needs
The client reached out to Yudiz to develop a working application for a lending platform that is powered by Smart Contract and includes DApp as the front-end. The objective of the project was to validate the lending market and assess the technology stack for further improvements to the concept.
The Challenge
The client required the introduction of an incorruptible and transparent platform that helps users and admins view transactions with proper records. The system was aimed to overcome the problem of distrust nowadays especially in lending money to unknown people.
The system aimed to facilitate borrowers to post requirements and lenders to post their offer and interest rate. No other party should be able to access the information and make changes at will without a corresponding record of the same.
Our Solution
Yudiz developed the DApp Lender & Borrower for the client with a deadline of a week, with a timeline of 20 work hours including the integration of Metamask plugin to safeguard the money.
Users will receive money in dollars against a cryptocurrency like Ether. Based on the Ethereum Blockchain, the transactions feature an immutable Smart Contract that helps in the security of the money. Users can make crypto payments with MetaMask– an Ethereum wallet through the payment portal. Lenders can lend their money without hesitation or worry since the money is safe within a stringent Smart Contract provision.
- Lenders can post lending amount, payback period and the interest rate
- Creation of loan and varied investment periods
- Investors can lend money for specific projects
- If the debt is not paid, the borrower loan defaults
- If the debt is paid, the loan is successful
- Investors can withdraw money after the entire payback period
Key Outcomes
- Promotes trust among lenders and borrowers
- Helps in safeguarding investment and loans through smart contracts
- Transparent transactions benefitting both lenders and borrowers
- No worry of authorities snooping on transactions and the lending process
- Attractive rates of interests with a timely repayment system
