Our solution came in the form of a direct lending platform where legal agreements can be established, repayment can be completed, and relevant changes can be updated to a shared ledger in real-time while maintaining confidentiality as needed.
DeCredit is a DAML-powered decentralized loan lending application backed by digital collaterals in a peer-to-peer network. The borrower in need of money can create a profile on the platform and initiate a loan request by setting one of their digital cryptocurrencies as a collateral. DeCredit also supports other types of collaterals that reside offline. The lenders can check the existing loan requests, and based on the risk assessment, propose the amount and a desired rate of interest. The borrower can then choose from among the various proposals received and select the one that suits their needs.