Peer to peer crowdfunding

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Peer to peer crowdfunding

Peer to peer crowdfunding is a unique method of debt financing which enables businesses and individuals to lend and/or borrow from each other using an internet-based platform, without involving a bank or any other financial entity. By removing the intermediaries, users can ensure higher yields, but at the same time, it increases the probability of several risks like liquidity risk, credit risk, money laundering, platform risk, conflict of interest, and of course, fraud & hacking. This is where Jeno Creatives helps you the best with their advance blockchain based solutions. There is no doubt that blockchain has the potential to eliminate or at least, reduce the risks of peer to peer lending. Moreover, it offers effective regulatory measures to address these risks.

Blockchain acts as a natural ally for peer to peer crowdfunding since it ensures safe and secure transactions, directly between the parties. Wondering how? Well, the technology enables the recording and sharing of data in a chronological fashion, within a decentralized database. Moreover, it ensures seamless synchronization across a network of multiple data stores.

How blockchain enables utmost security in peer to peer crowdfunding?

  • Smooth funds transfer – Blockchain ensures that the funds are transferred and not just copied and that too, in a hassle-free manner. Although trusted intermediaries used to record the transfers of funds and helped reduce the amount from the payer’s account, now the entire process can be handled using blockchain.
  • Easy decentralization – The complete transaction data is decentralized across a network of multiple datastores which ensures that everyone in the network can access the list of transactions as well as supervise the complete process. The decentralization technology also reduces the scopes of fraud since there are no chances of instigating a fraud scheme or a single point of failure that can be targeted by the malicious attackers.
  • Hassle-free authentication – One of the most amazing benefits of a blockchain based solution is that the accounts are identifiable on a pseudo-anonymous basis. It’s visible to everyone that how much amount is sent to a public address. Therefore, the identity of all the participants can be authenticated, and the transactions are visible and traceable across the network.
  • Assured immutability – The cryptographic mechanisms help make the transaction records tamperproof, immutable and irreversible. Due to these features, it’s assured that backdated data and fictitious transactions are not created.

The potential of the blockchain technology to reduce the risks of peer to peer crowdfunding is endless. Right from fraud and money laundering to cyber-attacks, blockchain can prevent all these since the technology allows transactions to take place directly between the parties, without the involvement of any intermediaries.

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