Blockchain in crypto-lending is a not just a fashionable trend, rather it is a useful tool in the ever-evolving world of finance

Unlike many projects where the use of blockchain technology is just for the sake of it. PayDay Coin uses of blockchain technology because it is the core of the functioning of this p2p microcredit system.

Any activity related to financial transactions, especially lending in cryptocurrency, is associated with the daily generation of large amounts of confidential information. The use of technology of the distributed registry enables the project PayDay Coin to store the information of all committed loans and payments with first day of work of the platform safely and without huge investments. In addition, the blockchain of the project stores and constantly supplements the credit histories of users.

PayDay Coin platform pays great attention to the system of user ratings, on which both the number of loans offered and the amount of interest on them depend. The ratings themselves are calculated by artificial intelligence, and information about them in an open depersonalized form is also stored in the blockchain.

Positioning itself as a much more profitable alternative to the traditional banking sector, the p2p-crypto-lending platform was to create mechanisms to guarantee the obligations assumed by the parties on loans. In the world of Fiat money, the guarantor of such transactions is the Bank, for which it takes significant fees for the loan, account maintenance and so on, and, as a rule, demanding at the same time some property of the borrower as collateral (if we are talking about any significant amounts).

PayDay Coin project is devoid of this expensive superfluous link, and all agreements between the borrower and its lender are directly recorded in the smart contract concluded between them, the terms of which and the results of execution are also stored in a distributed register. This approach, even with compulsory insurance of all transactions, makes loans cheaper and more affordable for a number of categories of borrowers for whom banking services were not available physically or because of too high interest rates, which in some countries reach 50 per cent per annum and even more.

Learn more about PayDay Coin https://paydaycoin.io
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