A Blockchain-Powered Loan Management System Enhanced with Smart Contract

Abstract

Most financial lending systems in use today are based on a single service platform, transactions are opaque, and the majority of system participants can be tracked back to Mechanisms for protecting data privacy are not strong enough to withstand cyberattacks. We suggest lending over the block chain (LoC), a cutting-edge finance and credit facility built on smart contracts on a block chain hyper ledger fabric, as a solution to these problems. We use the poverty level for Chinese loans as an example. We create a digital accounting model to transfer assets between decentralized and centralized ledgers and suggest smart contract closing and unlocking methods. To safeguard the privacy of data, we established digital signatures and oracles. The opening rule's and the chain rule's performance evaluation demonstrates the applicability of our system in actual loan situations.