P2P lending has the potential to turn into a huge source of revenue for you, so why leave it untapped? The conventional banking model has serious limitations, so it is time to deploy technology like blockchain to simplify things for a large number of lenders and borrowers, and in the process, make some money (a lot of it in fact) for yourselves as well. Blockchain-based P2P crypto lending software introduces a string of advantages in the marketplace. Three major benefits are: 1. Privacy Along with the public-key cryptography to secure interactions, the blockchain facilitates secure interactions and privacy for the users. The degree of pseudonymity depends on the type of blockchain you are using. 2. Reliability Peer to peer lending software solutions achieve reliability by seamlessly sharing and storing information. The system also provides for automatic measures, mitigating manual intervention, which also brings down human errors, thus improving the efficiency of the system. 3. Versatility Blockchain like Ethereum enables the creation of smart contracts, bringing in unprecedented versatility to the lending platform. P2P lending is a contractual agreement between a lender and a borrower. A smart contract automatically executes the terms of the contract, based on a piece of code. Perfect deal for all stakeholders, save banks Borrowing from a conventional financial service provider like a bank has always been complicated with a lot of paperwork. Even when people are meeting all the requirements, it is common for the process to take two weeks or even more. On the contrary, with peer-to-peer lending software solutions, the process can fructify almost immediately. Blockchain has been a major disruptor in fintech. Likewise, the P2P crypto lending software has transformed the conventional system of providing debt, giving borrowers an enticing opportunity to get the funds they need. At the same time, it has also allowed investors to draw stable returns and diversify their investment portfolios. The technology has eliminated the role of third parties like banks and brought together the borrowers and lenders, facilitating deal-making with alacrity. Types of P2P crypto platforms Broadly, P2P platforms fit into the category of crowdfunding. Yet, more people prefer P2P platforms because of multi-layer security that comes with anything related to crypto. The P2P platforms are themselves classified into crypto-cum-fiat and pure crypto lending platforms. The former allows investors to earn interest by using fiat money like USD or EUR. On pure P2P crypto lending platforms, you can deal only in cryptocurrencies. Security features On top-notch P2P lending software, you can expect advanced security features like Data Encryption, JWT Encryption, Anti-Denial of Service (DoS), Anti-Distributed Denial of Service (DDoS), Protection against SQL Injection, Self-XSS Protection, Server-Side Request Forgery (SSRF) Protection, HTTP Parameter Pollution Protection, and Prevention of Multiple logins of Same Credentials. These features nearly eliminate any probability of a security breach. Final Thoughts When blockchain is transforming the industry head-down, you can demonstrate how business-savvy you are by embracing the technology to launch your peer-to-peer crypto platform. It increases manifold the pull of your exchange on the end-users while ramping up your revenue stream. Schedule a free demo with experts of peer-to-peer crypto lending platform or touch base with their experts to discuss your business needs.
