Blockhain based Peer-to-peer Lending and Borrowing System

Abstract

The project explores the field of blockchain development by developing a peer-to-peer lending and borrowing platform using Solidity, Ganache, Web3.js, and Metamask. The platform leverages the power of blockchain technology to enable direct lending and borrowing transactions between users, eliminating the need for intermediaries and centralized financial institutions. In the simplest terms, a blockchain is a decentralized and distributed digital ledger that records and verifies transactions across multiple computers or nodes across the globe. Once a block is added to the blockchain, it becomes permanent and cannot be altered retroactively without the consensus (a.k.a Proof of Work) of the network. This feature provides a high level of security, making it difficult for any outsider to manipulate or tamper with the recorded data. Ethereum, a blockchain platform where smart contracts are hosted and carried out. A specific number of gas units are burned when a smart contract operation is carried out also known as gas usage. The overall amount of gas used depends on how much processing power is required to complete the function. The power of blockchain technology can be used for revolutionizing lending and borrowing practices, making the way for a more inclusive and transparent financial system for the benefit of the society. The project was developed by the integration of Solidity, Ganache, Web3.js, and Metamask to build a Web application with Smart contracts integration, Ethereum wallet support and a express.js backend server.