Lendledger Borrowers in the informal sector and small businesses face many challenges when they try to borrow credit from official creditors. They should have a good credit history from banks and other institutional lenders. They should also have the correct documentation for obtaining credits. Credit procedures are also too burdensome, especially for small traders, and there is a risk of obtaining loans from creditors with onerous conditions. The result is a gap of several trillion dollars.
Lendledger hopes to solve these problems by opening global lending markets. The platform changes the face of lending to underserved segments. This platform has already processed tens of millions of dollars in loan requests in India, which has led to the provision of loans to hundreds of thousands of borrowers in the informal and small business sectors in 40 Indian cities. This platform opens up new financial markets around the world.
How Lendledger decentralized the work in the market of cryptographic crediting Blockchain
The platform reveals data on borrowers of informal and small businesses, which allows lenders to offer loans to informal traders. Lendledger strives to bridge the gap of 2.6 trillion dollars between institutional credit capital and informal borrowers. The goal of the platform is to come up with a lending market that is both comprehensive and profitable for all participants.
All this is possible thanks to blockchain technology this technology allows to register every detail of the transaction on the ecosystem in real time. Lendledger binds borrowers, lenders and data providers to ensure a safe, cost-effective, transparent and innovative interaction.
Lendledger borrowers have access to their own data. They can also control the data or share it with lenders. Lendledger The use of Blockchain and platform APIs standardizes both data providers and lenders to collaborate.
The Open API package allows the Lendledger network to function in a safe and open manner. The Protocol defines the functioning of the Lendledger ecosystem in terms of how the data is passed to the participants, how the intellectual contract works, and what is written in the blockchain among other functions. The public API replaces some of the functions performed by intermediaries and eliminates the need for a centralized system.
Advantages of Lendledger:
The Lendledger network offers the following benefits for its users.
The use of blockchain technology eliminates the need for mediation, so each side has full control over its encrypted data and transactions. This makes the platform robust. At any time when the contract is executed on the blockchain, the information is written to the public book the central administrator is not necessary. Any information recorded in the blockchain is public and permanent, allowing accountability.
The platform brings together data providers, lenders, and borrowers on a single reputation platform. Any person from anywhere in the world can be part of this ecosystem.
The use of blockchain technology allows all transactions that need to be transparent to be publicly available on the blockchain while maintaining the confidentiality of identifying information and sensitive user data. In case of any disputes, transactions and translations can be easily viewed in a public book.
Lendledger Credit sphere is relevant for a long time, it will be in the near future. But this system has a number of specific problems that the development team of Lendledger project is ready to solve easily.
I propose to consider all the solutions offered by the company and make sure of their effectiveness.
The Lendledger platform consists of the main 4 components that make the system very productive.
1. Data APIs Application Interface
APIs control all the information that the lender and the borrower send to each other. Just APIs and sets the format of the data that is stored in the blockchain. In the future, data APIs will be able to work with a large amount of data.
2. Transaction APIs Interface
These are the constituent elements of the system, built on concluded contracts between the participants of crediting.
3.templates of Credit Smart contracts
These template platform to start will apply to lend small business. Plans to work with other organizations or entrepreneurs.
4. Digital Asset pattern
A contractual unit that functions within a platform. In other words the embodiment of debt obligation of the borrower in the form of real money.
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