Scrutinizing the concept of blockchain-powered peer-to-peer lending platforms
A P2P platform is a direct marketplace for performing money lending activities. Through this platform, any individual can lend money from others where the lender and the borrower are matched via online services. Lenders are able to go through profiles of borrowers who are looking for money and can offer an amount to individuals or businesses that they find most promising. The borrower can either be a legal person looking for a loan or an individual. Why peer-to-peer lending platform came into existence? In global finance, almost all banks are losing their cartel in the financial market. The prime reason for this loss of customer trust. After this dramatic fallout, many people started to search for an innovative and safe alternative model for financing. This lead to the development of a blockchain-based P2P lending platform . In a blockchain-powered P2P lending platform, individuals lend money to borrowers instead of investing it. How does it work? T...