LoC: Poverty Alleviation Loan Management System Based on Smart Contracts

Abstract

Poverty alleviation loan plays an important role in the poverty alleviation strategy of China. To improve the loan service efficiency and reduce service cost, it is necessary to build a management system for this business. However, current management systems for the loan are usually deployed in single service mode, also the transactions are not transparent and traceable to most of the roles participating in the process. Its data privacy protection mechanism is not robust enough facing various cyber attacks. To overcome these challenges, we propose loan on blockchain (LoC), a novel poverty alleviation loan management system based on smart contracts. A digital account model is designed for the transfer of assets between centralized and decentralized ledgers, and locking and unlocking algorithms are introduced for smart contracts. Digital signature and oracle are introduced to protect the data privacy.