Design of decentralized personal loaning platform based on blockchain
Yue Li, Yijun Zhou, YiTong Liu, Richard Nuetey Nortey · 2019 3rd International Conference on Electronic Information Technology and Computer Engineering (EITCE) · 2019
With the growth of Internet and computer technology in the world, the p2p loaning model has gradually caught the attention of many, but with the exposure of its flaws, the issues of its insufficient credibility and regulatory confusion have sequentially emerged. The emergence of blockchain and smart contract technology have brought new solutions to curb these issues. Smart contracts can be directly used to control transfer and trading of digital assets. The blockchain environment ensures that the entire transaction process is transparent, which invisibly increases the credibility of the loaning platform and reduces series of problems caused by inadequate supervision. This paper proposes a personal loaning platform based on the blockchain technology and illustrates in detail the design and business process of the smart contract. Experiments show that the smart contract implementation on the blockchain of personal loaning completes the steps of borrowing, repayment and compensation smoothly.