Authors:
Wisnu Uriawan
1
;
2
;
Youakim Badr
3
;
Omar Hasan
2
and
Lionel Brunie
2
Affiliations:
1
Department of Informatics, UIN Sunan Gunung Djati, Jl. A.H. Nasution No.105 Bandung, Indonesia
;
2
Institut National des Sciences Appliquées de Lyon, 20 Avenue Albert Einstein, Villeurbanne CEDEX, France
;
3
The Pennsylvania State University, Malvern, PA, U.S.A.
Keyword(s):
Blockchain, Ethereum, Lending Platform, P2P, Scalable, Trustworthiness Score.
Abstract:
The practice of personal lending, also known as Peer-to-Peer (P2P) lending, has been increasing globally. However, providing unsecured loans to peers without requiring collateral remains a challenge. We present a platform called TrustLend, which enables using borrower trustworthiness as an alternative to collateral in personal lending transactions. TrustLend is a blockchain-based platform implemented on Ethereum. We introduce a borrower trustworthiness score with variable selection rules to help lenders decide on reliable candidates as borrowers. We describe the prototype implementation, which is a Decentralized Application (DApp) that uses smart contracts. The prototype demonstrates fundamental features and supports borrowers, recommenders, and lenders/investors in establishing loans and approvals. Finally, the prototype shows how end-users can easily access loans with minimum collateral without hidden costs and swift transactions.