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ETHLend.io – The Trustless P2P Lending Application

In today’s post financial crisis world, consumers are rapidly turning toward Peer-to-Peer (P2P) lending platforms in order to obtain finance when banks liquidity is drying up, and the requirements are becoming ever more stringent.

P2P loans make sense in order to achieve a personal finance goal. While people have been searching for ways to get funding for credit card payoffs, home repair, or vacations, investors are chasing yields wherever they can find them.

P2P lending platforms are getting more popular than ever.

The current issue with these platforms is the need for trust. When you use a P2P lending platform, most likely you need to deposit your funds in a custody account of the P2P lending service provider.

Moreover, you might need to insert sensitive personal data as well. The big question with P2P lending provider is that what happens if the platform gets hacked? Or what if there would be embezzlement on from the side of the provider? And can you trust a third party to hold a collateral that is set for the loan?

With few words, ETHLend uses blockchain technology to create a global lending market, which is safer and faster while also providing access to new asset classes for secured lending, called digital tokens. Hence, local borrowers from the UK do not have to solely rely on UK banks and local P2P lending platforms.

Instead, with a single loan request, the borrower is able to request funding from all parts of the world. Investors from Europe, Asia and Latin America compete for the loan to provide the most competitive interest rate, globally. When a loan is originated on ETHLend, it is entered into a smart contract.

Smart Contracts are pieces of code which are unchangeable once deployed to the blockchain network.Therefore, once a loan transaction is made with Smart Contracts, the details of the loan cannot be changed; making it more resistant against hacking or embezzlement when compared to centralized P2P lending platforms.Security is not the only solution ETHLend provides.

ETHLend uses secured lending with the use of Digital Tokens. These tokens are a digital representation of value on the blockchain, which can be any asset or property such as family company shares, commodities, your car or simply a form of cryptocurrency.

Since almost any asset could be presented as Digital Tokens, such assets can be used in ETHLend as a collateral for a loan. Imagine in the future, when one could pledge few bricks of one’s house, part of the car and the watch that the person is wearing to receive finance. All property becomes liquid.

These Digital Tokens can be stored on a loan Smart Contract, eliminating the need for a third party collateral holder, or actually eliminating the need of P2P lending platform completely. Since Smart Contracts will only function the way the code is made to function, the parties do not need to rely on ETHLend or any other service providers to conduct a true P2P loan transaction.

This concept is referred to as making the loan trustless. There is no need for the two parties to ever worry because the smart contract is set on the blockchain and will function without fail according to the contract agreement. Based on this information, it is clear that the future of technology is blockchain.

Almost every industry is currently being disrupted by the radical changes that blockchain will bring. With these changes, industries are becoming more efficient and will only continue to grow. In the same way, ETHLend is changing the way people are obtaining P2P loans.

About ETHLend

https://about.ethlend.io

ETHLend is incorporated in Estonia and is currently opening a branch in Zug, Switzerland, known as the CryptoValley.

ETHLend team consists of professionals who have a range of backgrounds from marketing, management, blockchain consulting, and law. The team of ETHLend is leading the charge in transforming the P2P lending space into one that is autonomous and driven by blockchain technological advances.

Contact: Andreas Achleithner – [email protected]CoinAdvisors.io 

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