The problem DeFi-P2P-Lender solves

Small business owners often get exploited by moneylenders when borrowing money. High and unfair rates of interest, middlemen, and a process where the entire power lies in the hands of the lender leaves the borrowers vulnerable to exploitation. The entire process is very slow, and requires a lot of manual work.

We propose a solution to this problem through our DApp Decentralised Financial Peer to Peer Lender based on blockchain technology built on ethereum. It offers transparency and connects the borrower directly to the lender; with no middlemen involved. The process is automated and time efficient.

The lender gets to specify the desired interest rate beforehand and the borrower gets to choose the interest rate he wants from the ones offered by the different lenders. If the borrower does not repay the loan before the specified due date, the lenders have the mortgage submitted by the borrower which can then be auctioned off.

Challenges we ran into

Being completely new to blockchain technology and hackathon environment, we went into this hackathon expecting to learn a lot, and we did. With no experience on hand, we faced pretty many challenges figuring out how smart contracts work. Sending and receiving transactions was another huge challenge.

Official documents and intensive research around the topic helped us overcome most of our bugs. To fix our errors, we had to pull out all-nighters while going through the documentation to understand how data is processed under the hood.