DeLend: A P2P Loan Management Scheme Using Public Blockchain in 6G Network

Abstract

Financial institutions have made lives easier for a lot of individuals and organizations that would earlier use to face capital shortage now and then. Therefore, it becomes necessary to make the financial systems more reliable, secure, time-conserving, and cost-effective. Although several approaches have already been proposed, all of these tend to fail on at least one of the key features, i.e., trust. Motivated by this, in this paper, we propose DeLend, an Ethereum blockchain-based peer-to-peer (P2P) lending system. In DeLend, the problems of security, trust, and reliability have been solved with the help of Ethereum-based smart contracts (SCs). To make the system middlemen-free and much more cost-effective, we use the interplanetary file system (IPFS) protocol as a data storage. Through extensive simulation, we show that DeLend requires less bandwidth, which makes it a suitable enabling technology for the next generation of cellular networks, i.e. 6G. Finally, DeLend’s performance evaluation demonstrates its efficacy compared to traditional lending schemes.