BlockLoan – Encrypted Loans and Mixed Smart Contracts


Traditionally, if you want to get a loan, you must be in touch with financial institutions and go through a series of bureaucratic application procedures. This program is mostly a manual program, meaning you have to fill out a lot of forms and provide a lot of information. Next, you must also go through the review period of the application documents to know if the loan application was approved or rejected. However, the time has changed and the manual procedures used by most financial institutions are no longer able to meet the needs of customers.

Even if the online or digital platform for lending has progressed, it will not be able to solve the major problems faced by those who want to get funding – hopefully getting money in a simple, easy, low-cost and transparent way. In addition, if your credit history happens to be flawed or records are limited, many organizations are even reluctant to provide loans to you.

The above problems are the market problems that BlockLoan hopes to solve. BlockLoan expects people to get loans in a transparent and efficient manner, anytime, anywhere, and this ideal can be achieved globally using blockchain technology.


The main features of the BlockLoan platform for borrowers and lenders include:

Smart Contract – This is an electronic contract for programs written in the blockchain. The smart contract is automatically executed after the completion of various events stipulated in the contract. The steps that can only be manually performed through the paper application can be written into the smart contract of the blockchain by electronic programming.

Hybrid Smart Contracts – Different types of borrowing can use this platform, including individual borrowers as well as institutional or professional traders or funds, which make the loan easier to achieve. Borrowers can only get loans when they raise all the money they need, and they can get loans in cryptocurrency on BlockLoan’s platform.

Matching Engine and Loan Auction – Through the matchmaking engine, the borrower does not need to review the loan application documents because the borrower will automatically match the loaner. The loan auction process also allows the borrower to set the rules and conditions that they want the lender to actually meet.

Digital Wallet Partners – Users of the BlockLoan platform must use a digital wallet to link to BlockLoan to further transfer and store cryptocurrencies. The digital wallet will be linked to the user’s encrypted debit card, allowing users to use funds around the world.

Third-party data provider – BlockLoan will establish its own credit rating system, which combines community data, third-party lenders and user history to assess user authenticity and creditworthiness.

For the original text, see Genson C. Glier’s article on Medium, published on August 12, 2018:

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