Publication

Abstract : Peer-to-peer lending is an emerging financial domain enabling people to receive instant credit facilities without much complicated procedures and intermediaries. Many financial institutions are focusing on setting up peer-to-peer lending platforms to enable hassle-free credit facilities with transparency between lenders and borrowers. The trust and transparency for hassle-free settlement and addressing novelties is a major concern in this domain which is hindering the mainstream adoption of such lending platforms. The objective of this paper is to propose a trusted and transparent distributed ledger approach using blockchain technology for setting up peer-to-peer lending platforms. The proposed approach creates cryptographically secured transactions stored over a publicly verifiable immutable ledger, which ensures credibility and auditability to investors and borrowers on every aspect of security. Proof of Immune Algorithm was proposed by leveraging the potential dendritic cell algorithm mimicking human immune system to provide consensus among peers involved in the lending process to enable trust.