Blockchain application in preserving authenticity and enabling transparency in the approval of loans for the clients in banking system
V Saranyah, N Suganthi · 2023
The increase in the development of new technologies made transactions in the field of banking easy and customers can rely on quick transactions of money anywhere in the world. But when we see the process of availing loan by a customer, there are a large number of processes, and the customer has to look for the banks in person to expose his needs. Even when he is convenient in approaching the bank, there will be no transparency in sanctioning of the loan to the customer. In this model, we incorporate blockchain technology in sanctioning the loan to the eligible customer in a transparent way which takes place in a peer-to-peer network in the bank. We ensure confidentiality in preserving the customer’s data at the same time we provide transparency in providing the loan to the eligible customer as there are many false proofs increasing in the banking sector. Our model is carried out using the features of a consortium blockchain with the effective use of the consensus such as Proof of Work (PoW) and Proof of Authority (PoA) in authenticating the customers and loan sanctioning