The LendsBay system creates a new approach to loans between people (relatives, friends, acquaintances), solving the problems such as:
❌ No formal loan records: disputes arise about repayment dates, terms and conditions; no reminders are sent;
❌ No contract: there is no mechanism for judicial enforcement of debt repayment;
❌ No market-based mechanism for determining interest rates: the market is either larger or smaller than its potential;
❌ No tools for risk management: no credit rating, diversification, insurance.
We offer the following step-by-step solution to the above-mentioned problems:
1️⃣ Creating an app to manage loans between relatives, friends and acquaintances: the app is used to find a lender and then to record, document and administer (e.g. send out reminders) the loan;
2️⃣ Creating social groups (so-called bays) to pool financial resources through mutual lending, e.g. there are social groups centred around work, universities and social clubs that already have a certain level of trust, common values and a high degree of social control, not to mention little tolerance for irresponsible behaviour;
3️⃣ Creating a blockchain to store individuals' credit-rating information (LBR);
4️⃣ Using the blockchain for any financial transactions between individuals (non-credit assessment) (LBU);
5️⃣ Developing the elements of an ecosystem for financial relations: mutual insurance; purchasing, selling or leasing items; and decision-making systems.
LendsBay team have already developed a functional and ready-to-use alpha version of the application ?⠀
The project has a unique team with great experience in banking in such areas as: risk management, corporate finance, it, marketing, derivatives, investment business ??????