Key Highlights
Challenge
Creation of money transfer solution using distributed trust platform
Solution
Blockchain based secure and transparent transactions with immutable audit trail
Result
Peer-to-peer money transfer solution on a mobile app launched
Distributed ledger technology can make the finance sector more resilient, efficient, and reliable. The technology can be used to process transactions without third-party involvement and cross-border payments. It allows for storage of all information in a secure and accurate manner using cryptography.
Business Challenge
The client is a leading mobile-based lending platform and for its product, needed to create a secure peer to peer money transfer solution using a distributed trust platform.
Aeries Solution
- In response to the client’s request, Aeries developed a blockchain-based solution that employs Distributed Ledger enabled Digital Tokens via Smart Contracts on the client’s lending platform.
- The Distributed Ledger Technology enables the platform to record transactions in a secure and transparent manner by creating an immutable audit trail.
- The platform was designed to function as a shared infrastructure among customers, multiple external stakeholders, including regulators, credit bureaus, and potentially other parties interested in participating in the distributed infrastructure.
- A Distributed Ledger based on Smart Contracts records all lending transactions in an open and transparent manner, allowing the fintech company and the borrower to execute a trusted lending transaction that is transparent and tamper proof.
- The key innovation also involves tokenizing the loan amounts borrowed by the customers into Smart Contract Digital Tokens which are stored on the Ledger and accessible by the customer in the app.
- All transactions are securely and accurately stored on the distributed ledger using advanced cryptography and can be accessed only by password protected crypto keys.
Business Impact
Through the blockchain based solution which uses Distributed Ledger built by Aeries Technology the client was able to launch and announce market release of a peer-to-peer money transfer solution. The transactions on the client’s platform were safe, secure and transparent which was enabled by Blockchain infrastructure.
Customer can transfer the tokens to another person OR restore the tokens in his bank in the form of cash
