Global blockchain development company HashCash has confirmed working on a DeFi-based Lending System as its upcoming venture pivoting the finance sector. The company will be collaborating with a bank based in Hong Kong for designing the lending platform.
Blockchain pioneer and HashCash chief Raj Chowdhury stated, “Amid the anticipation and excitement, our goal is centered on resolving the deadlocks that prevent progress in this stream of investment.”
Loans are fundamental in both banking and DeFi environments. Any banking or finance organization requires to observe several rules and regulations before granting loans to applicants. A DeFi lending platform will create new earning avenues and virtual asset investment opportunities.
A DeFi or Decentralized Finance platform allows persons to lend or borrow digital assets. It provides an unconventional solution to a complex set of problems. The DeFi working mechanism does not require identification from either the lender or the borrower. Any user with access to the platform can borrow capital, or lend to gain interest. Thus, the entire system is independent of trust and permission issues.
Scope for Refinement
“While charting the workflow of the system we need to address the issue of non-return and borrowers fleeing the system. Only when such grave issues are sorted can we move forward to the next phase.”
The HashCash management revealed the project frameworks are still in the draft stage.
“This is a huge project. We are still in the initial phase of planning. The development will commence only once we have finalized the obscure areas.” added Chowdhury.
HashCash has a pronounced presence in banking, fintech, asset transfer, healthcare, and more. On completion, the project will become a new standard in the world of DeFi.