A Blockchain-Infused Web Platform for Smart Contract-Enabled Loan Management in Financial Institutions

Abstract

This research introduces an innovative online loan management platform called ParamountLend, which seamlessly integrates smart contracts on a blockchain. Conducted at a lending firm in Taguig City, Philippines, the study focuses on enhancing efficiency, security, and transparency in lending practices. Key findings indicate that ParamountLend provides robust functionalities for system administration, transparent borrower loan breakdowns, and excellent performance, achieving an A-grade in testing. User Acceptance Testing reflects positive evaluations, highlighting the system's practicality, utility, and overall ease of use. With a final SUS score of 90, rated as "Excellent," it reflects users' high satisfaction with the system's usability. In summary, this research presents an innovative solution leveraging blockchain technology and smart contracts, offering a model for financial institutions seeking secure, efficient, and digitally transformed lending operations.