Abstract:

Blockchain is a decentralized and distributed digital ledger that records transactions in a secure and transparent manner. It makes it possible to create a tamper-proof, unchangeable record of transactions that is checked by a network of computers as opposed to a single central authority. Blockchain technology can be applied to lending platforms to create a transparent and secure environment for peer-to-peer lending. Borrowers can access loans from a network of lenders without the use of middlemen like banks or financial institutions by using the blockchain technology. The P2P moneylending using blockchain in In-Krypt is a decentralised platform that enables peerto- peer lending transactions. Without the use of middlemen like banks or other financial institutions, it offers a safe and transparent environment for borrowers and lenders to engage in loan activities. For the purpose of automating the loan amount, payback schedules, and dispute settlement, the platform also uses smart contract technology. Ethereum is a blockchain platform that enables the creation of decentralised applications (dApps) using smart contract technology. Ethereum can be a key component of a P2P moneylending web service in facilitating safe and transparent lending transactions between lenders and borrowers. Metamask is a popular wallet extension for web3-enabled browsers that allows users to interact with Ethereum networks and decentralized applications (dApps). When developing smart contracts with Solidity, Metamask can be used to connect to the Ethereum network and sign transactions. With its user-friendly interface and innovative features, the P2P moneylending using blockchain has the potential to revolutionize the lending industry by democratizing access to credit and enabling financial inclusion for all.

Description:

Blockchain, Decentralized, Peer-to-Peer(P2P), Smart Contract, Etherum, dApps, Metamask, web3