Lendledger – People spend a lot of money every day on different aspects of their lives. Financial dependence of a person is an integral part of his life, which every year only develops. Daily costs have become one of the biggest priorities of everyday human life.
To date, we have reached a level where it is quite difficult to imagine the normal existence of a person without money. That is why all kinds of credit systems have started to emerge and develop mainly. Today’s article would like to highlight a project whose main purpose is to simplify the process of obtaining a loan portfolio. Developers believe that the process of obtaining a loan should be faster, profitable and safe for all participants in the signing of the loan agreement.
The platform called Lendledger works on a very simple principle. In fact, it is the intermediary between the debtor and the creditor. By means of many modern technologies, including Blockchain and smart contracts, there is a process of search and a vault of the necessary creditor for the debtor request.
In order to maintain the trust of users to their network, the developers have made the process of issuing and obtaining a loan completely transparent to all users. All lending processes are visible in the network to any user. This system is designed to raise the level of trust of both the lender and the debtor.
This platform is a clear opponent of the current education system, the project developers believe that the current lending system is not sufficiently competent to ensure the contractual conditions of both parties. There is a process of inequality between the opportunities of both parties involved in signing the treaty.
Let’s take a closer look at the technologies that make up the Lendledger platform. In the main part of its work it includes four important technologies:
Data Apis. With the help of this technology, the process of fixation and identification of all passing data between the two parties of the contract is underway. With the collaboration of modern Blockchain and Data Apis technology, all the information received is formatted.
Developers report that further development of this technology will allow them to process even more information.
Transaction Apis. This technology forms certain blocks, which are sometimes called construction. These blocks consist of all contracts drawn up and completed between the creditor and the debtor.
Loan Smart-Contract Templates. To serve small businesses, where the platform is targeted at the beginning of their development, will be used specialized template smart contracts that ensure security and high transaction speed. Once the platform has gained popularity and expanded its capabilities, it will be possible to use loans for less-known debtors.
Loan Digital Asset. With the help of this technology a specialized contractual unit is created which makes the accounting within the contract. The technology expands possible receivables by using special fiat currencies.
The process of issuing and receiving credit
Several specialists of different fields participate in the process of issuing and receiving credits. Let’s look at some of them:
Lenders. In order to lend loans to borrowers, lenders use its special information, which is received upon request from suppliers. Lendledger Despite this, creditors sign a special contract directly with the debtors.
Data Providers. These are the providers that provide user data to creditors for further processing. The data transfer process is performed only at the request of the lender.
Borrowers. The use of a petition for the debtor is one of the most important instruments of any creditor contract. A debtor has the full right to apply to the creditor.
Credit Evaluators. To address these very motions there are special people called Appraisers. They provide specialized legal information to the borrower while referring to the data from the loan agreement.
Identity verifiers. Using KYC technology, the absolute authenticity of all documentation will be established.
Loan Servicers. Procedure for withdrawal of the necessary monetary amount from the borrower to repay his receivables.
Developers report that the expansion and upgrading of this platform will use new roles for its users. They will provide a list of these roles on their personal site with a full description of their functionality.
Security of transactions
Lendledger Where there is a financial component, the first question always arises about the security of all passable transactions on the platform. Let’s look at what tools and technologies developers use to ensure that their platform is completely safe.
First of all, the project uses a special functionality that creates a complete reporting of all actions during each transaction. In the work of this project, developers will use only currency that has a stable state in the currency market. This is necessary in order to avoid loss of money in the dynamic currency exchange rate. It is not strange that the exchange rate change will adversely affect all parties to the contract.
In order to be a lender on the platform, you will need to obtain special permission from the platform moderators. This system completely excludes all risks of abuse of the title of the creditor, and also reduces the risk of getting on the fraudster. Only specially authorized persons who have a certificate of the lender will be able to work on the Lendledger platform.
The last level of security of the Treaty is its decentralization. The platform provides a multitude of treaty instruments that provide both parties with a lot of opportunities to deal with the required contract conditions and their execution tracking systems. At the moment, there are few credit companies that are able to grant many privileges to normalize contractual relations between the creditor and the debtor.
The actuality of the financial sphere and credit is very difficult to overestimate. It will always be a useful and fast way to receive funds and then return to the interest. Since the Lendledger platform with the help of modern technologies allows solving many problems of the current credit sphere, we can safely say that it has the right to exist and develop.
Everyone should decide whether to use such platforms or not. It is always worth remembering the risks that all exactly happen. Always be careful and careful.
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