While blockchain has pulled in world’s consideration as a result of its relationship with Bit coin, it is presently being viewed as a practical innovation for the financial services industry. Agree?
Exploiting this trend, the client came in to us at Yudiz Solutions Pvt Ltd. with a requirement of making a software application that makes the process of Lending and Borrowing Cryptocurrency simpler. Whoever is in need of Cryptocurrency, they can add request on the portal and the lender would in turn provide them aid by lending the required Cryptocurrency to the borrower.
This entire procedure of lending and borrowing is done in a De-centralised manner and no middleman charges are to be paid to anyone. This blockchain project is a major shelter for money lenders and borrowers.
Client wanted a software application that helps lender & borrowers to lend Cryptocurrency in easier way and with no middleman charges to be given.
Client also wanted to have a system which validates all the users and after the proposal is accepted from both the sides, only then the lending can be done.
Client also wanted to have 2 separate accounts for borrower & Lender.
On the basis of the detailed specification, we at Yudiz Solutions Pvt Ltd. came up with a Blockchain & Smart Contract based solution. We decided to give 2 separate accounts for the lender & borrower and when the approval for the proposal is been accepted from both the sides only then the lending can be done for the Cryptocurrency over some interest rates.
We decided to use Ethereum & Metamask because metamask provides the facility of wallet and also the address can be shown. With addition to this, we have also written Smart Contract so that lender & borrower can determine if both the parties have accepted the proposal. After the confirmation from both the lender & borrower the crypto currency will be lended between them and as agreed in the smart contract, no one will have the permission to change the contract after the publishment.
Having a mission to step up in the world of block-chain, our Australian client wanted to create a software application with
a simple aim of simplifying the transactional exchange of crypto currencies. With all the ideas and vision in mind,
the client approached us and we conceptualized it using block chain.
- Smart Contracts