Design and Implementation of a Loan System Based on Smart Contract
With the continuous development of the economy, the problems of complicated procedures, mutual distrust, and transaction amount limitation in the traditional lending model can no longer meet the needs of the market. This paper proposes a smart contract-based loan system which uses the decentralized and non-tamperable features of the blockchain to join the loan system through an auto-signing loan treaty. In our system, there is no need to establish any trust base between users, nor does it require the participation of any third-party intermediate trust medium. Users can conduct peer-to-peer transactions with any user in the loan system. The actual test proves that the system can intelligently realize the process of borrowing, loan and repayment. The distributed application is robust, easy to operate and practical.
KeywordsBlockchain Smart contract Loan system Ethereum private network
This paper was sponsored by Key Project of Hubei Provincial Department of Education under Granted No. D20181103.
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